P. VIJAYAKUMARI Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) THE above Writ Petition has been filed seeking the following reliefs:

(2.) THE petitioner claims that, she was the proprietrix of petroleum retail outlet at Nilambur and for the purpose of running that business, she had availed cash credit facility from the 2nd respondent Punjab National Bank in the year 2010 for an amount to the tune of Rs.23,00,000/ -. That though she was regularly paying the interest towards the cash credit facility availed by her, later the District Collector, Malappuram issued a memo directing the her to close down the petroleum outlet on the ground that the licence period was over. As she had to close down the business, it became very difficult for her to repay the amount to the Bank and that till the time the business was running, the petitioner had not made any defaults to the Bank. It is averred that, the petitioner had received a notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, (SARFAESI Act) 2002, from the 1st respondent directing her to pay an amount of Rs.24,02,674/ - with future interest. The petitioner then had approached this Court by filing Writ Petition (Civil) as W.P.(C) No.2897 of 2014, which was disposed of as per Ext.P1 judgment dated 18.02.2014, with the following observations and directions:

(3.) HEARD the learned counsel for the petitioner Sri.Babu S. Nair and the learned counsel for the respondents 1 and 2 Sri. P.V Jayachandran. The learned counsel for the petitioner limits his prayer by submitting that, the petitioner is not seeking adjudication of the matter on merits and that if she is given instalment facility by the Bank to settle all her dues, she would pay off her entire liabilities to the Bank within a reasonable time. Having regard to the fact that, the petitioner who is a lady, was compelled to close down a business and having regard to the other facts and circumstances of this case, this Court is inclined to dispose of the matter by granting time to the petitioner to wipe off her entire liabilities in 15 equal monthly instalments starting from 15.05.2014.