Allowed

P.C.Chacko v. State Bank of Hyderabad

Kerala HC5 Dec 2013WP(C)/25616/2013

Case brief

AI extract

What is this about?

The court disposed of a writ petition filed by a borrower facing recovery action by a bank. It allowed the petitioner to clear overdue housing loan dues in four monthly installments and pay the entire car loan amount in ten installments while putting coercive steps on hold.

What did the court decide?

Coercive steps under SARFAESI notices put on hold; petitioner to pay overdue housing loan in 4 monthly instalments and full car loan amount in 10 equal instalments.

P.C.Chacko Vs State Bank of Hyderabad — 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 V.CHITAMBARESH

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THURSDAY, THE 5TH DAY OF DECEMBER 2013/14TH AGRAHAYANA, 1935

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WP(C).No. 25616 of 2013 (B)

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PETITIONER(S):

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P.C.CHACKO AGED 53 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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STATE BANK OF HYDERABAD REPRESENTED BY THE AUTHORIZED OFFICER ERNAKULAM BRANCH, CHACKO'S TOWERS, JEW STREET, ERNAKULAM 682 035

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BY ADV. SRI.VINOD JABAR

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THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 05-12-2013, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 25616 of 2013 (B)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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EXHIBIT P1 A TRUE COPY OF NOTICE U/S. 1392) OF SARFAESI ACT ISSUED BY THE RESPONDENT DATED 10-07-2013

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EXHIBIT P2 A TRUE COPY OF PAY-IN-SLIP FOR RS.20,000/- DATED 02-09-2013 REMITTED BY THE PETITIONER EXHIBIT P3 A TRUE COPY OF THE NOTICE ISSUED BY THE RESPONDENT WITH RESPECT TO LOAN A/C NO 62002028047 DATED 17-09-2013

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EXHIBIT P4 A TRUE COPY OF THE NOTICE ISSUED BY THE RESPONDENT WITH RESPECT TO LOAN A/C NO 62006475194 DATED 17-09-2013

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EXHIBIT P5 A TRUE COPY OF PAY-IN-SLIP FOR RS.19,500/- DATED 09-10-2013 REMITTED BY THE PETITIONER

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EXHIBIT P6 A TRUE COPY OF NOTICE U/S. 13(40 OF SARFAESI ACT ISSUED BY THE BANK DATED 10-10-2013

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RESPONDENT(S)' EXHIBITS : NIL

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/TRUE COPY/

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P.A. TO JUDGE.

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V. CHITAMBARESH, J

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WP(C) NO. 25616 OF 2013

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Dated this the 5^th day of December, 2013

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JUDGMENT

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The petitioner has admittedly kept the amounts in overdue in the housing loan. The petitioner shall clear the overdue amount in four equal monthly instalments. The monthly instalments shall start from 31.12.2013 onwards. The payment as above will be in addition to the equated monthly instalments.

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The period of the car loan is however over. The petitioner shall pay the entire amount so due in ten equal instalments. The instalments shall start from 01.01.2014 onwards.

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The coercive steps pursuant to Exts.P3, P4 and P6 notices shall be put on hold if the petitioner complies with the conditions in time. The coercive steps shall surge ahead if the petitioner commits default in the payment of anyone of the instalments.

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The Writ Petition is disposed of.

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V. CHITAMBARESH JUDGE

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ncd

P.C.Chacko v. State Bank of Hyderabad

Case brief

What is this about?

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P.C.Chacko v. State Bank of Hyderabad

Case brief

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