IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 16373 of 2009(N)
1. RATHINAM AMMAL,D/O.SWARNNAMMAL,
... Petitioner
Vs
1. THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE
... Respondent
2. THE AUTHORIZED OFFICER,
3. A.NADARAJAN,AMC 28/08 SANTHI NAGAR,
For Petitioner :SRI.LIJU. M.P
For Respondent : No Appearance
The Hon'ble MR. Justice P.R.RAMACHANDRA MENON
Dated :15/06/2009
O R D E R
P.R. RAMACHANDRA MENON J.
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W.P. (C) No. 16373 of 2009
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Dated, this the 15th day of June, 2009
JUDGMENT
The petitioner has approached this Court challenging the
proceedings taken by the respondent Bank invoking the relevant
provisions under the SARFAESI Act. The case of the petitioner is that,
he happened to be a defaulter, not because of any wilful or deliberate
negligence, but due to some unforeseen circumstances and that
earnest efforts are being made to wipe off the entire liability. The limited
prayer of the petitioner, as put forth by the learned counsel appearing
for the petitioner is that, the petitioner may be permitted to clear the
entire liability by way of installments.
2. Heard the learned counsel appearing for the respondent Bank
as well.
3. Considering the fact that the outstanding liability as on date, is
admittedly more than Rs.19,00,000/- and that the cause of action
pertains to the loan transaction of 1999, the petitioner is directed to pay
a sum of Rs.5 lakhs within one month. The balance amount shall be
cleared by way of 8 equal monthly installments commencing from the
10th of August, 2009. It is made clear that if the petitioner commits any
default in effecting the installments, as aforesaid, the respondent Bank
will be at liberty to proceed with further steps for realization of the entire
WP (C) No. 16373 of 2009
: 2 :
amount in lump sum.
The Writ Petition is disposed of accordingly.
P. R. RAMACHANDRA MENON, JUDGE
kmd