IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 32995 of 2008(C)
1. M/S.P.G.R DIAMONDS,
... Petitioner
Vs
1. AUTHORISED OFFICER UNDER
... Respondent
2. THE BRANCH MANAGER,
For Petitioner :SRI.C.PRABIN BENNY
For Respondent : No Appearance
The Hon'ble MR. Justice THOTTATHIL B.RADHAKRISHNAN
Dated :18/11/2008
O R D E R
THOTTATHIL B. RADHAKRISHNAN, J.
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W.P.(C).No.32995 of 2008-C
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Dated this the 18th day of November, 2008.
JUDGMENT
The petitioner availed a loan and failed to repay
in time. The cash credit facility has grown with
accrual of interest and the transaction became
sticky and was classified as a non-performing
asset. Proceedings were initiated under Section
13(2) of the SARFAESI Act. That led to measure
under Section 13(4). This is under challenge.
There is no jurisdictional error or legal
infirmity pointed out in the impugned
proceedings. In fact, all that is requested is
that the petitioner may be granted some
instalments to pay off the outstandings.
Recording the said request and repelling all
other contentions and the right if any to
challenge the impugned proceedings before the DRT
WP(C)32995/08 -: 2 :-
or any other authority, this writ petition is
ordered directing that if the petitioner remits
an amount of Rs.7.5 lakhs on or before 15th
December, 2008, another sum of Rs.5 lakhs on or
before 15th January, 2009 and a further amount of
Rs.4 lakhs on or before 27th February, 2008 and
the remaining amounts on or before 27th March,
2009, the impugned proceedings will stand
deferred and ultimately dropped. On settlement
of the transaction as aforesaid, the bank will
do the needful to release the documents
immediately. If there is default in remitting
any of the instalments as aforesaid, the
benefits of this judgment will stand recalled
and the writ petition will stand dismissed
automatically enabling the respondents to
forthwith proceed with further distress action
without fresh notice to the petitioner.
THOTTATHIL B. RADHAKRISHNAN,
JUDGE.
Sha/201108