RAMESAN C.S Vs. UNION BANK OF INDIA

JUDGEMENT

(1.) THE petitioner availed of a term loan of Rs.4,00,000.00 from the respondent bank. Default was committed. As a result, SARFAESI proceedings were initiated. Ext.P1 notice was issued by the Advocate Commissioner appointed by the Chief Judicial Magistrate Court, Alapuzha. Subsequently, the first respondent bank issued Ext.P2 notice dated 8.12.12, by which, it was informed that the total liability due is Rs.4,91,106.00 and that the same can be settled by paying Rs.3,46,504.00. However, when the petitioner approached the bank, he was informed that the payment should be made before 31.01.2013 to avail of the benefit of Ext.P2. As he was unable to pay the amount within the time specified by the bank, he has filed this writ petition seeking permission to pay the amount due under Ext.P2 in instalments.

(2.) HEARD learned counsel for the petitioner and learned counsel for the bank.

(3.) BE that as it may, learned standing counsel for the bank states that the petitioner can be given a further period of two weeks to avail of the benefit of Ext.P2. Therefore, it is made clear that if the petitioner is so advised, he may settle the liability within the extended period offered by the learned counsel for the bank.