Allowed

A.Rasheed v. Uco Bank & Another

Kerala HC21 Dec 2011WP(C)/34325/2011

Case brief

AI extract

What is this about?

The petitioner challenged SARFAESI proceedings initiated by UCO Bank for loan recovery without disputing liability. The Court allowed the writ petition and ordered the bank to accept repayment in ten monthly instalments, keeping proceedings in abeyance pending compliance.

What did the court decide?

Petitioner permitted to pay balance dues in ten equal monthly instalments starting 16.1.2012; further SARFAESI proceedings kept in abeyance pending compliance.

A.Rasheed Vs Uco Bank & Another — Banking and Recovery | 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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WEDNESDAY, THE 21ST DECEMBER 2011 / 30TH AGRAHAYANA 1933

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WP(C).No. 34325 of 2011(M)

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PETITIONER(S):

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

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A.RASHEED, S/O.ABDUL BASHEER, RESIDING AT PALAKUNNAM KALAM, PARAPPANA, KINASSERY, PALAKKAD.

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BY ADVS. SRI.RAJESH SIVARAMANKUTTY

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SMT.K.ANILA

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RESPONDENT(S):

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UCO BANK, MARKET ROAD, PALAKKAD-678 014, REP. BY ITS MANAGER.

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UCO BANK, ZONAL OFFICE, RAVIPURAM, M.G.ROAD, ERNAKULAM, REP.BY ITS

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AUTHORISED OFFICER UNDER SARFAESI ACT - 682 035.

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BY ADV. SRI. KODOTH SREEDHARAN

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

VPV

WPCNO.34325/2011

APPENDIX

PETITIONER'S EXHIBITS:

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EXT.P1: COPY OF THE DECREE IN O.S.NO.483/2010 DATED 07.4.2011 PASSED BY THE SUB COURT (ADDL.), PALAKKAD.

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EXT.P2: COPY OF THE AUCTION SALE NOTICE ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER.

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RESPONDENT'S EXHIBITS: NIL

/TRUE COPY/

P.A. TO JUDGE

VPV

S. SIRI JAGAN, J.

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W.P.(C) No.34325 of 2011

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Dated this the 21^st day of December, 2011

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JUDGMENT

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The petitioner challenges proceedings under the

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Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondents for recovery of loan amounts due from the petitioner to the respondents. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts due in instalments.

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This is opposed by the learned counsel for the bank. However, taking a lenient view, I dispose of this writ petition with the following directions:

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The respondents shall permit the petitioner to pay off the balance amount due in ten equal monthly instalments starting from 16.1.2012. Every subsequent instalment shall be paid on the first working day after the 15^th of every succeeding month. If the petitioner pays the instalments on due dates without default,

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W.P.(C)No.34325/10

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further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits 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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S. SIRI JAGAN, JUDGE

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acd

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W.P.(C)No.34325/10 3

A.Rasheed v. Uco Bank & Another

Case brief

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A.Rasheed v. Uco Bank & Another

Case brief

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