Kerala High Court
M.K.Lekshmanan vs Alleppey District Co-Operative Bank ... on 4 July, 2011
Author: S.Siri Jagan
Bench: S.Siri Jagan
IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 6659 of 2011(F)
1. M.K.LEKSHMANAN, S/O.LATE RAMANKUTTY,
... Petitioner
2. P.N.RAJAMMA, W/O.M.K.LEKSHMANAN,
Vs
1. ALLEPPEY DISTRICT CO-OPERATIVE BANK LTD,
... Respondent
2. THE AUTHORIZED OFFICER,
3. ADV.VINEETHA,
For Petitioner :SRI.C.S.MANU
For Respondent : No Appearance
The Hon'ble MR. Justice S.SIRI JAGAN
Dated :04/07/2011
O R D E R
S. SIRI JAGAN, J.
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W.P.(C) No.6659 OF 2011
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Dated this the 4th day of July, 2011
JUDGMENT
The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the 1st respondent bank for non-payment of loan amounts taken by the petitioners from the 1st respondent bank. The petitioners do not dispute the liability to pay or the quantum. They only seek time to pay off the amounts. This Court passed interim orders originally directing payment of Rs.1,50,000/- and later directing payment of a further amount of Rs.2 lakhs. Although the petitioners paid Rs.1,50,000/-, the petitioners have not paid further Rs.2 lakhs as directed by order dated 30.3.2011. The petitioners now submit that the petitioners can pay off the entire amount within three months. Although notice has been issued to the respondents, they have not chosen to enter appearance and contest the matter.
Having heard the learned counsel for the petitioners, this W.P.(C)No.6659/11 2 writ petition is disposed of with a direction to respondents 1 and 2 to permit the petitioners to pay the balance amount due in three equal monthly instalments starting from 1.8.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of any one of the instalments, 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.
S. SIRI JAGAN, JUDGE acd W.P.(C)No.6659/11 3 W.P.(C)No.6659/11 4