High Court of KeralaWP(C)/20596/2015disposed of

Saidul Akbar v. The Authorized Officer

2015-07-08Honourable Mr. Justice A.Muhamed Mustaque4 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.MUHAMED MUSTAQUE WEDNESDAY, THE 8TH DAY OF JULY 2015/17TH ASHADHA, 1937 WP(C).No. 20596 of 2015 (Y) ---------------------------- PETITIONER :

----------------------- SAIDUL AKBAR,S/O.POCKER HAJI, MADAYI HOUSE, THANIPPARA, MANJERI P.O., MALAPPURAM DISTRICT.

BY ADV. SRI.T.PRASAD RESPONDENT :

---------------------------- THE AUTHORIZED OFFICER, MALAPPURAM DISTRICT CO-OPERATIVE BANK LIMITED, MALAPPURAM P.O, MALAPPURAM - 676 505.

BY SRI.ESM.KABEER THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08-07-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

sts

WP(C).No. 20596 of 2015 (Y) ----------------------------------------- APPENDIX PETITIONER(S)' EXHIBITS ------------------------------------- P1 - THE TRUE COPY OF THE CMP NO.161/2015 OF THE CHIEF JUDICIAL MAGISTRATE COURT, MANJERI.

RESPONDENT(S)' EXHIBITS:

NIL ------------------------------------------ /TRUE COPY/ P.A.TO JUDGE sts

A. MUHAMED MUSTAQUE, J.

-------------------------------------------- W.P(C). No. 20596 of 2015 ------------------------------------------- Dated this the 8th day of July, 2015

J U D G M E N T

The petitioner availed a cash credit facility from the respondent Bank and the period is over. On account of nonpayment, Bank initiated SARFAESI proceedings against the petitioner.

The petitioner submits that, he is prepared to settle the entire liability, if he is given instalment facility to wipe off the same.

According to the learned counsel for the Bank, the total liability is around 18 lakhs.

₹ 4.

In that view of the matter, following directions are issued:

(i) Petitioner shall remit 3,00,000/- within one month ₹ from today.

(ii) Thereafter petitioner shall remit a sum of Rs.2 lakhs within two months and a further sum of 2 lakhs within ₹ another 2 months.

(iii) If the petitioner complies the directions as above, petitioner shall be given 5 more months to settle the entire liability.

W.P(C). No. 20596 of 2015 5.

Coercive proceedings shall be deferred in tune with the above directions.

This writ petition is disposed of.

Sd/- A. MUHAMED MUSTAQUE, JUDGE.