Writ petition challenging an order under Section 14 of SARFAESI Act. Court allowed limited relief permitting repayment of dues in eight equal monthly instalments while staying coercive recovery action, subject to compliance.
Permitted petitioner to pay the amount due in 8 equal monthly instalments; coercive action stayed subject to payment.
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR.JUSTICE ANTONY DOMINIC
TUESDAY, THE 9TH DAY OF APRIL 2013/19TH CHAITHRA 1935
WP(C).No. 9847 of 2013 (E)
AGAINST THE ORDER/JUDGMENT IN CMP.2602/2012 of C.J.M., KALEPETTA DATED 30-072012
PETITIONER(S):
SUBHASH.K.R. AGED 38 YEARS S/O.RAGHAVAN, PAZHAYANKAVIL HOUSE KUNNATHIDAVKAVILLAGE, VYTHIRI TALUK, WAYANAD DISTRICT.
BY ADV. SRI.S.M.PRASANTH
RESPONDENT(S):
STATE BANK OF INDIA KAINTTY BRANCH REPRESENTED BY ITS MANAGERAND AUTHORISED OFFICER KALPETTA NORTH, WAYANAD DISTRICT - 673 121.
BY ADV. SRI.GEORGE THOMAS(MEVADA), SC, SBI
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09-042013, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C).No. 9847 of 2013 (E)
APPENDIX
PETITIONER(S)' EXHIBITS
EXT.P-1 TRUE COPY OF THE C.M.P.NO.2602 OF 2012 BEFORE THE CHIEF JUDICIAL MAGISTRATE COURT, KALPETTA
EXT.P-2 TRUE COPY OF THE ORDER DATED 30.7.2012 IN C.M.P.NO.2602 OF 2012 BEFORE THE CHIEF JUDICIAL MAGISTRATE COURT, KALPETTA
//True Copy//
PA to Judge
Rp
ANTONY DOMINIC, J. ================ W.P.(C) NO. 9847 OF 2013
===================
Dated this the 9th day of April, 2013
J U D G M E N T
Petitioner availed of a commercial loan from the respondent Bank. Default was committed and as a result, SARFAESI proceedings were initiated. Finally the Bank has obtained Ext.P2 order from the Chief Judicial Magistrate court, Kalpetta under Section 14 of the Act and it is at that stage this writ petition is filed with a prayer to allow the petitioner to pay the amount due in instalments.
Taking note of the limited nature of the relief that is sought for, I dispose of this writ petition directing that the petitioner be permitted to pay the amount due in 8 equal monthly instalments. The first instalment shall be paid on or before 30/4/13 and the subsequent instalments shall be paid on or before the last working day of every succeeding month. Subject to payment as
WPC.No.9847/13
:2 :
above, further coercive action will stand stayed and in case of default, respondent will be free to continue with the recovery action.
Sd/- ANTONY DOMINIC, JUDGE
Rp
1 issue framed by the court
Whether the petitioner should be permitted to pay the loan dues in instalments amid SARFAESI proceedings.
1 provisions across 1 enactments
Subhash.K.R.
State Bank of India Kaintty Branch
Antony Dominic
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
