Partly allowed

Usha S, v. Kerala State Co-Operative Bank & Ors.

Kerala HC24 Mar 2009WP(C)/9397/2009

Case brief

AI extract

What is this about?

The court allowed a writ petition filed by a stage carriage operator facing distress action under Section 13(4) of the SARFAESI Act. The High Court directed the petitioner to deposit Rs.1 lakh monthly by the 28th of every month starting March 2009 to defer and ultimately drop the distress action, with automatic recall of benefits upon default.

What did the court decide?

Writ petition directed to deposit Rs.1 lakh monthly by the 28th of each month starting March 2009 to defer and drop distress action; automatic recall upon default.

Usha S, Vs Kerala State Co-Operative Bank & Ors. — Banking and Recovery | Kerala HC (2009)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT :

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THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN

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TUESDAY, THE 24TH MARCH 2009 / 3RD CHAITHRA 1931

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WP(C).No. 9397 of 2009(T) -------------------------

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PETITIONER(S): ---------------

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P.USHA, W/O.SRIPURUSHOTHAMAN,SHAIJU NIVAS,CHEKKIKULAM,(PO),CHEKKIKULAM,TIRUR, KANNUR DISTRICT.

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BY ADV. SRI.SAJEEV KUMAR K.GOPAL

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RESPONDENT(S): ---------------

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THE KERALA STATE-CO-OPERATIVE BANK LTD, PB.NO.6515,COBANK TOWERS,PALAYAM, THIRUVANANTHAPURAM.REPRESENTED ITS MANAGING DIRECTOR.

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THE MANAGING DIRECTOR, THE KERALA STATE CO-OPERATIVE BANK LTD,P.B.NO.6515,COBANK TOWERS, PALAYAM, THIRUVANANTHAPURAM.

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THE REGIONAL MANAGER, THE KERALA STATE CO-OPERATIVE BANK LTD, KOZHIKODE.

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THE BRANCH MANAGER,KERALA STATE

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CO-OPERATIVE BANK LTD, SOUTH BAZAR,TALAP,KANNUR.

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ADV. SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK FOR R1 TO R4

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 24/03/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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THOTTATHIL B. RADHAKRISHNAN, J.

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W.P.(C).No.9397 of 2009-T

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Dated this the 24^th day of March, 2009.

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JUDGMENT

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1.Heard learned counsel for the petitioner and learned counsel for the respondents.

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2.The petitioner is a stage carriage operator. She availed a loan from the first respondent. On default in repayment, notice was issued under Section 13(2) of the SARFAESI Act. This was followed by further action under Section 13(4) of the said Act.

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3.The only plea of the petitioner pressed at the time of admission is for a consideration for an opportunity to pay off the outstandings in instalments.

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Taking into consideration the entire amounts due,

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WP(C)9397/09 -: 2 :-

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this writ petition is ordered directing that if the petitioner deposits at the rate of Rs.1 lakh per month payable on or before the 28^th of every month commencing from March, 2009, the impugned distress action will stand deferred and dropped ultimately. If there is default in depositing any of the instalments as aforesaid, the benefits of this judgment will stand recalled automatically and the writ petition will stand dismissed enabling the bank to forthwith proceed with further distress action without fresh notice to the petitioner.

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THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/240309

Usha S, v. Kerala State Co-Operative Bank & Ors.

Case brief

What is this about?

What did the court decide?

Usha S, v. Kerala State Co-Operative Bank & Ors.

Case brief

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What did the court decide?

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