IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 17019 of 2009(V)
1. P.K. KRISHNAN, AGED 68 YEARS,
... Petitioner
Vs
1. THE GENERAL, MANAGER, MALAPPURAM DIST.
... Respondent
2. THE DEPUTY GENERAL MANAGER, MALAPPURAM
For Petitioner :SRI.ESM.KABEER
For Respondent : No Appearance
The Hon'ble MR. Justice P.R.RAMACHANDRA MENON
Dated :19/06/2009
O R D E R
P.R. RAMACHANDRA MENON J.
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W.P. (C) No. 17019 of 2009
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Dated, this the 19th day of June, 2009
JUDGMENT
The petitioner had availed a loan of Rs.3 lakhs from the
respondent Bank in the year 2007 for effecting some urgent repairs for
his age old residential building. However, because of some unforeseen
circumstances, petitioner could not effect repairs properly, which made
the respondent Bank to proceed with coercive steps invoking the
relevant provisions under the SARFAESI Act, against the properties
offered as security creating equitable mortgage over the same.
2. The learned counsel appearing for the petitioner submits that,
the outstanding liability will never go beyond Rs.3,00,000/-, out of which
petitioner is ready and willing to remit a sum of Rs.1,00,000/- forthwith
as brought to the notice of the Bank vide Ext.P3 representation dated
16.5.2009 and that the balance amount will be cleared by way of
regular monthly installments.
3. Heard the learned counsel appearing for the respondent Bank
as well.
4. After considering the facts and circumstances, the petitioner is
directed to pay a sum of Rs.1 lakh on or before 30th of this month. The
balance amount shall be repaid by way of six regular monthly
installments commencing from 20th of July, 2009 onwards. As such, the
WP (C) No. 17019 of 2009
: 2 :
coercive proceedings pursuant to Ext.P2 shall be kept in abeyance. It is
made clear that, if any default is committed by the petitioner in remitting
the amounts as above, the respondents will be at liberty to proceed with
the above steps for realization of the entire amount in lump sum.
The Writ Petition is disposed of accordingly.
P. R. RAMACHANDRA MENON, JUDGE
kmd