IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C) No. 10698 of 2008(W)
1. P.KARUNAKARAN, S/O.M.PARAMESWARA
... Petitioner
Vs
1. CHIEF MANAGER, STATE BANK OF INDIA,
... Respondent
2. BRANCH MANAGER, STATE BANK OF INDIA,
For Petitioner :SRI.S.MOHAMMED AL RAFI
For Respondent : No Appearance
The Hon'ble MR. Justice ANTONY DOMINIC
Dated :04/04/2008
O R D E R
ANTONY DOMINIC, J.
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W.P.(C) NO. 10698 OF 2008 W
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Dated this the 4th day of April, 2008
J U D G M E N T
The petitioner who is facing proceedings under the Securitisation
and Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002 has filed this writ petition when the Bank issued notice
for sale of the properties mortgaged. According to the counsel for the
Bank more than Rs.50 lakhs is due from the defaulters.
2. Though contentions on the merits have been raised, all that is
pressed before me is one for an instalment facility to discharge the liability.
3. I heard the standing counsel appearing for the Bank also.
4. Having regard to the submissions made, I record the
submission of the counsel for the petitioner that within 15 days from
today, an amount of Rs.3.5 lakhs will be remitted by the petitioner with
the respondent Bank.
5. It is directed that subject to compliance with that undertaking,
further proceedings will be deferred. It is directed that the balance amount
due from the defaulters will be paid in eight instalments, the first of which
WPC 10698/08
:2 :
will be payable during the first week of May 2008 and the subsequent
instalments will be paid in the first week of every succeeding month. It is
clarified that in the event of default, the Bank will be free to continue the
proceedings.
Writ petition is disposed of as above.
ANTONY DOMINIC,JUDGE.
Rp