The court allowed a writ petition challenging SARFAESI proceedings. It directed the bank to permit the petitioner to pay dues in 10 monthly installments, keeping proceedings in abeyance if paid on time, and to decide on a one-time settlement application within one month.
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR.JUSTICE S.SIRI JAGAN
MONDAY, THE 16TH DAY OF JANUARY 2012/26TH POUSHA 1933
WPC.No. 954 of 2012 (T)
PETITIONER: ===========
C.S.SUJATHAKUMARI MUKKAMPALAVILA VEEDU, ARAYUR P.O., NEYYATTINKARA THIRUVANANTHAPURAM DISTRICT.
BY ADV. SRI.R.GOPAN
RESPONDENTS:
============
1. THE AUTHORISED OFFICER, THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK, HEAD OFFICE, FORT THIRUVANANTHAPURAM-695001.
2. THE MANAGER, THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK UDAYAMKULANGARA BRANCH, NEYYATTINKARA-695018 THIRUVANANTHAPURAM.
3. THE DEPUTY GENERAL MANAGER, THIRUVANANTHAPURAM DISTRICT CO-OPEARATIVE BANK HEAD OFFICE, EAST FORT, THIRUVANANTHAPURAM-695 001.
BY SRI.THOMAS ABRAHAM, SC, TVM DIST. CO.OP BANK
THIS WRIT PETITION(CIVIL) HAVING COME UP FOR ADMISSION ON 16.01.2012, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
JV
WPC NO: 954/2012
APPENDIX
PETITIONER'S EXHIBITS:
RESPONDENT'S EXHIBITS: N I L
/TRUE COPY/
P.A.TO JUDGE
JV
S. Siri Jagan, J.
=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-=
W.P(C) No. 954 of 2012
=-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 16th day of January, 2012.
J U D G M E N T
The petitioner challenges proceedings initiated by the respondents under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts in instalments and also a direction to the respondents to consider the claim of the petitioner for one time settlement. This is opposed by the counsel for the bank.
Having heard both sides, I dispose of this writ petition with the following directions:
The respondents shall permit the petitioner to pay off the amounts due in 10 equal monthly instalments starting from 1.2.2012. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the instalment amounts on due dates without default, proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any one instalment, it would be open to the respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. In the meanwhile, the 3rd respondent shall consider and pass orders on Ext.P2 application for one time settlement filed by the petitioner and pass appropriate orders thereon, as expeditiously as possible, at any
W.P(C) No. 954 of 2012 -: 2 :-
rate, within one month from today. If the 3rd respondent grants any relief on Ext.P2, the total amount payable and corresponding instalment shall be reduced accordingly.
Sd/- S. Siri Jagan, Judge.
Tds/
1 provisions across 1 enactments
C. Sujathakumari Mukkampalavila Veedu
The Authorised Officer, Thiruvananthapuram District Co-operative Bank
The Manager, Thiruvananthapuram District Co-operative Bank Udayamkulangara Branch
The Deputy General Manager, Thiruvananthapuram District Co-operative Bank
S. Sir Jagan
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
