IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C) No. 22921 of 2006(D)
1. SIBY JOSEPH, AGED 40 YEARS,
... Petitioner
Vs
1. CANARA BANK, IRITTY BRANCH,
... Respondent
2. AUTHORISED OFFICER, CANARA BANK,
For Petitioner :SRI.M.RAMESH CHANDER
For Respondent :SRI.V.B.HARI NARAYANAN
The Hon'ble MR. Justice S.SIRI JAGAN
Dated :29/08/2006
O R D E R
S. SIRI JAGAN
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W.P.(C) NO. 22921 OF 2006 D
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Dated this the 29th day of August, 2006
J U D G M E N T
The petitioner defaulted repayment of loan amount taken from the
1st respondent Bank. Proceedings under the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security Interest
Act were initiated by the Bank which culminated in Ext.P3 notice for sale
of the security interest. The petitioner is challenging the said
proceedings. The contention is that the Act itself expressly excludes
agricultural land from the purview of the proceedings under the Act and
since the petitioner’s land is agricultural land, the proceedings now
initiated are unsustainable.
2. The learned counsel appearing for the respondents would
submit that the land is not agricultural land as contended by the
petitioner. I am not inclined to go into the merits of these contentions in
view of the order I proposes to pass in this writ petition. The petitioner
is prepared to pay all the amounts, but he wants time to raise funds for
the same. In the above circumstances, I feel that the some
accommodation can be granted to the petitioner in the matter of
W.P.(C) NO. 22921 OF 2006 D
(2)
repayment in instalments. Accordingly the writ petition is disposed of on
the following terms. The petitioner shall pay an amount of
Rs. 4,00,000/- within six weeks from today and also file a suitable
representation before the 1st respondent seeking permission to pay the
balance amount in instalments. If the petitioner pays the above said
amount and files a representation as directed above, the 1st respondent
shall consider the same and pass appropriate orders thereon in
accordance with the Bank’s policy. If the petitioner compliance with the
above directions, further proceedings pursuant to Ext.P3 would stand
stayed. However, if the petitioner commits default in payment as above,
the respondents would be free to continue the proceedings pursuant to
Ext.P3 without having to issue any fresh notice of proceedings in that
regard.
This writ petition is disposed of as above.
(S.SIRI JAGAN, JUDGE)
jg
