IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C) No. 26297 of 2007(E)
1. K.N.ANANDA KUMAR, AGED 52,
... Petitioner
Vs
1. AUTHORISED OFFICER,
... Respondent
2. VINITHA ANANDA KUMAR,
3. JAYASREE KUMAR, D/O. LATE BHANUMATHI
For Petitioner :SRI.R.T.PRADEEP
For Respondent : No Appearance
The Hon'ble MR. Justice ANTONY DOMINIC
Dated :06/11/2007
O R D E R
ANTONY DOMINIC, J.
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W.P.(C) NO. 26297 OF 2007 E
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Dated this the 6th day of November, 2007
J U D G M E N T
The matter arises under the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002. During the pendency of this writ petition, a
proposal was made by the petitioner for settling the dispute with
the Bank on payment of Rs.35 lakhs. That was accepted by the
Bank and as a condition thereof, the petitioner was required to
pay Rs.5 lakhs, which he has already complied with. What
remains is payment of the balance amount, which has to be paid
on or before 31/3/08. The controversy now is whether interest is
payable on the balance amount.
2. Standing counsel for the bank has placed before me a
communication dated 5/9/07 issued by the Bank to the
petitioner. It is by this communication that the proposal of the
petitioner was accepted and this makes it clear that interest at
the rate of 13% is payable on the balance, which is payable on or
before 31/3/08.
In view of the above, I dispose of this writ petition directing
that if the petitioner complies with the conditions of the
WPC 26297/07
: 2 :
compromise as entered into between the parties including the
payment of interest at 13%, further proceedings pursuant to the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 will not be initiated.
ANTONY DOMINIC, JUDGE.
Rp