The Court permitted a petitioner to discharge his deceased father's bank loan liability in six equal monthly instalments, deferring SARFAESI recovery action pending compliance.
Permission to discharge loan liability in six equal monthly instalments; recovery action deferred.
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR.JUSTICE ANTONY DOMINIC
THURSDAY, THE 27TH DAY OF SEPTEMBER 2012/5TH ASWINA 1934
WP(C).No. 6780 of 2012 (V)
PETITIONER:
NANDAKUMAR, AGED 44 YEARS, S/O.KRISHNAN NAMBOOTHIRI, PRANALATH ILLOM, MOOLAD, POST NADUVANNOOR, KOZHIKODE.
BY ADV. SRI.M.G.ASHOKAN
RESPONDENTS:
1. KOZHIKODE DIST. CO-OP. BANK, REPRESENTED BY ITS SECRETARY, HEAD OFFICE, POST CHALAPRAM, KOZHIKODE-673002.
2. KOZHIKODE DISTRICT CO-OPERATIVE BANK ATHOLI BRANCH, KOZHIKODE-673001
3. THE AUTHORISED OFFICER/SENIOR MANAGER KOZHIKODE DISTRICT CO-OPERATIVE BANK, KALLAI ROAD, KOZHIKODE-673002.
BY ADV. SRI.R.SUDHISH, SC, KOZHIKODE DIST.CO.OP. BANK, LTD.
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27-09-2012, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C).No. 6780 of 2012 (V)
APPENDIX
PETITIONER'S EXHIBITS:
EXHIBIT P1: TRUE COPY OF THE DEATH CERTIFICATE OF PETITIONER'S FATHER.
EXHIBIT P2: TRUE COPY OF THE NOTICE DATED 2-1-2012 ISSUED UNDER SECTION 13(2) BY 3RD RESPONDENT.
RESPONDENTS' EXHIBITS:NIL
/TRUE COPY/
P.A.TO JUDGE
ANTONY DOMINIC,J
W.P.(C)No.6780 of 2012
Dated this the 27th day of September, 2012
JUDGMENT
Petitioner's deceased father availed of a cash credit facility of Rs.5,00,000/- from the respondent bank. As security, immovable property belonging to the deceased was also mortgaged. Default committed by the lonee led to initiation of SARFAESI proceedings and Ext.P2 is the notice issued under Section 13(2) of the Act. It is at that stage, the writ petition has been filed with a prayer to allow the petitioner to discharge the liability in instalments.
Therefore, I direct that the petitioner will be permitted to discharge the liability of his father in six equal monthly instalments. The first instalment will be paid on or before 15.10.2012 and the subsequent instalments will be paid on or
W.P.(C).No.6780/2012
: 2 :
before the 15th of every succeeding month. Subject to payment as above, the recovery action will be deferred and in case of
default, the respondents will be free to continue the recovery action already initiated.
Writ Petition is disposed of as above.
ANTONY DOMINIC, JUDGE
ln
1 issue framed by the court
Whether the Court can direct a bank to permit discharge of loan liability in instalments during SARFAESI proceedings.
1 provisions across 1 enactments
NANDAKUMAR
KOZHIKODE DIST. CO-OP. BANK
ANTONY DOMINIC
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
