IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 25935 of 2008(K)
1. POOKKODAN JANAKI, POOKKODAN HOUSE,
... Petitioner
2. P.SASIDHARAN, POOKODAN HOUSE,
3. M.SURESHAN, MULLAKANDY HOUSE,
Vs
1. THE CHAIRMAN AND MANAGING DIRECTOR,
... Respondent
2. THE MANAGER, INDIAN OVERSEAS BANK,
3. THE AUTHORIZED OFFICER, INDIAN
For Petitioner :SRI.M.P.ASHOK KUMAR
For Respondent :SRI.P.B.SURESH KUMAR, SC,I.O.BANK
The Hon'ble MR. Justice K.M.JOSEPH
Dated :16/09/2008
O R D E R
K. M. JOSEPH, J.
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W.P.C. NO. 25935 OF 2008 K
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Dated this the 16th September, 2008
JUDGMENT
Petitioners challenge Ext.P10 notice issued under the
Securitisation & Reconstruction of Financial Assets &
Enforcement of Security Interest Act, 2002. The property
belonging to the petitioners is proposed to be sold for realisation
of an amount of Rs.82,37,282/=. Exts.P8 and P9 are notices
issued to the petitioners. The case of the petitioners is that the
Bank sanctioned the One Time Settlement Scheme to the
petitioners by Ext.P5 and they were to pay Rs.20 Lakhs. The
Bank was to release the property. But, there was delay.
However, the petitioners remitted Rs.7 Lakhs. According to the
Bank, it was paid after one year. But, it is common case that the
petitioners have not paid Rs.13 lakhs payable under Ext.P5.
Apparently, this led to the Bank issuing Exts.P8 and P9 notices
and still further Ext.P10 sale proceedings.
2. I heard Shri M.P. Ashok Kumar, learned counsel
WPC.25935/08 K 2
appearing for the petitioners and the learned counsel appearing
on behalf of the respondent Bank. Learned counsel for the Bank
also got instructions from the Bank. He submits that if the
petitioner pays a sum of Rs.15 Lakhs within two weeks from
today and another Rs.10 Lakhs within a period of thirty days
from today, the Bank will consider the claim of the petitioner for
One Time Settlement Scheme and the sale scheduled for
17.9.2008 will be adjourned. He further submits that along with
the payment of Rs.15 Lakhs, the petitioners must give a proposal
for settlement of the claim under the One Time Settlement
Scheme and the Bank will consider the same. Counsel for
petitioners submits that the petitioners will comply with the
aforesaid conditions. Recording the submissions of the parties,
the Writ Petition is disposed of as follows:
The sale pursuant to Ext.P10 will stand adjourned. This is
on condition that the petitioners will pay a sum of Rs.15 Lakhs
(Rupees Fifteen Lakhs) within two weeks from today and
further that they will make an application for settlement under
WPC.25935/08 K 3
the OTS Scheme along with the payment of Rs.15 lakhs as
aforesaid and subject to the further condition that the petitioners
will pay a sum of Rs.10 Lakhs (Rupees Ten Lakhs) within thirty
days from today. If the petitioners commit default in payment of
either Rs.15 Lakhs or Rs.10 Lakhs as aforesaid or in the matter
of filing the application for settlement under the OTS Scheme, it
will be open to the respondent Bank to proceed to sell the
property of the petitioners.
Sd/=
K. M. JOSEPH, JUDGE
kbk.
//True Copy//
PS to Judge