IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 25442 of 2008(D)
1. SMT.BLOSSOM SABU
... Petitioner
Vs
1. THE AUTHORISED OFFICER, VIJAYA BANK,MATT
... Respondent
For Petitioner :SRI.B.MOHANLAL
For Respondent : No Appearance
The Hon'ble MR. Justice S.SIRI JAGAN
Dated :25/08/2008
O R D E R
S.SIRI JAGAN, J.
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W.P.(C).No.25442 of 2008
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Dated this the 25th day of August, 2008
J U D G M E N T
The petitioner is a defaulter in repayment of loan amount
due from her to the Vijaya Bank. The bank has initiated
proceedings under the Securitisation and Reconstruction of
Financial Assets and Enforcement of Security Interest Act, 2002,
for coercive recovery, which is under challenge in this writ
petition. The petitioner does not dispute the liability to pay or the
quantum, although the petitioner would submit that certain
payments made are not being duly credited to her account. The
petitioner now confines her relief for a direction to the bank to
permit the petitioner to pay the amounts in instalments.
2. This is opposed by the standing counsel for the Bank.
He would submit that more than nine lakhs rupees is due from
the petitioner and the bank has already taken possession of the
security interest also.
3. After hearing both sides, I feel that a lenient attitude
can be taken in the matter, to enable the petitioner to pay off the
amounts in instalments on conditions. Accordingly, this writ
petition is disposed of as follows:
The petitioner shall pay an amount of Rs.3 lakhs within one
w.p.c.25442/08 2
month from today. On payment of the same, the petitioner
would be put back in possession of the building. The balance
amount shall be paid in six equal monthly instalments starting
from 1.11.2008. Every subsequent instalment shall be paid on
the first working day of every succeeding month. If the petitioner
pays the initial amount and the instalments in time, coercive
proceedings shall be kept in abeyance. However, if the petitioner
commits default in payment of the initial amount or any of the
instalments, it would be open to the respondent to continue the
proceedings as now initiated without having to issue any fresh
notice or proceedings in that regard. In that event, the petitioner
shall voluntarily surrender possession of the property to the bank
without any objection whatsoever, failing which the petitioner
would be liable for contempt proceedings for violation of the
above directions. It would be open to the petitioner to approach
the bank for the benefits under the One Time Settlement
Scheme, if available, and the bank shall consider the same in
accordance with the bank’s policies and guidelines in that regard.
Sd/-
sdk+ S.SIRI JAGAN, JUDGE
///True copy///
P.A. to Judge
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