{"id":59267,"date":"2008-09-19T00:00:00","date_gmt":"2008-09-18T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/sri-p-t-mohan-babu-vs-central-bank-of-india-on-19-september-2008"},"modified":"2018-11-17T15:06:21","modified_gmt":"2018-11-17T09:36:21","slug":"sri-p-t-mohan-babu-vs-central-bank-of-india-on-19-september-2008","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/sri-p-t-mohan-babu-vs-central-bank-of-india-on-19-september-2008","title":{"rendered":"Sri. P.T.Mohan Babu vs Central Bank Of India on 19 September, 2008"},"content":{"rendered":"<div class=\"docsource_main\">Kerala High Court<\/div>\n<div class=\"doc_title\">Sri. P.T.Mohan Babu vs Central Bank Of India on 19 September, 2008<\/div>\n<pre>       \n\n  \n\n  \n\n \n \n  IN THE HIGH COURT OF KERALA AT ERNAKULAM\n\nWP(C).No. 26718 of 2008(E)\n\n\n1. SRI. P.T.MOHAN BABU, AGED 58 YEARS\n                      ...  Petitioner\n2. MRS. SERU MOHAN BABU, AGED 53 YEARS\n\n                        Vs\n\n\n\n1. CENTRAL BANK OF INDIA,REPRESENTED BY ITS\n                       ...       Respondent\n\n2. THE AUTHORISED OFFICER (REGIONAL MANAGER\n\n3. THE BRANCH MANAGER\n\n                For Petitioner  :SRI.V.V.RAJA\n\n                For Respondent  :SRI.DEVAN RAMACHANDRAN\n\nThe Hon'ble MR. Justice THOTTATHIL B.RADHAKRISHNAN\n\n Dated :19\/09\/2008\n\n O R D E R\n         Thottathil B. Radhakrishnan, J.\n        ==================================\n              W.P.(C)No.26718 of 2008\n        ==================================\n     Dated this the 19th day of September, 2008.\n\n\n                     JUDGMENT\n<\/pre>\n<p>    Having  heard  the   learned  counsel  for   the<\/p>\n<p>petitioner  and   the   learned  counsel   for   the<\/p>\n<p>respondents,  I  am  satisfied  that   there  is no<\/p>\n<p>jurisdictional error or legal infirmity in the<\/p>\n<p>impugned proceedings.  Learned counsel for the bank<\/p>\n<p>points out that the loan, as originally availed,<\/p>\n<p>was re-scheduled twice and the present arrears have<\/p>\n<p>accumulated  and  it   would  not  be   commercially<\/p>\n<p>feasible  for   the    bank   to   re-schedule   the<\/p>\n<p>transaction or to extend any facility further.     I<\/p>\n<p>do not find any justifiable ground to direct the<\/p>\n<p>bank to re-schedule the transaction or to extend<\/p>\n<p>any facility other than to provide a breathing time<\/p>\n<p>to pay off the outstandings.\n<\/p>\n<p>    Having regard to the facts and circumstances,<\/p>\n<p> WPC26718\/08<\/p>\n<p><span class=\"hidden_text\">                         -:2:-<\/span><\/p>\n<p>repelling all other contentions, this writ petition<\/p>\n<p>is ordered directing that if the petitioner makes a<\/p>\n<p>down payment of Rs.10 lakhs within one month from<\/p>\n<p>now and remits the remaining amounts in monthly<\/p>\n<p>instalments of Rs.10 lakhs, payable on or before<\/p>\n<p>the last working day of every month, commencing<\/p>\n<p>from November, 2008, distress action will stand<\/p>\n<p>dropped.    This is as a last chance and it is also<\/p>\n<p>clarified that in view of the directions and the<\/p>\n<p>fact that the challenge against the proceedings<\/p>\n<p>have been repelled, the petitioner will not be<\/p>\n<p>entitled to move the Debts Recovery Tribunal under<\/p>\n<p>the SARFAESI Act.     It is also further clarified<\/p>\n<p>that this judgment will not stand in the way of the<\/p>\n<p>petitioner working out any other arrangement with<\/p>\n<p>the bank.\n<\/p>\n<\/p>\n<p>                      Thottathil B.Radhakrishnan,<br \/>\n                                      Judge.\n<\/p>\n<p>sl.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kerala High Court Sri. P.T.Mohan Babu vs Central Bank Of India on 19 September, 2008 IN THE HIGH COURT OF KERALA AT ERNAKULAM WP(C).No. 26718 of 2008(E) 1. SRI. P.T.MOHAN BABU, AGED 58 YEARS &#8230; Petitioner 2. MRS. SERU MOHAN BABU, AGED 53 YEARS Vs 1. CENTRAL BANK OF INDIA,REPRESENTED BY ITS &#8230; Respondent 2. [&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-59267","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 v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sri. 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