Saseendran P.N. vs State Bank Of Travancore on 18 March, 2009

       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C).No. 8047 of 2009(A)


1. SASEENDRAN P.N., S/O. NARAYANAN,
                      ...  Petitioner

                        Vs



1. STATE BANK OF TRAVANCORE,
                       ...       Respondent

                For Petitioner  :SMT.S.MUMTAZ

                For Respondent  : No Appearance

The Hon'ble MR. Justice THOTTATHIL B.RADHAKRISHNAN

 Dated :18/03/2009

 O R D E R
               THOTTATHIL B RADHAKRISHNAN, J
                  ...........................................
                  WP(C).NO. 8047                 OF 2009
                  ............................................
        DATED THIS THE           18TH DAY OF MARCH, 2009

                                JUDGMENT

The petitioner availed a loan from the respondent. He

states that it was in connection with the marriage of his

daughter. The transaction is not disputed. The accruals have

grown. The default has led to action under the SARFAESI Act.

There is no jurisdictional error or legal infirmity in the impugned

proceedings. Taking the total outstandings which have now

accrued to be around 2,25,000/-, including securitization

expenses, it is ordered that if the petitioner deposits an amount

of Rs.30,000/- on or before 28.3.2009, and continues to deposit

@ Rs.60,000/- per month payable on or before 28th of every

month, commencing from April 2009, the respondent will defer

further action and close the transaction on payment of the entire

amounts due including accruals. If there is default in payment of

any of the instalments as aforesaid, the benefit of this judgment

will stand recalled automatically.

THOTTATHIL B RADHAKRISHNAN,
JUDGE
lgk/18/3