M.Raveendran vs The South Malabar Gramin Bank on 4 September, 2008

       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C).No. 26771 of 2008(K)


1. M.RAVEENDRAN, AGED 50, S/O.KUMARAN,
                      ...  Petitioner

                        Vs



1. THE SOUTH MALABAR GRAMIN BANK,
                       ...       Respondent

2. BRANCH MANAGER, SOUTH MALABAR GRAMIN

                For Petitioner  :SRI.K.K.MOHAMED RAVUF

                For Respondent  : No Appearance

The Hon'ble MR. Justice S.SIRI JAGAN

 Dated :04/09/2008

 O R D E R
                         S. SIRI JAGAN, J.
                 ------------------------------------
                   W.P.(C)No.26771 OF 2008
               ----------------------------------------
               Dated this the 4th day of September, 2008

                            JUDGMENT

The petitioner is challenging proceedings under the

Securitisation and Reconstruction of Financial Assets and

Enforcement of Security Interest Act, initiated by the respondents

for coercive recovery of loan amounts due in respect of a loan,

for which the petitioner was a guarantor. However, the petitioner

does not dispute the liability to pay or the quantum. He only

seeks time to pay the amounts in instalments.

2. I have heard the learned Standing Counsel for the

respondents also, who opposes the same. According to him,

neither the borrower nor the guarantor cared to pay any amount

for quite some time and in spite of the repeated demands, there

was no response.

3. Having heard both sides, I feel that the petitioner

being a guarantor, some leniency can be shown to him in the

matter of payment of the amounts in instalments. Accordingly,

the writ petition is disposed of with the following directions:

W.P.(c)No.26771/08 2

The petitioner shall pay an amount of Rs.40,000/-

(Rupees forty thousand only) by 15.10.2008. The balance

amount shall be paid in six equal monthly instalments starting

from 1.12.2008. Every subsequent instalment shall be paid on

the first working day of every succeeding month. If the

petitioner pays the initial amount of Rs.40,000/- and the

instalments in time without default, further proceedings under

the Act shall be kept in abeyance. However, if the petitioner

commits default in payment of either the Rs.40,000/- or any of

the subsequent instalments, it would be open to the

respondents to continue proceedings as now initiated without

having to issue any fresh notice or proceedings in that regard.

S. SIRI JAGAN, JUDGE

Acd

W.P.(c)No.26771/08 3