This appeal challenges an order where the bank was given time to recover dues before releasing seized machinery. The High Court dismissed the appeal, noting the Single Judge's verdict was correct and suggesting the appellant could offer collateral security to get immediate release.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HON'BLE THE CHIEF JUSTICE DR. MANJULA CHELLUR &
THE HONOURABLE MR.JUSTICE P.R.RAMACHANDRA MENON
TUESDAY, THE 17TH DAY OF JUNE 2014/27TH JYAISHTA, 1936
WA.No. 792 of 2014
AGAINST THE JUDGMENT IN WP(C) 13469/2014 OF THIS HONOURABLE COURT, DATED 10-06-2014
APPELLANT(S)/PETITIONER:
JACOB JOSEPH, PAKALOMATTAM HOUSE, PALAKKUZHI, AYYAPPANKAVU ROAD, AKRA 30, KIZHAKKENCHERRY.P.O., VADAKKANCHERR,. PALAKKAD-678684.
BY ADVS.SRI.C.D.DILEEP SRI.P.M.MANOJ
RESPONDENT(S)/RESPONDENTS:
1. HDFC BANK LTD, CHANDRA NAGAR, PALAKKAD-678001.
2. AUTHORIZED OFFICER, HDFC BANK LTD., CHANDRA NAGAR, PALAKKAD, PIN-678001.
BY ADV. SRI.T.RAJESH, SC, HDFC BANK LTD.
THIS WRIT APPEAL HAVING COME UP FOR ADMISSION ON 17-06-2014, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
PJ
MANJULA CHELLUR,C.J. &
P.R.RAMACHANDRA MENON, J.
= = = = = = = = = = = = = = = = W.A. No.792 of 2014
= = = = = = = = = = = = = = = = = = = = = Dated this the 17th day of June, 2014
JUDGMENT
Ramachandra Menon,J
The writ petitioner is the appellant before this Court. The appellant had availed a financial assistance to the tune of Rs.18.5 lakhs from the respondent bank for purchase of a construction machinery, creating security interest over the same, as per agreement dated 04.06.2012, agreeing to repay the due amount by way of monthly installments at a rate of `51,389/- per month.
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W.A. No.792 of 2014
and considering the extent of default already made by the writ petitioner, a chance was still given to him to clear the overdue amount by way of 4 equal monthly installments and to satisfy regular loan installments without fail. It is also made clear that once the entire overdue amount was cleared, the machinery already taken over by respondent bank would be returned to the writ petitioner. Default clause was also incorporated to proceed with the recovery steps, if two consecutive defaults were made by the petitioner. The writ petitioner is aggrieved by the direction and seeks to have the machinery released to him on satisfaction of the 1st installment in respect of the defaulted payment.
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petitioner immediately on satisfaction of the 1st installment of the overdue amount it will be quite detrimental to the right and interest of the bank.
With the above observations, this writ appeal is dismissed.
MANJULA CHELLUR, CHIEF JUSTICE
P.R.RAMACHANDRA MENON, JUDGE.
sj 18/06
3 issues framed by the court
Whether the High Court should interfere with the Single Judge's decision allowing the bank time to recover the default before releasing secured machinery.
Whether the appellant can secure immediate release of the machinery by offering alternative collateral security.
Whether the appeal against the Single Judge's order allowing a chance to clear dues should be allowed or dismissed.
2 provisions across 1 enactments
Jacob Joseph
HDFC Bank Ltd
Dr. Manjula Chellur
P.R. Ramachandran Menon
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
