IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C) No. 1788 of 2008(K)
1. SHRI.MOHAMMED ALI THARAL, S/O.IBRAHIM,
... Petitioner
Vs
1. UNION BANK OF INDIA REPRESENTED BY ITS
... Respondent
2. AUTHORISED OFFICER, UNION BANK OF INDIA
3. KHALEEL T.K., S/O.ABDULLA,
For Petitioner :SMT.REENA ABRAHAM
For Respondent :SRI.A.S.P.KURUP, SC, UBI
The Hon'ble MR. Justice ANTONY DOMINIC
Dated :24/01/2008
O R D E R
ANTONY DOMINIC, J.
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W.P.(C) No. 1788 OF 2008 K
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Dated this the 24 th January, 2008
J U D G M E N T
Petitioner submits that along with the 3rd respondent, as a co-
borrower he had availed of a loan from the 1st respondent bank.
Default was committed and proceedings under the provisions of
Securitization and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 was initiated. Presently,
the bank has published Ext. P6, sale notice and it is at that stage
this writ petition has been filed.
2. Though the counsel for the petitioner only seeks a
reasonable time for discharging the liability, learned counsel for the
bank points out that, as is evident from the documents produced by
the petitioner himself, there has not been any payment after
2.12.2006. According to the bank, it was only on account of the
continued default committed by the petitioner that the bank had to
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take coercive action.
3. In view of the admitted fact that there has been default
committed, the bank cannot be faulted for the steps it has taken.
Therefore, the petitioner cannot successfully challenge the
proceedings initiated.
4. Be that as it may, now that the counsel for the petitioner
only seeks reasonable opportunity for discharging the liability, I am
inclined to dispose of this writ petition giving yet another
opportunity to the petitioner to save the property from a distress
sale. Therefore, I pass the following order:
That within one month from today, the petitioner shall deposit
1/3rd of the amount that is due. Subject to such remittance, the
further proceedings pursuant to Ext. P6 will stand deferred.
Thereafter, the balance amount due will be paid by the petitioner in
four equal monthly instalments. The first instalment will be payable
on or before 5th March, 2008. The subsequent instalments will also
be payable on or before 5th of every succeeding month. In case the
petitioner commits default in paying any one of the instalments, the
bank will be free to continue the action which has already been
initiated, without any further notice.
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Yet another request that is made by the petitioner is for
directing the bank to furnish an up-to-date statement of account to
enable the petitioner to commence payment. This appears to be
reasonable and the bank shall, within two weeks from today, furnish
an up-to-date statement of account to the petitioner.
Writ petition is disposed of as above.
ANTONY DOMINIC
JUDGE
jan/-