Dismissed

Antony Jose v. Chief Manager

Kerala HC17 Oct 2013WP(C)/4566/2010

Case brief

AI extract

What is this about?

In a writ petition filed for stay of enforcement under SARFAESI Act against an educational loan, the High Court of Kerala at Ernakulam held that the Act is enforceable. The court relied on State Bank of Travancore vs Vasanthakumari where it was held no embargo exists for enforcing security interest even on educational loans. It permitted the petitioner to approach the bank for installment restruct

What did the court decide?

Petitioner permitted to move the second respondent for easy instalments; writ petition dismissed.

Antony Jose Vs Chief 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 V.CHITAMBARESH

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THURSDAY, THE 17TH DAY OF OCTOBER 2013/25TH ASWINA, 1935

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WP(C).No. 4566 of 2010 (U)

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PETITIONER(S):

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ANTONY JOSE, S/O. JOSEPH, AGED 64, RESIDING AT MEMANA HOUSE, PARATHODE, IDUKKI.P.O KONNATHADY VILLAGE, UDUMBANCHOLA TALUK.

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BY ADV. SRI.T.I.ABDUL SALAM

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RESPONDENT(S):

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1. CHIEF MANAGER(ADVANCES), AUTHORISED OFFICER, STATE BANK OF TRAVANCORE(ASSOCIATE OF STATE BANK OF INDIA) REGION V .ZONAL OFFICE ERNAKULAM

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2. STATE BANK OF TRAVANCORE, PARATHODE BRANCH, PARATHODE P.O, IDUKKI.P.O.

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R,R1 & 2 BY ADV. SRI.SATHISH NINAN R,R1 & 2 BY ADV. SRI.SANTHOSH MATHEW R BY SRI.T.SETHUMADHAVAN

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17-102013, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 4566 of 2010 (U)

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APPENDIX

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PETITIONERS EXHIBITS

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EXT.P1	COPY OF THE AGREEMENT FOR HYPOTHECATION EXECUTED BY THE PETITIONER WITH THE 2ND RESPONDENT BANK DATED 5-10- 2001
EXT.P2	COPY OF THE STATEMENT OF ACCOUNTS PERTAINING TO THE CASH CREDIT ACCOUNT AVAILED BY THE PETITIONER FROM THE 2ND RESPONDENT
EXT.P3	COPY OF THE LOAN AGREEMENT EXECUTED BY THE PETITIONER ALONG WITH HIS DAUGHTERS ANJUMOL AND MANJUMOL
EXT.P4	COPY OF THE EDUCATIONAL LOAN SCHEME INTRODUCED BY THE CENTRAL GOVERNMENT
EXT.P5	COPY OF the MARK LISTS OF THE DAUGHTERS OF THE PETITIONER
EXT.P6	COPY OF THE NOTICE UNDER SECTION 13(2) OF THE SARFAESI ACT ISSUED BY THE 1ST RESPONDENT
EXT.P7	COPY OF THE REPLY DATED 24-1-2010 SUBMITTED BY THE PETITIONER
EXT.P8	COPY OF THE LETTER DATED 30-10-2010 ISSUED BY THE 1ST RESPONDENT
EXT.P9	COPY OF THE CIRCULAR RPCD. PLNFS.BC. NO.83/06 12-05/2000-01 DATED 28-4-2001
EXT.P10	COPY OF THE WEBPAGE OF STATE BANK OF TRAVANCORE RELATING TO LOANS GRANTED BY THEM AND THE TERMS AND CONDITIONS THEREOF.
RESPONDE	NTS EXHIBITS

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EXT.R1(a) COPY OF the LETTER EXTENDING THE MORTGAGE

TRUE COPY

P.A TO JUDGE

SMM

V.CHITAMBARESH,J.

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= = = = = = = = = = = W.P.(C) No. 4566 of 2010

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

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Dated this the 17^th day of October, 2013

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The issue is covered by the decision in State Bank of Travancore vs. Vasanthakumari (2013(1) KLT 649) (DB).

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There is therefore no embargo for enforcing security interest even if it is in respect of an educational loan. Ext.R1(a) shows that the security interest initially offered to the cash credit facility has been extended to the educational loan as well. The contention of the petitioner that SARFAESI Act cannot be enforced under the circumstances has to fail.

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I permit the petitioner to move the second respondent

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for easy instalments to wipe off the cash credit facility and also the educational loan.

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The writ petition is disposed of.

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V.CHITAMBARESH JUDGE

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smm

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Antony Jose v. Chief Manager

Case brief

What is this about?

What did the court decide?

Antony Jose v. Chief Manager

Case brief

What is this about?

What did the court decide?

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