IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 18720 of 2010(L)
1. K.K.RAJAGOPALAN, S/O.K.N.KESAVAN,
... Petitioner
2. K.K.KANNADASAN, S/O.K.N.KESAVAN,
Vs
1. THE KERALA STATE CO-OPERATIVE BANK LTD.
... Respondent
2. THE KERALA STATE CO-OPERATIVE BANK LTD.
For Petitioner :SRI.C.HARIKUMAR
For Respondent :SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK
The Hon'ble MR. Justice P.R.RAMACHANDRA MENON
Dated :23/06/2010
O R D E R
P.R.RAMACHANDRA MENON, J.
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W.P.(C) No. 18720 OF 2010
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Dated this the 23rd day of June, 2010
J U D G M E N T
~~~~~~~~~~~
The petitioners are aggrieved by the steps taken by the
respondent Bank resorting to the remedy under the SARFAESI
Act for realisation of the amount due under a loan transaction.
2. Many a ground has been raised in the Writ Petition
as to the correctness and sustainability of the steps taken by the
Bank in this regard. However, the learned counsel for the
petitioners submits that the petitioners have made earnest
efforts to see that the entire liability is sought to be cleared, for
which, some breathing time is sought for and that the
petitioners do not intend to press any other grounds challenging
the steps taken by the Bank, nor do the petitioners intend to
approach the Debt Recovery Tribunal availing statutory
remedy.
3. The learned counsel appearing for the Bank submits,
on instructions that, the steps taken by the Bank are perfectly in
W.P.(C) No.18720/2010 2
conformity with the statutory requirement and that the ‘overdue’
amount in respect of the defaulted instalment itself will come
nearly Rs.2,24,634/- The total outstanding liability to clear the
loan account is stated as Rs.6,98,180/- as on 31.5.2010,
simultaneously, adding that the Bank is willing to have the loan
account regularised, on condition that the petitioners satisfy the
entire ‘overdue’ amount forthwith.
4. The learned counsel for the petitioners submits that
the idea of the petitioners is to clear the entire outstanding
liability and to have the loan account closed and it is accordingly
that some breathing time is sought for, stating that the steps
taken by the Bank are not intended to be challenged under any
circumstance. Considering the limited relief now pressed, this
Court finds it fit and proper to enable the petitioners to clear the
entire outstanding liability under the loan transaction in a
phased manner.
5. Accordingly, the petitioners are permitted to clear the
entire liability by way of ‘5’ equal monthly instalments, the first
W.P.(C) No.18720/2010 3
of which shall be effected on or before the 15th of July, 2010, to
be followed by similar instalments to be effected on or before the
15th of the succeeding months. Subject to this, the coercive
proceedings stated as being pursued against the petitioners shall
be kept in abeyance, for the time being. If any default is made in
honouring the commitment as above, the respondents are free to
proceed with further steps for realising the entire amount in a
lump sum, by pursuing such exercise from the stage where it
stands now.
The Writ Petition is disposed of as above.
(P.R.RAMACHANDRA MENON, JUDGE)
ps