Disposed

Soumini.P. v. the General Manager

Kerala HC19 Feb 2013WP(C)/3970/2013

Case brief

AI extract

What is this about?

Writ petition by a borrower facing SARFAESI proceedings was disposed of. The Court directed the petitioner to clear defaulted dues in two equal monthly instalments along with current EMI. Upon compliance, the Bank must regularise the loan and defer coercive action.

What did the court decide?

Petitioner directed to clear defaulted dues in two equal monthly instalments; upon compliance loan to be regularised and coercive action deferred.

Soumini.P. Vs the General Manager — 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 19TH DAY OF FEBRUARY 2013/30TH MAGHA 1934

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WP(C).No. 3970 of 2013 (U)

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PETITIONER(S):

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SOUMINI. P., AGED 62 YEARS, D/O.KUCHEERI, PAYYAPANTHA HOUSE, POOKAYIL BAZAR. P.O., TIRUR-7.

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BY ADVS. SRI.BLAZE K.JOSE, SMT.N.DEEPA.

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RESPONDENT(S):

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1. THE GENERAL MANAGER, THE TIRUR URBAN CO-OPERATIVE BANK LTD.NO.F:1818, TIRUR, PIN-676 101.

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2. THE AUTHORISED OFFICER, THE TIRUR URBAN CO-OPERATIVE BANK LTD. NO.F:1818, TIRUR, PIN:676 101.

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BY ADV. MR.P.J. DEVAPRASANTH, SC.

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19-02-2013, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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rs.

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WP(C).No. 3970 of 2013 (U)

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APPENDIX

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PETITIONER'S EXHIBITS:-

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EXT-P1 A TRUE COPY OF THE NOTICE U/S 13(2)OF THE SARFAESI ACT DT. 09/10/2012 ISSUED BY THE 2ND RESPONDENT. EXT-P2 A TRUE COPY OF THE NOTICE U/S 13(4) OF THE SARFAESI ACT. DT. 05/02/2013 ISSUED BY THE 2ND RESPONDENT.

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RESPONDENT'S EXHIBITS:- NIL.

//TRUE COPY//

P.A. TO JUDGE

rs.

ANTONY DOMINIC, J. ================ W.P.(C) NO. 3970 OF 2013

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===================

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Dated this the 19^th day of February, 2013

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J U D G M E N T

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Heard the learned counsel for the petitioner and the learned standing counsel for the respondent Bank.

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Petitioner availed of a mortgage loan of `4,00,000/from the respondent Bank. The loan was availed of in 2011 for a period of five years. Default was committed and therefore the account was classified as NPA. Thereafter SARFAESI proceedings were initiated and Ext.P1 is the notice issued under Section 13(2) and Ext.P2 is the possession notice. It is at that stage this writ petition is filed and the prayer made is to allow the petitioner to get the loan regularised.

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Submissions made by the learned standing counsel for the Bank shows that, as on 14/2/13, `2,21,435/- is due from the petitioner towards the defaulted dues itself. The Bank can be directed to regularise the loan only if the defaulted dues are cleared. Therefore, I direct that the petitioner shall clear the defaulted dues in two equal monthly instalments. The first instalment shall be paid on or before 10/3/13 and the second

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WPC.No.3970/13

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:2 :

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instalment shall be paid on or before 10/4/13. Along with the instalment, the current EMI shall also be paid. If payment is made as above, the loan will be regularised and the petitioner will be allowed to pay the balance liability as per the loan agreement. Subject to payment as above, coercive action will stand deferred and in case of default, 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/-

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ANTONY DOMINIC, JUDGE

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Soumini.P. v. the General Manager

Case brief

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Soumini.P. v. the General Manager

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