Allowed

Syamala Devi v. the State Bank of Travancore

Kerala HC9 Apr 2013WP(C)/10029/2013

Case brief

AI extract

What is this about?

The court allowed the petitioner to regularize a defaulted term loan by paying dues in five equal monthly installments, granting a stay on recovery proceedings conditional on compliance, with bank's liberty to continue action upon further default.

What did the court decide?

Petitioner directed to pay defaulted dues in five equal monthly instalments along with current EMI; loan to be regularised upon compliance and recovery proceedings stayed.

Syamala Devi Vs the State Bank of Travancore — Banking and Recovery | Kerala HC (2013)

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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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TUESDAY, THE 9TH DAY OF APRIL 2013/19TH CHAITHRA 1935

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WP(C).No. 10029 of 2013 (C)

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PETITIONER(S):

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SYAMALA DEVI, NIVEDYAM, T.C. NO. 68/2259(2), BYE PASS ROAD, THIRUVALLAM, THIRUVANANTHAPURAM-695 027.

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BY ADV. SRI.R.GOPAN

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RESPONDENT(S):

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1. STATE BANK OF TRAVANCORE, ZONAL OFFICE, KSHB BUILDING, SANTHI NAGAR, THIRUVANANTHAPURAM-695 001.

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REPRESENTED BY THE AUTHORISED OFFICER (CHIEF MANAGER.)

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2. THE MANAGER, STATE BANK OF TRAVANCORE, KARAMANA BRANCH, THIRUVANANTHAPURAM-695 002.

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R1 & R2 BY ADV.SRI.R.S.KALKURA

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09-04-2013, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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sts

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WP(C).No. 10029 of 2013 (C)

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APPENDIX

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PETITIONER(S)' EXHIBITS:

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EXT.P1	TRUE COPY OF THE NOTICE DT. 27-11-12 SENT BY THE 1ST RESPONDENT.
EXT.P2	TRUE COPY OF THE POSSESSION NOTICE DT. 27-3-13 SENT BY THE 1ST RESPONDENT.
EXT.P3	TRUE COPY OF THE RECEIPT OF PAYMENT OF RS. 6,00000 TOWARDS THE LOAN AMOUNT.
EXT.P4	TRUE COPY OF RECEIPT OF PAYMENT OF RS. 4,41,500 ON 13-3-13.

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RESPONDENT(S)' EXHIBITS: NIL

/TRUE COPY/

P.S.TO.JUDGE

sts

ANTONY DOMINIC, J.

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W.P(C).No.10029 of 2013

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------------------------------------------Dated this the 9^th day of April, 2013

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JUDGMENT

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1.Heard the learned counsel for the petitioner and the learned standing counsel for the respondents.

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2.Out of the two loans availed by the petitioner one was a term loan or Rs.18 lakhs. Default was committed and as a result, in the SARFAESI proceedings initiated, Ext.P2 possession notice was issued. It is at that astate, this writ petition is filed and the request of the petitioner is to allow him to pay the defaulted dues and to get the loan regularised.

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3.From the submissions made on behalf of the respondents, it is seen that towards the defaulted dues itself, the petitioner has to pay Rs.20,67,910/-. Therefore, if the petitioner pays the defaulted dues, there is no reason why the loan shall not be regularised so that the balance amount can be paid as per the loan agreement. With this in mind, I direct the petitioner to pay the defaulted dues in five equal monthly instalments. The

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WPC.10029/13

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first instalment shall be paid on or before 30.4.2013 and the subsequent instalments shall be paid on or before the last working day of every succeeding months. Along with the instalments, the current EMI shall also be paid. If payments are made as above, the loan will be regularised and the petitioner will be allowed to pay the balance liability in terms of the loan agreement.

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Subject to payment as above, recovery proceedings will stand stayed and in case of default, the bank will be free to proceed with the recovery action.

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Writ petition is disposed of as above.

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kkb.9/4.

Syamala Devi v. the State Bank of Travancore

Case brief

What is this about?

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Syamala Devi v. the State Bank of Travancore

Case brief

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