R.Saiju vs Syndicate Bank (A Government Of … on 6 August, 2010

       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C).No. 10502 of 2010(K)


1. R.SAIJU, S/O. RAVEENDRANATHA,
                      ...  Petitioner
2. SMT. RANJINI SAIJU, W/O. SAIJU,
3. SMT. PRABHAMANI, W/O. MANIKANDAN

                        Vs



1. SYNDICATE BANK (A GOVERNMENT OF INDIA
                       ...       Respondent

2. THE BRNCH MANAGER, SYNDICATE BANK,

                For Petitioner  :SRI.SOORAJ T.ELENJICKAL

                For Respondent  :SRI.R.S.KALKURA

The Hon'ble MR. Justice P.R.RAMACHANDRA MENON

 Dated :06/08/2010

 O R D E R
                    P.R.RAMACHANDRA MENON, J
                   ---------------------------
                      W.P(C) No. 10502 of 2010-K
                  ----------------------------
              Dated this the 6th day of August, 2010.

                            J U D G M E N T

The petitioners are challenging the steps taken by the

respondent Bank under the SARFAESI Act for realization of the

amount due under the loan transaction.

2. Many a ground has been raised in the Writ Petition

disputing the extent of liability and also as to the other facts and

figures. The averments and allegations raised by the petitioners

have been chosen to be rebutted by the respondents 1 and 2 by

filing a counter affidavit and also producing copies of the statement

of accounts and other relevant documents, asserting that the course

pursued by the respondent Bank is within the four walls of the law

and not liable to be intercepted under any circumstances.

3. The learned counsel for the petitioners submits that,

after negotiation, the petitioners have decided to settle the entire

liability by way of instalments. The learned counsel also submits

that, the entire liability of Rs.4,75,910/- as on 30.4.2010 with

further interest as pointed out by the respondent Bank will be

W.P(C) No. 10502 of 2010-K 2

cleared by the petitioners by way of ‘nine’ equal monthly

instalments; simultaneously assuring and undertaking that the

petitioners do not intend to challenge the sustainability of the steps

taken by the Bank by availing the statutory remedy by approaching

the Debt Recovery Tribunal.

4. Taking note of the facts and circumstances, this Court

finds it fit and proper to permit the petitioners to clear the liability

in a phased manner. Accordingly, the petitioners are directed to

satisfy the entire liability by way of ‘nine’ equal monthly instalments;

the first of which shall be effected on or before the 30th of August,

2010; to be followed by similar instalments to be effected on or

before the 30th of the succeeding months. Subject to this, all further

coercive proceedings pursuant to Ext.P4(a) shall be kept in abeyance

for the time being. It is made clear that, if any default is committed

by the petitioners in satisfying the due amount as above, it will be

open to the Bank, to proceed with appropriate steps for realisation

of the entire amount in a lump.

The Writ Petition is disposed of.

Sd/-

                                P.R.RAMACHANDRA MENON
                                           JUDGE

ab                             //True Copy//