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THURAKKAL MOIDEENKUTTY, S/O. KUNHIPOKER v. KOTTAKKAL CO-OP.URBAN BANK LTD. - WP(C) No. 25692 of 2006(H)  RD-KL 3949 (21 February 2007)
IN THE HIGH COURT OF KERALA AT ERNAKULAMWP(C) No. 25692 of 2006(H)
1. THURAKKAL MOIDEENKUTTY, S/O. KUNHIPOKER
1. KOTTAKKAL CO-OP.URBAN BANK LTD.,
For Petitioner :SRI.P.CHANDRASEKHAR
For Respondent :SRI.DEVAPRASANTH.P.J.
The Hon'ble MR. Justice K.PADMANABHAN NAIR
O R D E R
K.Padmanabhan Nair,J.W.P.(C).No.25692 of 2006-H
Dated, this the 21st day of February, 2007
The petitioner availed a loan of Rs.10,00,000/- from the respondent-Bank. He committed default in repayment. So, the Bank issued a notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Challenging that notice, this writ petition is filed.
2. The party who is served with a notice under Section 13(2) of the Act is given liberty to make representations before the Authorised Officer. But, an order passed under Section 13(2) cannot be challenged before any forum. Since a final order is passed under Section 13(4), which is an appealable order before the Debts Recovery Tribunal, I do not find any reason to interfere with that order. But still, I am of the view that if the petitioner is prepared to repay the loan, he can be given a reasonable time to pay off the amount due to the Bank. W.P.(C).No.25692 of 2006-H In the result, the writ petition is disposed of in the following manner: If the petitioner makes an application within 10 days from today, the Bank shall serve a statement of accounts due as on that date within five days of receipt of that request. The petitioner shall deposit 20% of the amount so claimed by the Bank within six weeks and shall file an application claiming the benefits of One Time Settlement, if any, applicable to the Bank. If the petitioner makes the deposit and files the application, the Bank shall not levy any penal interest. The Bank shall give reduction in the rate of interest applicable also and allow the petitioner to pay off the amount in six monthly instalments. The steps taken by the Bank for the sale of the properties shall stand adjourned for a period of two months from today. If the petitioner commits default in any of the conditions, it is open to the Bank to proceed with the action already initiated. K.Padmanabhan Nair Judge vku/-
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