High Court dismissed the writ petition, allowing clear payment of outstanding bank liability within six weeks, granting relief rather than adjudicating underlying contractual or security issues.
Petitioner permitted to clear entire outstanding liability towards the Bank within a period of six weeks.
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT :
THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON
THURSDAY, THE 11TH MARCH 2010 / 20TH PHALGUNA 1931
WP(C).No. 4820 of 2010(B)
PETITIONERS:
BY ADV. SRI.S.SACHITHANANDA PAI
RESPONDENTS:
BY GOVT. PLEADER SRI.BIJOY CHANDRAN
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/03/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
P.R.RAMACHANDRA MENON, J
W.P(C) No. 4820 of 2010-B
Dated this the 11th day of March, 2010.
The learned counsel for the petitioner submits that the various contentions raised by the petitioner in this Writ Petition, particularly as to the status and nature of the property in question over which security interest has been created placing reliance of right for exemption under Section 31(i) of the 'SARFAESI Act' are not pressed and so also, the petitioner does not intend to challenge the action being pursued by approaching the Debt Recovery Tribunal, availing the statutory remedy. The learned counsel for the petitioner submits that the grievance now pressed before this Court is only to enable the petitioner to clear the entire liability in a phased manner, as to be finalized by the Bank, for which negotiations are going on.
is declined on merits and the same is disposed, permitting the petitioner to clear the entire outstanding liability towards the Bank within a period of six weeks.
The Writ Petition is disposed of.
ab
Sd/P.R.RAMACHANDRA MENON, JUDGE //True Copy//
P.A to Judge
1 issue framed by the court
Whether the Writ Petition should be disposed permitting the petitioner to clear outstanding liability to the Bank.
Mr. Rajan @ Padmatharan
Mr. K.N. Saidharan
The Idukki District Co-operative Bank Ltd.
The Authorised Officer, The Idukki District Co-operative Bank Ltd.
P.R. Ramachandran Menon
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
