Disposed

T.N.Satheedevi v. Punjab National Bank

Kerala HC1 Feb 2012OP (DRT)/4324/2011

Case brief

AI extract

What is this about?

The High Court permitted petitioners to repay the outstanding loan amount in six equal monthly installments, staying further banking recovery proceedings conditioned on timely payment, preserving the bank's right to resume action upon default.

What did the court decide?

Directed the bank to permit payment of the balance amount in six equal monthly installments; stayed further proceedings under the Act if payments are timely made, allowing resumption upon any default.

T.N.Satheedevi Vs Punjab National Bank — Banking and Recovery | Kerala HC (2012)

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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 1ST DAY OF FEBRUARY 2012/12TH MAGHA 1933

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OPDRT.No. 4324 of 2011 (D)

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PETITIONERS:

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1. T.N.SATHEEDEVI

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AGED 63, W/O. LATE ADVOCATE M. VISWANATHAN

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DOOR NO. 18/760, ENGLISH CHURCH ROAD, PALAKKAD

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2. P.V. VINOD,

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AGED 42, S/O. ADVOCATE M. VISWANATHAN

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DOOR NO. 18/760, ENGLISH CHURCH ROAD, PALAKKAD

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BY ADV. SRI.S.SHYAM

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SRI.LATHEESH SEBASTIAN

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RESPONDENTS:

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1. PUNJAB NATIONAL BANK REPRESENTED BY CHIEF MANAGER AND AUTHORISED OFFICER CIRCLE OFFICE, SHATABDI BHAVAN, GOVINDAPURAM MINI BY PASS ROAD, KOZHIKODE - 673 016

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2. D. SUDEVAN S/O. DESAI, AGED ABOUT 36, SIVAJI ROAD MUTHANTHARA, KOPPAGAM, PALAKKAD

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3. S. BABU

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S/O. SUBRAMANYAN, AGED ABOUT 30, “KARTHIKEYA” SREERAMAPALAYAM, KARNAKI NAGAR, MUTHANTHARA KOPPANGAM, PALAKKAD.

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R1 BY SRI.C.AJITH KUMAR

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THIS OP (DEBT RECOVERY TRIBUNAL) HAVING BEEN FINALLY HEARD ON 01-02-2012, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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OPDRT.No. 4324 of 2011 (D)

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APPENDIX

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PETITIONERS' EXHIBITS :

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EXHIBIT-P1TRUE COPY OF THE NOTICE ISSUED BY THE IST RESPONDENT DATED 22/12/2009 TO THE PETITIONERS

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EXHIBIT-P2TRUE COPY OF THE APPLICATION FILED BY THE PETITIONERS BEFORE THE DEBT RECOVERY TRIBUNAL, ERNAKULAM BENCH AS S.A NO. 91 OF 2010 DATED 04/02/2010 WITHOUT ANNEXURES

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EXHIBIT-P3TRUE COPY OF THE ORDER OF STAY PASSED BY THE DEBT RECOVERY TRIBUNAL, ERNAKULAM BENCH DATED 16/07/2010

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EXHIBIT-P4TRUE COPY OF THE JUDGMENTOF THE HONOURABLE HIGH COURT OF KERALA, DATED 02/08/2011 IN O.P (DRT) 2505/2011

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EXHIBIT-P5TRUE COPY OF THE PETITION FILED BY THE IST RESPONDENT BEFORE THE CJM, PALAKKAD DATED 09/11/2011

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EXHIBIT-P6TRUE COPY OF THE ORDER OF THE CJM, PALAKKAD DATED 29/11/2011

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EXHIBIT-P7TRUE COPY OF THE ORDER ON EXT.P6 DATED 16/12/2011 EXHIBIT-P8TRUE COPY OF THE RECEIPT FOR PAYMENT OF RS.8.5 LAKHS ISSUED BY THE IST RESPONDENT DATED 13/12/2011

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EXHIBIT-P8(A)-TTRUE COPY OF THE RECEIPT FOR PAYMENT OF RS.50,000/ISUSED BY THE IST RESPONDENT DATED 13/12/2011

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EXHIBIT-P9TRUE COPY OF THE LETTER DATED 13/12/2011 ISSUED BY THE CHIEF MANAGER OF THE IST RESPONDENT BANK TO MISS. R. SAVITHA, ADVOCATE COMMISSIONER

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RESPONDENTS' EXHIBITS: NIL

/TRUE COPY/

P.A TO JUDGE

S. SIRI JAGAN, J.

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- - - - - - - - - - - - - - - - - - - - - - - O.P. (DRT)No.4324 of 2011

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- - - - - - - - - - - - - - - - - - - - - - - Dated this the 1^st day of February, 2012

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J U D G M E N T

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The 1^st respondent initiated proceedings against the petitioners under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) for recovery of loan amounts due. The petitioners obtained Ext.P4 judgment from this Court for permission to pay off the amounts on or before 30.9.2011. The petitioners submit that pursuant to that judgment, the petitioners have paid off the entire amounts. But now, further amounts are being demanded from the petitioners on the ground that, further amounts are due. Proceedings under Section 14 of the Act has been initiated before the Chief Judicial Magistrate Court, Palakkad. It is under the above circumstances, the petitioners have filed this writ petition seeking the following reliefs:

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“A. Call for the records relating to Exts.P1 to P3 and P5 to P9 and quash Ext.P7 by appropriate direction or order;

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B. issue a direction to the 1^st respondent to stop further

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O.P. (DRT)No.4324 of 2011

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proceedings on the basis of Ext.P7 or otherwise for eviction of the petitioners”

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This is stoutly opposed by the counsel for the bank, who would submit that the amounts due have been calculated in accordance with the orders of the Debts Recovery Tribunal and no excess amount has been demanded. When it was pointed out to the learned counsel for the petitioners that, this dispute cannot be resolved in a writ petition, the counsel for the petitioners submits that without prejudice to the right of the petitioners to take up the matter appropriately before the DRT, the petitioners may be permitted to pay the balance amount demanded in installments.

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In the peculiar facts and circumstances of the case, I feel that as a special case, such a relief can be granted to the petitioners despite the earlier Ext.P4 judgment. Accordingly this writ petition is disposed of with the following directions:

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Without prejudice to the right of the petitioners to challenge the quantum demanded by the 1^st respondent appropriately before the

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O.P. (DRT)No.4324 of 2011

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DRT, this writ petition is disposed of with a direction to the 1^st respondent to permit the petitioners to pay off the balance amount now demanded in six (6) equal monthly installments starting from 15.02.2012. Every subsequent installment shall be paid on the first working day after 14^th 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 1^st respondent 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/

T.N.Satheedevi v. Punjab National Bank

Case brief

What is this about?

What did the court decide?

T.N.Satheedevi v. Punjab National Bank

Case brief

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What did the court decide?

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