AJIMON Vs. FEDERAL BANK LTD

JUDGEMENT

(1.) This writ petition is filed by the petitioner seeking the following reliefs:--

(2.) The subject matter arises under the SARFAESI Act. The basic reason for filing this writ petition is the action initiated by the bank as per Ext.P1 under Section 13(12) of the SARFAESI Act. The Debt Recovery Tribunal, Kochi Bench, is not sitting, which might have constrained the petitioner to file this writ petition, in view of the present pandemic situation. Anyhow, the total amount due under four financial transactions entered into by and between the petitioner and the respondent bank is more than 41 lakhs. However, learned counsel appearing for the respondent bank Sri. A.Antony (Jr) submitted that, if the petitioner is making a payment of Rs.10,22,654/-, (Ruppes Ten Lakhs Twenty Two Thousand Six Hundred and Fifty Four only), the financial transactions can be renewed.

(3.) Learned counsel for the petitioner submitted that, petitioner is prepared to pay an amount of Rs.4 lakhs before 31.01.2022, and the balance outstanding from the amount of Rs.10,22,654/- in six equated monthly installments. This is virtually agreed by the learned Standing Counsel for the bank, taking into account the present pandemic situation and other adverse economic crisis prevailing in the society.