IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 15502 of 2008(U)
1. V.HARIDAS, S/O.ICHARA VAREER
... Petitioner
Vs
1. THE BRANCH MANAGER, SYNDICATE BANK
... Respondent
2. THE CHIEF MANAGER, SYNDICATE BANK
3. AUTHORISED OFFICER, SYNDICATE BANK
For Petitioner :SRI.N.K.MOHANLAL
For Respondent :SRI.R.S.KALKURA
The Hon'ble MR. Justice S.SIRI JAGAN
Dated :16/06/2008
O R D E R
S.SIRI JAGAN, J.
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W.P.(C).No. 15502 of 2008
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Dated this the 16th day of June, 2008
J U D G M E N T
The petitioner is a defaulter in payment of loan amount due
from him to the respondent bank. Respondents have 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. He would submit that he has now paid Rs.8,40,000/-
and only about one lakh rupees is due as balance. The petitioner
submits that the respondents have taken possession of the
security interest, which is the dwelling house of the petitioner and
his family have been thrown to the street. Now the petitioner
undertakes to pay the balance amount in two instalments and
prays that possession may be returned to the petitioner subject
to that condition.
2. This is opposed by the standing counsel for the
respondents. He would submit that the petitioner had earlier
approached this Court and despite obtaining an order, he did not
w.p.c.15502/08 2
comply with the conditions in that order. Therefore, according to
him, the petitioner is not entitled to any more indulgence in the
matter.
3. I have considered the rival contentions in detail.
4. Now that the petitioner has already paid more than 80
per cent of the amounts due, I feel that a lenient attitude can be
taken in the matter to enable the petitioner to pay off the balance
amount in instalments on conditions. Accordingly, this writ
petition is disposed of as follows:
The petitioner shall pay the balance amount (which
according to the respondents is Rs.1,60,000/-) in two monthly
instalments on 1.7.2008 and 2.8.2008. The petitioner shall be
put back in possession of the security interest within one week
from today. The undertaking that if he commits default in
payment of either of the two instalments on the due dates, he
will voluntarily surrender the security interest to the respondents,
is recorded. If the petitioner pays the instalments in time,
coercive proceedings shall be kept in abeyance. However, if
the petitioner commits default in payment of any of the
instalments or refuses to surrender possession on default, it
w.p.c.15502/08 3
would be open to the respondents to continue the proceedings as
now initiated without having to issue any fresh notice or
proceedings in that regard, or to initiate contempt proceedings
for violation of the undertaking.
Sd/-
sdk+ S.SIRI JAGAN, JUDGE
///True copy///
P.A. to Judge