Allowed

Rajeev.R. v. Federal Bank

Kerala HC19 Mar 2010WP(C)/4211/2010

Case brief

AI extract

What is this about?

The High Court allowed the petitioner to clear the outstanding bank loan liability through instalments. The court directed a deposit of Rs.1 lakh immediately followed by four equal monthly instalments, while keeping coercive steps in abeyance under this arrangement.

What did the court decide?

Petitioner directed to deposit Rs.1 lakh and clear balance in four equal monthly instalments; coercive steps kept in abeyance.

Rajeev.R. Vs Federal Bank — Banking and Recovery | Kerala HC (2010)

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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 P.R.RAMACHANDRA MENON

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FRIDAY, THE 19TH MARCH 2010 / 28TH PHALGUNA 1931

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WP(C).No. 4211 of 2010(B)

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------------------------------------

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PETITIONER(S):

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-------------------------

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RAJEEV.R., S/O.RAMAKRISHNAN, AGED 47 YEARS, SREENILAYAM, MANJADITHARA, PALLICKAL P.O., ALAPPUZHA.

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BY ADV. MR.BIJU ABRAHAM

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RESPONDENT(S):

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--------------------------

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1. FEDERAL BANK, KATTANAM BRANCH, KOTTAYAM P.O., 690 503, REPRESENTED BY ITS BRANCH MANAGER.

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2. THE AUTHORISED OFFICER & CHIEF MANAGER, FEDERAL LIMITED, REGIONAL OFFICE, SREE RAJA RAJESWARI BUILDING, CHURCH ROAD, MULLAKKAL, ALAPPUZHA.

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R1 & R2 BY ADVS. MR.GEORGE VARGHESE (MANACHIRACKEL), MR.P.R.MILTON, MR.K.J.CHACKOCHAN.

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THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 19/03/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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W.P.(C) NO.4211/2010

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APPENDIX

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PETITIONER'S EXHIBITS

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P1:- COPY OF THE REPRESENTATION DTD. 15.6.09 OF THE PETITIONER TO THE RESPONDENTS.

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P2:- COPY OF THE POSSESSION NOTICE ISSUED BY THE RESPONDENT DTD. 11.12.09. P3:- COPY OF THE REPRESENTATION SUBMITTED BY THE PETITIONER TO THE RESPONDENT BANK ON 24.12.09.

TRUE COPY

P.A. TO JUDGE

tss

P.R.RAMACHANDRA MENON, J

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W.P(C) No.4211 of 2010-B

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Dated this the 19^th day of March, 2010.

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J U D G M E N T

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The petitioner had availed an OD facility from the respondent Bank to the tune of Rs.4 lakhs. But the amount was not repaid on time, under which circumstances, the Bank proceeded with steps under the SARFAESI Act, declaring the account as NPA, which is under challenge in this Writ Petition.

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The learned counsel for the petitioner submits that the petitioner is ready and willing to satisfy the entire liability by way of instalments. It is also stated that the petitioner does not want to challenge the proceedings in any manner, either by resorting to the remedy available under the statute or by pressing the contentions raised in this Writ Petition.

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The learned counsel for the Bank submits on instructions, that the outstanding liability as in 30^th November 2009 was Rs.5,29,585/- and that, after giving credit to the sum of Rs.1 lakh deposited by the petitioner pursuant to the interim order passed by this Court on 9.2.2010, the balance will be nearly Rs.4.5

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W.P(C) No.4211 of 2010-B

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lakhs.

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After hearing both the sides, this Court finds it fit and proper to permit the petitioner to clear the outstanding liability by way of instalments. Accordingly, the petitioner is directed to deposit a sum of Rs.1 lakh on or before 31^st of this Month and the balance amount shall be cleared by way of 'four' equal monthly instalments; the first of which shall be effected on or before the 30^th of April, 2010; to be followed by similar instalments to be effected on or before the 30^th of the succeeding months. Subject to the above, all further coercive steps shall be kept in abeyance. It is made clear that, if any default is committed by the petitioner in satisfying the due amount as above, it will open to the Bank, to proceed with appropriate steps for realisation of the entire amount in a lump sum.

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The Writ Petition is disposed of.

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Sd/P.R.RAMACHANDRA MENON JUDGE

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//True Copy//

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P.A to Judge

Rajeev.R. v. Federal Bank

Case brief

What is this about?

What did the court decide?

Rajeev.R. v. Federal Bank

Case brief

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