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K. DAMODARAN, S/O.LATE K.P. MENON v. THE ADDITIONAL DISTRICT MAGISTRARE - WP(C) No. 6188 of 2007(J)  RD-KL 4068 (23 February 2007)
IN THE HIGH COURT OF KERALA AT ERNAKULAMWP(C) No. 6188 of 2007(J)
1. K. DAMODARAN, S/O.LATE K.P. MENON,
1. THE ADDITIONAL DISTRICT MAGISTRARE,
2. THE BHARATH OVERSEAS BANK, HABEEB
For Petitioner :SRI.JACOB SEBASTIAN
For Respondent : No Appearance
The Hon'ble MR. Justice THOTTATHIL B.RADHAKRISHNAN
O R D E R
THOTTATHIL B.RADHAKRISHNAN, JW.P(C).No.6188 OF 2007
Dated this the 23rd day of February, 2007
Having regard to the nature of the order being issued hereunder, notice to the second respondent is dispensed with, without prejudice to the second respondent to move this court to vacate this judgment, if so advised.
2. The petitioner has availed different loans from the second respondent Bank and also provided certain properties as mortgage in support of one of them. Learned counsel for the petitioner submits that the said properties may not be proceeded against in satisfaction of the other loans. This contention cannot be accepted because the mortgaged properties are being proceeded against under the Securitisation Act not merely as a mortgage only, but as an item of property available in the custody of the Bank for the purpose of satisfying the outstandings. As a result, I do not find any ground to interfere with the recovery action. WPC.6188/07 Page numbers
3. At this stage, the learned counsel for the petitioner made a request that the petitioner may be given a breathing time to pay off the entire outstandings. In the aforesaid circumstances, it is directed that if the entire outstandings due are paid in four equal monthly instalments, payable on or before the last working day of every month, commencing from February, 2007, the impugned distress action shall be dropped. However, if the petitioner fails to remit the amounts as aforesaid, the benefit of this judgment shall stand recalled automatically and the respondents will be entitled to forthwith proceed with further action. The writ petition is disposed of with the above direction. The office will communicate this order in the Palakkad address of the second respondent. Petitioner to pay necessary process/bata for such communication. THOTTATHIL B.RADHAKRISHNAN Judge kkb.
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