IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 1581 of 2011(W)
1. RAMAN, S/O.KRISHNA PILLAI,
... Petitioner
Vs
1. THE AUTHORISED OFFICER AND ASSISTANT
... Respondent
2. UNION BANK OF INDIA,
For Petitioner :SRI.M.RAMASWAMY PILLAI
For Respondent : No Appearance
The Hon'ble MR. Justice S.SIRI JAGAN
Dated :18/01/2011
O R D E R
S. SIRI JAGAN, J.
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W.P.(C) No.1581 OF 2011
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Dated this the 18th day of January, 2011
JUDGMENT
The petitioner challenges proceedings initiated by the
respondent bank under the Securitisation and Reconstruction of
Financial Assets and Enforcement of Security Interest Act. But
the petitioner does not dispute the liability to pay or the
quantum. The petitioner seeks only facility to discharge the debt
in instalments.
2. I have heard the learned Standing Counsel for the
respondent bank also, who opposes the prayers.
3. Having heard both sides, I dispose of this writ petition
with the following directions:
The petitioner shall pay an amount of Rs.4 lakhs within one
month from today. The balance amount shall be paid in six equal
monthly instalments starting from 1.4.2011. Every subsequent
instalment shall be paid on the first working day of every
W.P.(C)No.1581/11 2
succeeding month. If the petitioner complies with the above
directions promptly, further proceedings pursuant to the
impugned proceedings shall be kept in abeyance. However, if
the petitioner fails to pay either Rs.4 lakhs or any of the
subsequent instalments, it would be open to the respondents
to continue proceedings as now initiated without having to
issue any fresh notice or proceedings in that regard.
S. SIRI JAGAN, JUDGE
acd
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