Allowed

Asharaf v. Thrissur District Co-Op.Bank Ltd.

Kerala HC19 Dec 2011WP(C)/33972/2011

Case brief

AI extract

What is this about?

The Single Judge allowed a writ petition filed by borrowers challenging SARFAESI recovery proceedings. The court directed the bank to allow repayment of the dues in ten equal monthly instalments, keeping further proceedings in abeyance during compliance.

What did the court decide?

Directing respondents to permit payment of balance amount in 10 equal monthly instalments starting from 01.02.2012 and keeping further proceedings in abeyance.

Asharaf Vs Thrissur District Co-Op.Bank Ltd. — Contract and Commercial Disputes | Kerala HC (2011)

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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 S.SIRI JAGAN

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MONDAY, THE 19TH DECEMBER 2011 / 28TH AGRAHAYANA 1933

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WP(C).No. 33972 of 2011(V)

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---------------------------------------MP.8684/2011 OF CHIEF JUDICIAL MAGISTRATE COURT, THRISSUR ....................

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PETITIONER(S):

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

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1. ASHARAF P.A., S/O.ABDUL REHMAN, AGED 42 YEARS, POOVATHINKADAVIL HOUSE, KOORKKANCHERY P.O. KANNAMKULANGARA DESOM, THRISSUR DISTRICT.

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2. SABITHA ASHARAF, W/O.ASHARAF, AGED 30 YEARS, POOVATHINKADAVIL HOUSE, KOORKKANCHERY P.O., KANNAMKULANGARA DESOM, THRISSUR DISTRICT.

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BY ADV. SRI.SHOBY K.FRANCIS

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RESPONDENT(S):

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

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1. THRISSUR DISTRICT CO-OPERATIVE BANK LTD., REPRESENTED BY ITS MANAGING DIRECTOR, HEAD OFFICE, THRISSUR- 680 001.

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2. THE MANAGER, THRISSUR DISTRICT CO-OPERATIVE BANK LTD. MORNING BRANCH, SAKTHAN STAND, THRISSUR- 680 001.

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3. THE AUTHORIZED OFFICER, THRISSUR DISTRICT CO-OPERATIVE BANK LTD. HEAD OFFICE, THRISSUR- 680 001.

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BY ADV. MR.P.C. SASIDHARAN, SC.

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/12/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 33972 of 2011(V)

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APPENDIX

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PETITIONER'S EXHIBITS:

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EXT.P1: TRUE COPY OF THE RELEVANT EXTRACT OF THE PASS BOOK ISSUED BY THE 2ND RESPONDENT DT. 15/6/2006.

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EXT.P2: TRUE COPY OF THE RECEIPT ISSUED BY THE 2ND RESPONDENT DATED 28/2/2011 TO THE PETITIONER.

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EXT.P3: TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DT. 12/12/2011 IN MP. 8684/11 ON THE FILE OF CHIEF JUDICIAL MAGISTRATE COURT, THRISSUR.

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RESPONDENT'S EXHIBITS:- NIL.

//TRUE COPY//

P.A. TO JUDGE

S. SIRI JAGAN, J.

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- - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.33972 of 2011

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- - - - - - - - - - - - - - - - - - - - - - - Dated this the 19^th day of December, 2011

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J U D G M E N T

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The petitioners are aggrieved by the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) initiated by the respondents for recovery of defaulted loan amounts. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay off the amount in instalments.

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This is opposed by the learned counsel for the

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Bank.

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Having heard both sides, I am of opinion that the respondents can show some more leniency to the petitioners in the matter of payment of the balance amount due in instalments. Accordingly, this writ petition is disposed of with a direction to the respondents to permit the petitioners to pay off the balance amount due in 10 (ten) equal monthly instalments starting from 01.02.2012. Every

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W.P.(C)No.33972 of 2011

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-2-

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subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of any one of the instalments, it would be open to the respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard.

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Sd/-

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S. SIRI JAGAN JUDGE //True copy//

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P.A. TO JUDGE

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shg/

Asharaf v. Thrissur District Co-Op.Bank Ltd.

Case brief

What is this about?

What did the court decide?

Asharaf v. Thrissur District Co-Op.Bank Ltd.

Case brief

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What did the court decide?

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