Allowed

P.C.Chacko v. the Bank of Baroda

Kerala HC5 Sept 2012WP(C)/19353/2012

Case brief

AI extract

What is this about?

In a writ petition challenging recovery proceedings initiated under the SARFAESI Act, the High Court allowed the petitioner to regularize the housing loan account by paying defaulted amounts in two monthly instalments, deferring further possession proceedings.

What did the court decide?

Directs the petitioner to pay defaulted amounts in two monthly instalments along with current dues; upon compliance, the Bank shall regularize the loan and further proceedings shall be deferred.

P.C.Chacko Vs the Bank of Baroda — Specific Performance | 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 ANTONY DOMINIC

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WEDNESDAY, THE 5TH DAY OF SEPTEMBER 2012/14TH BHADRA 1934

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WP(C).No. 19353 of 2012 (T)

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IN M.P. NO. 1837/2012, CHIEF JUDICIAL MAGISTRATE COURT, ERNAKULAM

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PETITIONER(S):

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P.C.CHACKO,, AGED 52 YEARS, S/O (LATE) P.C. CHACKO, PUTHENPURAKKAL HOUSE, ERUMATHALA, ALUVA.

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BY ADV. SRI.JESWIN P.VARGHESE

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RESPONDENT(S):

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THE BANK OF BARODA, REPRESENTED BY THE AUTHORIZED OFFICER, ERNAKULAM (MAIN) BRANCH, PB NO 1772, PALLIMUKKU, ERNAKULAM 682016.

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BY ADVS. SRI.PM M.NAJEEB KHAN

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SRI V M SYAMKUMAR SRI K.P. VIJAYAN

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THIS WRIT PETITION (CIVIL) HAVING BEN FINALLY HEARD ON 05-09-2012, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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LSN

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WP(C).No. 19353 of 2012 (T)

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APPENDIX

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PETITIONER(S) EXHIBITS

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EXT. P1 TRUE COPY OF THE NOTICE U.S 13(2)OF SARFAESI ACT ISSUED BY THE RESPONDENT DATED 03-01-2012

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EXT. P2 TRUE COPY OF THE DEPOSIT SLIP FOR RS 2 LAKHS DATED 06-08-2012

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EXT. P3 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER APPOINTED BY THE CHIEF JUDICIAL MAGISTRATE COURT, ERNAKULAM DATED 10-08-2012

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RESPONDENTS' EXHIBITS : NIL

//TRUE COPY//

P.A. TO JUDGE

LSN

ANTONY DOMINIC, J

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W.P.(C).19353/2012

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Dated this the 5^th day of September, 2012

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JUDGMENT

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Petitioner is a guaranteer of a housing loan availed of by one of his relatives. Default was committed and SARFAESI proceedings were initiated by the Bank against the mortgaged property as part of the proceedings. On an application made by the Bank before the Chief Judicial Magistrate Court, an order under Section 14 of the SARFAESI Act has been passed. Accordingly, the Advocate Commissioner has issued Ext.P3 notice directing the parties to surrender possession of the property. It is at that stage, the writ petition has been filed with a prayer that the petitioner be permitted to get the account regularized by paying the defaulted amounts.

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Heard the learned counsel appearing for the petitioner and also the learned Standing Counsel appearing for the respondent Bank who submits that if the defaulted amounts are paid, the account will be regularized.

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W.P.(C).19353/12

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Now that such a submission has been made, it is for the petitioner to pay the defaulted amounts and get the account regularized. This the petitioner shall do in two monthly instalments. First instalment shall be paid on or before 5.10.2012 and the second instalment shall be paid on or before 5.11.2012. This payment shall be made along with the current dues. Once the payment is made as above, Bank will regularize the loan and in the meanwhile, further proceedings pursuant to Ext.P3 will stand deferred. It is made clear that in the event of non compliance with any of these conditions, Bank will be free to continue the recovery proceedings already initiated.

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Writ petition is disposed of as above.

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Sd/- ANTONY DOMINIC, JUDGE

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mrcs

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/true copy/ PA To Judge

P.C.Chacko v. the Bank of Baroda

Case brief

What is this about?

What did the court decide?

P.C.Chacko v. the Bank of Baroda

Case brief

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