Chithambaram vs The Manager and The Chief Manager and Authorised Officer, State Bank of India

Antony Dominic, J.—Heard the learned counsel for the petitioner and the learned standing counsel appearing for the Bank, Petitioner availed of a loan from the respondent Bank. On account of the defaults committed, SARFAESI proceedings are initiated against him. These proceedings are sought to be challenged by relying on Ext. P6 Government Order where according to the petitioner, the Government have ordered a moratorium on the dues of the fishermen community. However, a reading of Ext. P6 notification itself show that the benefits thereof was only for the period upto 31/12/12. If that be so, the petitioner cannot claim the benefit of Ext. P6 at this distance of time. When this was pointed out, counsel confined his prayer for an instalment facility to pay the amount due.

I heard the learned counsel for the Bank on this request. Although the Bank opposed the prayer, still having regard to the fact that the petitioner is desirous of liquidating the liability, I direct that the petitioner be permitted to repay the liability due to the Bank in 12 equal monthly instalments. The first instalment shall be paid on or before 31/1/13 and the subsequent instalments shall be paid on or before the last working day of every succeeding month. Subject to payment as above, coercive action will stand deferred and in case default is committed in paying any one of the instalments, the Bank will be free to continue the proceedings already initiated. Writ petition is disposed of as above.