REESH Vs. KOZHIKODE DISTRICT CO-OPERATIVE BANK LIMITED

JUDGEMENT

(1.) Heard the learned counsel for the petitioner and the learned standing counsel for the respondents.

(2.) Petitioner is the defaulter of a credit facility availed from the first respondent bank. According to the bank, the present total liability is Rs.12,44,801/- plus other charges. On account of the default committed, SARFAESI proceedings were initiated and it is thereupon, this writ petition has been filed with a prayer to allow repayment in instalments.

(3.) Taking note of the submissions made and also the fact that the petitioner is not disputing the liability or the quantum, I direct that the petitioner shall pay Rs.2 lakhs on or before 30.3.2013. If payment is made as above, the petitioner will be allowed to pay the balance amounts due in 9 equal monthly instalments. The first instalment shall be paid on or before 30.4.2013 and the subsequent instalments shall be paid on or before the last working day of every succeeding months.