Manojan V.P. vs Kozhikode District Co-Operative Bank Ltd. and The Authorized Officer

Antony Dominic, J.—Heard the learned counsel for the petitioner and the learned standing counsel for the Bank, Petitioner availed of a housing loan from the respondent Bank. Default was committed and now SARFAESI proceedings have been initiated. Finally the Bank has issued Ext. P1 possession notice. It is at that stage the writ petition is filed with a prayer to allow the petitioner to pay the amounts due in instalments.

I heard the learned counsel for the Bank who states that the loan has been in default since 2007. It is also stated that symbolic possession of the property was taken on 8/3/12, and that, as on 19/12/12, amount due to the Bank is Rs. 3,09,542/-.

In this writ petition, petitioner is not disputing the liability or the quantum but is only seeking an instalment facility to pay the amount due. Taking note of the limited nature of the relief that is sought for, I direct that the petitioner be permitted to pay the amounts due in 6 equal monthly instalments. The first instalment shall be paid on or before 30/1/13 and the subsequent instalments shall be paid on or before the last working day of every succeeding month. Subject to payment as above, coercive action pursuant to Ext. P1 will be kept in abeyance and in case of default, Bank will be free to continue the recovery proceedings already initiated. Writ petition is disposed of as above.