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Siby Joseph vs Canara Bank on 29 August, 2006

Kerala High Court
Siby Joseph vs Canara Bank on 29 August, 2006
       

  

  

 
 
  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
                                 --------------------
                      W.P.(C) NO. 22921 OF 2006 D
                         -------------------------------------
                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

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