High Court of KeralaWP(C)/15017/2015disposed of

Shajahan.M.N v. Authorised Officer/Chief Manager

2015-06-02Honourable Mr. Justice A.Muhamed Mustaque4 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.MUHAMED MUSTAQUE TUESDAY, THE 2ND DAY OF JUNE 2015/12TH JYAISHTA, 1937 WP(C).No. 15017 of 2015 (B) ---------------------------- PETITIONER :

----------------------- SHAJAHAN.M.N., AGED ABOUT 42 YEARS S/O.MUHAMMED NOOHU, SHEEBA MANZIL,VENCHAVODE, SREEKARYAM P.O, KAZHAKUTTOM, THIRUVANANTHAPURAM-695 017 (MANAGING DIRECTOR, M/S. ADVANCE MEDIA TECHNOLOGIES PVT (LTD), NILA BUILDING, TECHNOPARK, KAZHAKUTTOM P.O., TRIVANDRUM-695 581) BY ADVS.SRI.THIRUMALA P.K.MANI SRI.DDIPU RESPONDENT(S):

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1. AUTHORISED OFFICER/CHIEF MANAGER, PUNJAB NATIONAL BANK, CIRCLE OFFICE, 40/1461, MARKET ROAD, 3RD FLOOR, ERNAKULAM-682 011

2. THE MANAGER, PUNJAB NATIONAL BANK, KAZHAKUTTOM BRANCH, THIRUVANANTHAPURAM -695 582 R1 & R2 BY ADV. SRI.K.P.SUDHEER SRI.SANTHEEP ANKARATH, SC, PUNJAB NATIONAL BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02-06-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

sts

WP(C).No. 15017 of 2015 (B) ------------------------------------------ APPENDIX PETITIONER(S)' EXHIBITS ------------------------------------- EXT.P1 TRUE COPY OF THE ORDER IN CRL MC.NO.2600/2014 DATED 25-10-2014 PASSED BY THE SESSIONS COURT, THIRUVANANTHAPURAM EXT.P2 TRUE COPY OF THE STATEMENT OF ACCOUNT ISSUED BY THE 2ND RESPONDENT DATED 21-03-2015 WITH RESPECT OF THE ACCOUNT NO .667900IB00000065 EXT.P3 TRUE COPY OF THE STATEMENT OF ACCOUNT ISSUED BY THE 2ND RESPONDENT DATED 21-03-2015 WITH RESPECT OF THE ACCOUNT NO.6679001B00000074 EXT.P4 TRUE COPY OF THE NOTICE DATED 05-12-2013 ISSUED UNDER SECTION 13(2) OF THE SARFAESI ACT EXT.P5 TRUE COPY OF THE POSSESSION NOTICE DATED 20-03-2015 ISSUED UNDER SECTION 13(4) OF THE SARFAESI ACT EXT.P6 TRUE COPY OF THE REPRESENTATION DATED 16-05-2015 RESPONDENT(S)' EXHIBITS AND ANNEXURES:

--------------------------------------------------------------------- ANNEX R1(A) COPY OF THE REPLY ISSUED BY THE 2ND RESPONDENT TO EXT.P6 LETTER AND DATED 21/5/2015.

/TRUE COPY/ P.A.TO JUDGE sts

A.MUHAMED MUSTAQUE, J.

******************************************************* W.P.(C) No.15017 of 2015 ******************************************************* Dated this the 2nd day of June, 2015

JUDGMENT

The petitioner impugns SARFAESI proceedings before this Court. The petitioner submits that he is prepared to settle the entire liability if he is given eight months time. 2.

Learned counsel for the Bank opposes the prayer of the petitioner and also filed a statement. It is submitted that the liability as on 25.5.2015 is Rs.42,05,923/- and therefore, the petitioner cannot be granted any concession by this Court in settling the dues.

Considering the fact that the secured asset is a residential building. I am of the view, the petitioner should be given a reasonable time to settle the entire liability. Therefore, this writ petition is disposed of with the following directions:

1. The petitioner shall remit Rs.5 lakhs within one month from today.

W.P.(C) No.15017 of 2015 2 2.

The petitioner is given time upto 28.2.2016 to settle the entire liability with the Bank. 3.

It is made clear that if the petitioner commits default in making the initial payment of Rs.5 lakhs, the Bank is at liberty to proceed against the petitioner in accordance with law.

To work out the above directions, coercive steps against the petitioner shall be kept in abeyance.

Sd/- A.MUHAMED MUSTAQUE, JUDGE ln