{"id":144721,"date":"2008-06-17T00:00:00","date_gmt":"2008-06-16T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/c-r-roy-vs-the-life-insurance-corporation-on-17-june-2008"},"modified":"2018-02-27T05:29:38","modified_gmt":"2018-02-26T23:59:38","slug":"c-r-roy-vs-the-life-insurance-corporation-on-17-june-2008","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/c-r-roy-vs-the-life-insurance-corporation-on-17-june-2008","title":{"rendered":"C.R.Roy vs The Life Insurance Corporation &#8230; on 17 June, 2008"},"content":{"rendered":"<div class=\"docsource_main\">Kerala High Court<\/div>\n<div class=\"doc_title\">C.R.Roy vs The Life Insurance Corporation &#8230; on 17 June, 2008<\/div>\n<pre>       \n\n  \n\n  \n\n \n \n  IN THE HIGH COURT OF KERALA AT ERNAKULAM\n\nWP(C).No. 31876 of 2006(T)\n\n\n1. C.R.ROY, 'JANANI NIVAS',\n                      ...  Petitioner\n2. MRS.J.JANAKI, 'JANANI NIVAS',\n\n                        Vs\n\n\n\n1. THE LIFE INSURANCE CORPORATION HOUSING\n                       ...       Respondent\n\n2. THE AREA MANAGER,\n\n3. THE DISTRICT COLLECTOR,\n\n                For Petitioner  :SRI.GEORGE JACOB (JOSE)\n\n                For Respondent  : No Appearance\n\nThe Hon'ble MR. Justice S.SIRI JAGAN\n\n Dated :17\/06\/2008\n\n O R D E R\n                                S.SIRI JAGAN, J\n                         = = = = = = = = = = = = = = = =\n                          W.P.(C).No. 31876 OF 2006\n                             = = = = = = = = = = = = =\n                     Dated this the 17th day of June, 2008.\n\n                                 J U D G M E N T\n<\/pre>\n<p>      Petitioners      are     challenging       proceedings   under   the<\/p>\n<p>Securitisation and Reconstruction of Financial Assets and<\/p>\n<p>Enforcement of Security Interest Act, 2002.                 At the time of<\/p>\n<p>admission, this Court passed the following interim order on<\/p>\n<p>1.12.2006.\n<\/p>\n<blockquote><p>             &#8220;&#8230;&#8230;&#8230;&#8230;&#8230;.   There     will    be   stay  against<br \/>\n       enforcement of Ext.P1 proposal for taking over and sale<br \/>\n       of petitioners&#8217; building for two months on petitioner<br \/>\n       remitting rs.50,000\/- within six weeks from now.<br \/>\n       Petitioner will make specific proposal for payment of<br \/>\n       balance amount for this to consider the same after<br \/>\n       making payment as above within six weeks&#8221;.\n<\/p><\/blockquote>\n<p>The said interim order was modified on 1.3.2007 as follows:<\/p>\n<blockquote><p>             &#8220;Interim stay extended for six months on condition<br \/>\n      that the petitioner deposits at the rate of Rs.7,000\/- per<br \/>\n      month&#8221;.\n<\/p><\/blockquote>\n<p>This interim order was being extended from time to time.<\/p>\n<p>      2.    Now, that there is an order permitting the petitioner<\/p>\n<p>to pay at the rate of Rs.7,000\/- per month, I feel that the writ<\/p>\n<p>petition itself can be disposed of in terms of that order,<\/p>\n<p><span class=\"hidden_text\">W.P.(C).No. 31876 OF 2006          2<\/span><\/p>\n<p>permitting the petitioner to continue paying at the rate of Rs.<\/p>\n<p>7,000\/- per month until the entire amounts are paid off.<\/p>\n<p>However, the counsel for the petitioner would submit that the<\/p>\n<p>petitioner has certain dispute regarding the adjustments of<\/p>\n<p>amounts already paid and he also claims benefit of one time<\/p>\n<p>settlement scheme.        In the above circumstances, this writ<\/p>\n<p>petition is disposed of with the following directions:<\/p>\n<p>      The petitioner shall continue to pay at the rate of<\/p>\n<p>Rs.7,000\/- per month until the entire dues are completely wiped<\/p>\n<p>off. In the meantime, within a period of one month from the<\/p>\n<p>date of receipt of a copy of this judgment, the 2nd respondent<\/p>\n<p>shall issue to the petitioner a statement of account giving all<\/p>\n<p>details of calculation of interest and adjustments of amounts paid<\/p>\n<p>by the petitioner.    it would be open to the petitioner to file<\/p>\n<p>objections to the said statement of account which shall be<\/p>\n<p>considered by the 2nd respondent and if any of the objections are<\/p>\n<p>accepted appropriate deductions shall be made in the amount<\/p>\n<p>payable. If the petitioner files an application for the benefit of<\/p>\n<p>one time settlement scheme, it shall be considered by the<\/p>\n<p><span class=\"hidden_text\">W.P.(C).No. 31876 OF 2006        3<\/span><\/p>\n<p>respondents 1 and 2, if a scheme for one time settlement is<\/p>\n<p>currently in force and pass appropriate orders thereon. If the<\/p>\n<p>petitioner is given the benefit of one time settlement scheme, if<\/p>\n<p>any, the balance amount due shall also be adjusted accordingly.<\/p>\n<p>However, in the case of granting benefits of one time settlement<\/p>\n<p>scheme, payment of the balance amount shall be in accordance<\/p>\n<p>with the conditions of such order on the application for one time<\/p>\n<p>settlement and not in installments of Rs.7,000\/- as directed<\/p>\n<p>above.    If the petitioner pays the installments on the first<\/p>\n<p>working day of every month, further coercive proceedings shall<\/p>\n<p>be kept in abeyance. However, if the petitioner commits default<\/p>\n<p>in payment of any one installment, or as per the order under the<\/p>\n<p>one time settlement scheme, if any, it would be open to the<\/p>\n<p>respondents to continue proceedings under the Act, without<\/p>\n<p>having to issue any fresh notice or proceedings in that regard.<\/p>\n<p>                                             S.SIRI JAGAN, JUDGE<\/p>\n<p>bkn\/-<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kerala High Court C.R.Roy vs The Life Insurance Corporation &#8230; on 17 June, 2008 IN THE HIGH COURT OF KERALA AT ERNAKULAM WP(C).No. 31876 of 2006(T) 1. C.R.ROY, &#8216;JANANI NIVAS&#8217;, &#8230; Petitioner 2. MRS.J.JANAKI, &#8216;JANANI NIVAS&#8217;, Vs 1. THE LIFE INSURANCE CORPORATION HOUSING &#8230; Respondent 2. THE AREA MANAGER, 3. THE DISTRICT COLLECTOR, For Petitioner [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,21],"tags":[],"class_list":["post-144721","post","type-post","status-publish","format-standard","hentry","category-high-court","category-kerala-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>C.R.Roy vs The Life Insurance Corporation ... on 17 June, 2008 - Free Judgements of Supreme Court &amp; High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/c-r-roy-vs-the-life-insurance-corporation-on-17-june-2008\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"C.R.Roy vs The Life Insurance Corporation ... on 17 June, 2008 - Free Judgements of Supreme Court &amp; 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