MATHEN MATHEW Vs. STATE OF KERALA AND ORS.

JUDGEMENT

(1.) The petitioner availed two loans from the respondent Bank for purchasing of two tipper lorries bearing No. KL.29/6964 and KL 29/3170. But the EMI of Rs. 20,970/- and Rs. 23,000/- in respect of the vehicles could not be effected on time, under which circumstances, the Bank proceed with further steps for realisation of the due amount, invoking the provisions under the SARFAESI Act, which forms the subject matter of challenge in this Writ Petition.

(2.) The learned Counsel for the petitioner submits that the petitioner had approached the Bank for statement of accounts; but in vain. It is stated that the some Civil Suits are pending before the Munsiff's Court, Harippad and it is without any regard to the pendency of the said proceedings, that the Bank took steps for re-possession of the vehicles with the assistance of the District Magistrate, Alappuzha, as borne by Exts.P3 and P3(a) orders passed under Section 14(1) of the SARFAESI Act.

(3.) The learned Counsel for the respondent Bank, with reference to the counter affidavit, submits that the Writ Petition has been filed absolutely without any merit or bonafides and that the steps taken against the petitioner are perfectly within the four walls of law and not assailable under any circumstances. The learned Counsel also submits that the petitioner is a person who is very much capable of clearing the liability; despite which, he is only trying to protract things. It is further stated that the total outstanding liability will come nearly Rs. 8,46,265/-; that the 'overdue' amount itself will come nearly Rs. 4,80,385/- and that unless and until the petitioner clears the 'overdue' amount, there can't be any question of regularisation.