The petitioner is mainly challenging the coercive steps taken by the respondent Bank, invoking the remedy under the SARFAESI Act, mainly contending that the respondent Bank being in the co-operative Sector, is not entitled to invoke such remedy, as stands on a different pedestal. The learned counsel also seeks to place reliance on the decision rendered by the High Court of Gujarat in Dhakdi Group Co-operative Cotton Seed Vs.
Union of India [II (2014) BC 303 (Guj)].
2. Heard the learned counsel appearing for the respondent Bank as well.
3. This issue had come up for consideration before this Court earlier and a Single Bench of this Court, as per the decision reported in 2008 (1) KLT 521 [Varghese V. Kerala State Co-
operative Bank Ltd.), has rendered a positive finding that the Banks in the co-operative sector like the respondent Bank are also entitled to invoke the remedy under the SARFAESI Act.
W.P.(C) No.33057 of 2014 2 Subsequently, the matter came up for consideration before a Division Bench of this Court as well, and as per judgment reported in 2008 (1) KLT 778 [Georgekutty Abraham Vs.
Kottayam District Co-operative Bank Ltd.], the legal position stands affirmed, which in fact is against the petitioner. As such, the contention raised by the petitioner, placing reliance on the decision rendered by the Gujarat High Court, is not liable to be entertained.
4. The learned counsel for the petitioner submits that, the petitioner might be permitted to clear the liability in the said circumstances, granting benefit of instalments sought for.
5. After hearing both the sides, the petitioner is directed to satisfy the entire amount by way of 'eight' equal monthly instalments, the first of it shall be effected on or before the 31st of December, 2014, followed by similar installments, to be effected on or before the last working day of the succeeding months. Subject to this, the recovery proceedings shall be kept in abeyance, for the time being. It is made clear that, if any single default is committed with regard to the satisfaction of the liability as above, it will be open for the respondents to proceed with W.P.(C) No.33057 of 2014 3 further steps for realization of the entire amount in lump, by pursuing such steps from the stage where it stands now.
The writ petition is disposed of.
P.R. RAMACHANDRA MENON, JUDGE
sp