Disposed

Jamals Super Shoppe v. Indian Overseas Bank

Kerala HC3 May 2013WP(C)/11299/2013

Case brief

AI extract

What is this about?

The High Court stayed recovery proceedings against a petitioner partnership firm admitted to be in default, directing remittance of a specific sum and allowing eight monthly instalments for the balance. Upon compliance, the seized property was to be resumed and loan regularisation considered.

What did the court decide?

Recovery proceedings stayed on terms; Rs.7,50,000 remittance by 15.07.2013; eight monthly instalments granted for balance dues.

Jamals Super Shoppe Vs Indian Overseas Bank — Contract and Commercial Disputes | 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 K.VINOD CHANDRAN

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FRIDAY, THE 3RD DAY OF MAY 2013/13TH VAISAKHA 1935

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WP(C).No. 11299 of 2013 (J)

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PETITIONER(S):

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JAMAL'S SUPER SHOPPE REPRESENTED BY ITS PARTNER SIRAJUDHEEN. G.B. ROAD PALAKKAD.

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BY ADVS.SRI.R.HARIKRISHNAN

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SRI.E.RAMACHANDRAN SRI.R.UMASANKAR SRI.P.ARUN KUMAR (MONCOMPU)

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RESPONDENT(S):

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INDIAN OVERSEAS BANK PALAKKAD REPRESENTED BY ITS AUTHORISED OFFICER G.B. ROAD PALAKKAD-678001.

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BY SRI.LEO GEORGE

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03-05-2013, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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tss

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WP(C).No. 11299 of 2013 (J)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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EXT.P1 :-THE COPY OF THE RECONSTITUTED PARTERSHIP DEED DATED 7-2-11

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EXT.P2:- THE COPY OF THE NOTICE DATED 4-1-13 ISSUED BY THE AUTHORIZED OFFICER OF THE RESPONDENT BANK

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EXT.P3 :-THE COPY OF THE REPLY NOTICE DATED 6-3-13 ISSUED BY THE PETITIONER IN REPLY TO EXT.P2

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EXT.P4:- TRUE COPY OF THE COUNTERFOILS EVIDENCING PAYMENT OF MONEY TO THE RESPONDENT BANK DATED 30-6-11 IN CC-ETF ACCOUNT ISSUED BY THE RESPONDENT BANK.

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P4(a):- TRUE COPY OF THE COUNTERFOILS EVIDENCING PAYMENT OF MONEY TO THE RESPONDENT BANK DATED 16.08.11,IN CC-ETF ACCOUNT ISSUED BY THE RESPONDENT BANK.

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EXT.P4(b):- A TRUE COPY OF THE COUNTERFOILS EVIDENCING PAYMENT OF MONEY TO THE RESPONDENT BANK DATED 22-12-11,IN CC-ETF ACCOUNT ISSUED BY THE RESPONDENT BANK.

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EXT.P4(c):- A TRUE COPY OF THE COUNTERFOILS EVIDENCING PAYMENT OF MONEY TO THE RESPONDENT BANK DATED 18-1-12IN CC-ETF ACCOUNT ISSUED BY THE RESPONDENT BANK.

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EXT.P4d) A TRUE COPY OF THE CONTERFOILS EVIDENCING PAYMENT OF MONEY TO THE RESPONDENT BANK DATED 28-1-12IN CC-ETF ACCOUNT ISSUED BY THE RESPONDENT BANK.

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EXT.P4(e):- A TRUE COPY OF THE CONTERFOILS EVIDENCING PAYMENT OF MONEY TO THE RESPONDENT BANK DATED 07-3-12IN CC-ETF ACCOUNT ISSUED BY THE RESPONDENT BANK.

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EXT.P4(f):- A TRUE COPY OF THE CONTERFOILS EVIDENCING PAYMENT OF MONEY TO THE RESPONDENT BANK DATED 12-3-12IN CC-ETF ACCOUNT ISSUED BY THE RESPONDENT BANK.

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EXT.P4(g):- A TRUE COPY OF THE CONTERFOILS EVIDENCING PAYMENT OF MONEY TO THE RESPONDENT BANK DATED 29-3-12IN CC-ETF ACCOUNT ISSUED BY THE RESPONDENT BANK.

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EXT.P4(h):- A TRUE COPY OF THE CONTERFOILS EVIDENCING PAYMENT OF MONEY TO THE RESPONDENT BANK DATED 16-5-12IN CC-ETF ACCOUNT ISSUED BY THE RESPONDENT BANK.

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tss

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W.P.(C) NO.11299/2013

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EXT.P5 :-A TRUE COPY OF THE COUNTERFOILS EVIDENCING PAYMENT OF MONEY TO THE RESPONDENT DATED 30/6/2011,IN TERM LOAN ACCOUNT ISSUED BY THE RESPONDENT BANK.

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EXT.P5(a):- A TRUE COPY OF THE COUNTERFOILS EVIDENCING PAYMENT OF MONEY TO THE RESPONDENT DATED 16-8-11 IN IN TERM LOAN ACCOUNT ISSUED BY THE RESPONDENT BANK.

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EXT.P5(b):- A TRUE COPY OF THE COUNTERFOILS EVIDENCING PAYMENT OF MONEY TO THE RESPONDENT DATED 07-3-12 IN IN TERM LOAN ACCOUNT ISSUED BY THE RESPONDENT BANK.

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EXT.P6 l:-THE COPY OF THE ADVICES DATED 8-9-12 ISSUED BY THE RESPONDENT BANK.

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EXT.P6(a):- THE COPY OF THE ADVICES DATED 08-1-13 ISSUED BY THE RESPONDENT BANK.

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EXT.P6(b):- THE COPY OF THE ADVICES DATED 09-2-13ISSUED BY THE RESPONDENT BANK.

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EXT.P7:- THE COPY OF THE REPLY NOTICE DATED 13-3-13 ISSUED BY THE AUTHORIZED OFFICER OF THE RESPONDENT BANK IN REPLY TO EXT.P3

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EXT.P8:- POSSESSION NOTICE UNDER SECTION 13(4) OF THE SARFAESI ACT, 2002 ISSUED BY THE AUTHORIZED OFFICER OF THE RESPONDENT BANK.

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RESPONDENT(S)' EXHIBITS

NIL

//TRUE COPY//

P.A. TO JUDGE

tss

K. VINOD CHANDRAN, J

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- - - - - - - - - - - - -- - - - - - - - - - - - - - - - W.P(C) No. 11299 of 2013

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

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Dated this the 3^rd day of May, 2013

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J U D G M E N T

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The petitioner-partnership firm, a defaulter in repaying the loan availed of from the respondent, is before this Court challenging the recovery proceedings initiated against them. The liability and the default is admitted and the only contention is against failure to intimate quantification. Considering the facts of the case and the alleged impecunious circumstances of the petitioner-firm, this writ petition is disposed of on the following terms:-

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(i) The petitioner shall produce a certified copy of this judgment before the respondent within two weeks of receipt of the same and the Bank shall intimate the outstanding dues as on 15.06.2013. The proceedings for recovery shall be kept in abeyance on the following terms.

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(ii) The petitioner shall remit an amount of Rs.7,50,000/(Rupees Seven lakhs fifty thousand only) on or before 15.07.2013 and on such remittance, the property, if physical possession is taken over shall be resumed. The Bank shall then consider if regularisation of loan can be granted and the petitioner allowed to pay the balance instalments. If

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WPC.No.11299/2013

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: 2 :

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regularisation is not permitted then, the payment shall be as hereinafter directed.

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(iii) The respondents shall grant eight monthly instalments for the payment of the balance dues, starting from 15.08.2013.

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(iv) Recovery proceedings shall be kept in abeyance on condition that the remittances as per this order are made without any default.

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(v) On the petitioner making two consecutive defaults, the recovery steps initiated shall revive and continue.

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(vi) On the 8^th instalment being satisfied, the respondents shall issue a statement of the interest accrued from 15.06.2013 which shall be satisfied by the petitioners on the 1st of the succeeding month.

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(vii) On the petitioner satisfying the entire arrears, the recovery proceedings shall be unenforceable.

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Writ Petition is disposed of as above, making it clear that the respondents will be free to proceed with the recovery if the above conditions are not complied with.

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Sd/- (K. VINOD CHANDRAN, JUDGE)

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jma

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//true copy//

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P.A to Judge

Jamals Super Shoppe v. Indian Overseas Bank

Case brief

What is this about?

What did the court decide?

Jamals Super Shoppe v. Indian Overseas Bank

Case brief

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