IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 23361 of 2008(F)
1. VISWANATHAN, S/O.SUBRAMONIAM
... Petitioner
Vs
1. INDIAN BANK, PALAKKAD BRANCH
... Respondent
For Petitioner :SMT.S.MUMTAZ
For Respondent :SRI.S.EASWARAN
The Hon'ble MR. Justice S.SIRI JAGAN
Dated :21/08/2008
O R D E R
S. SIRI JAGAN, J.
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W.P.(C)No.23361 OF 2008
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Dated this the 21st day of August, 2008
JUDGMENT
The petitioner challenges proceedings under the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, initiated by the respondent
for recovery of loan amounts due from the petitioner under a
loan, which the petitioner has defaulted repayment of. However,
the petitioner does not dispute the liability to pay or the
quantum. The petitioner confines his prayer for a permission to
pay off the amounts due in instalments.
2. This is opposed by the learned counsel for the bank,
who would submit that the petitioner has not paid any amount in
repayment of the loan amounts and as such he is not entitled to
any reliefs in the matter.
3. After hearing both sides, I feel that the petitioner can
be given some time to pay off the amounts in instalments.
Accordingly, the writ petition is disposed of with the following
W.P.(c)No.23361/08 2
directions:
The petitioner shall pay an amount of Rs.1.5 lakhs within
one month from today. 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 of Rs.1.5 lakhs and the instalments in time without
default, further proceedings under the Act shall be kept in
abeyance. However, if the petitioner commits default in either
the Rs.1.5 lakhs or any of the subsequent instalments, it would
be open to the respondent to continue proceedings as now
initiated without having to issue any fresh notice of
proceedings in that regard.
S. SIRI JAGAN, JUDGE
Acd
W.P.(c)No.23361/08 3