Allowed

Nalini v. Union Bank

Kerala HC16 Dec 2011WP(C)/33799/2011

Case brief

AI extract

What is this about?

The court disposed of a writ petition challenging proceedings under the Securitisation Act initiated for loan recovery. The court directed the bank to allow the petitioner to regularise the account by paying defaulted amounts and future instalments, keeping further proceedings in abeyance if defaults are avoided.

What did the court decide?

Petitioner allowed to pay defaulted amounts and future instalments in instalments; respondent to keep proceedings under the Act in abeyance on compliance.

Nalini Vs Union Bank — Banking and Recovery | Kerala HC (2011)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT : THE HONOURABLE MR.JUSTICE S.SIRI JAGAN

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FRIDAY, THE 16TH DECEMBER 2011 / 25TH AGRAHAYANA 1933

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WP(C).No. 33799 of 2011(Y)

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CMP.7883/2011 of C.J.M.,KOLLAM

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PETITIONER(S):

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

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MRS.NALINI B., RAGHU VILASOM, AMBALA PURAM, ETC P.O., KOTTARAKARA, KOLLAM.

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BY ADV. SRI.SYAM J SAM

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RESPONDENT(S):

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

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AUTHORISED OFFICER, CHIEF MANAGER, UNION BANK LTD., KOTTARAKARA, KOLLAM-691001.

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BY ADV. SRI.A.S.P. KURUP, S.C, UNION BANK LIMITED

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 33799 of 2011(Y)

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APPENDIX

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PETITIONER'S EXHIBIT:

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EXT. P1 - COPY OF THE NOTICE DATED 15/11/2011 UNDER THE SECURITIZATION ACT ISSUED TO THE PETITIONER BY THE ADVOCATE COMMISSIONER.

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RESPONDENT'S EXHIBIT: NIL

TRUE COPY

P.A TO JUDGE

S. Siri Jagan, J.

=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-=

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W.P(C) No. 33799 of 2011

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=-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 16^th day of December, 2011.

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J U D G M E N T

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The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondent for recovery of loan amounts defaulted by the petitioner. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks opportunity to regularise the loan account by paying the defaulted amounts and to pay the future instalments as per the original loan agreement.

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This is opposed by the learned counsel for the bank.

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However, taking a lenient view, I dispose of this writ petition with the following directions:

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If the petitioner pays the amounts stipulated by the bank for regularising the loan account in two equal monthly instalments along with regular instalments payable in accordance with the original loan agreement for 2.1.2012 and 1.2.2012, the respondent shall permit the petitioner to regularise the loan account and to pay off the future instalments as per the original loan agreement. If the petitioner complies with the above directions and continues to pay the future instalments as per the original loan agreement on the due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of either the defaulted amounts or any of the future instalments as per the loan agreement, it would be open to the

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W.P(C) No. 33799 of 2011 -: 2 :- respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard.

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Sd/- S. Siri Jagan, Judge.

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Tds/

Nalini v. Union Bank

Case brief

What is this about?

What did the court decide?

Nalini v. Union Bank

Case brief

What is this about?

What did the court decide?

What the court decided

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