P.A. Suresh Nair vs The Chief Manager (Advances) on 29 February, 2008

       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C) No. 7080 of 2008(P)


1. P.A. SURESH NAIR, PADMASREE, MACHEL
                      ...  Petitioner
2. S. REMA DEVI, PADMASREE, MACHEL

                        Vs



1. THE CHIEF MANAGER (ADVANCES)
                       ...       Respondent

                For Petitioner  :SRI.S.M.PREM

                For Respondent  : No Appearance

The Hon'ble MR. Justice ANTONY DOMINIC

 Dated :29/02/2008

 O R D E R
                           ANTONY  DOMINIC, J.

                           =======================

                             W.P.(C) No.7080  of 2008 (P)

                           =======================


                    Dated this the   29th  day of February, 2008




                                   JUDGMENT

The writ petition is filed by the petitioners who are

defaulters to the respondent Bank. It is seen that following the

default, steps were initiated under the Securitisation and

Reconstruction of Financial Assets and Enforcement of Security

Interest Act. Ext.P1 is the notice under Section 13(2). It is

thereafter that proceedings have been initiated and the bank

obtained an order under Section 14 of the Act. Thereafter

possession was also taken over. Though the petitioners raised

several contentions on the merits and sought a direction to

handover possession of the building back to them, I am not

inclined to pass such an order since the Bank cannot be faulted

for the action that they have taken. However, the learned

counsel for the petitioners prays for an opportunity to clear off

the dues. Though the standing counsel for the Bank opposes this

prayer, I think that the petitioners may be given an opportunity

W.P.(C) No.7080/2008/P -2-

to clear the dues. Hence, I dispose of this writ petition with the

following directions:

That the Bank will retain the possession of the building

taken over from the petitioners. Retaining possession as above,

the petitioners will repay the amount in default in three monthly

equal instalments, the first of which will start from 1st week of

March 2008 and subsequent instalments will be payable in the

first week of every succeeding month. Further action against the

property will stand deferred and in case the petitioners commit

default the Bank will be free to continue the action which they

have already initiated.

ANTONY DOMINIC,

JUDGE

jp