Disposed

D.S. Rajan v. the Icici Bank Ltd.

Kerala HC5 Feb 2014WP(C)/3439/2013

Case brief

AI extract

What is this about?

A writ petition filed during SARFAESI proceedings after issuance of a possession notice was disposed of. The court accepted the petitioner's undertaking to clear defaulted instalments, directed the bank to regularise the loan, and deferred coercive action pending payment.

What did the court decide?

Petitioner directed to clear defaulted instalments. Bank directed to regularise loan permitting payment of balance amount. Coercive action deferred pending default-free status.

D.S. Rajan Vs the Icici Bank Ltd. — Banking and Recovery | Kerala HC (2014)

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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 5TH DAY OF FEBRUARY 2013/16TH MAGHA 1934

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WP(C).No. 3439 of 2013 (D)

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PETITIONER(S):

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D.S. RAJAN AGED 48 YEARS

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S/O. DASAYYAN, RESIDING AT 'ZION VILLA, BLRA-54 VAZHUTHOOR, NEYYATTINKARA

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THIRUVANANTHAPURAM DISTRICT.

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BY ADV. SRI.A.B.MOHANAKUMAR

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RESPONDENT(S):

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ICICI BANK LTD.

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VAZHUTHACAUD, THIRUVANANTHAPURAM, PIN: 695014 REPRESENTED BY ITS AUTHORIZED OFFICER.

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BY SRI.KKM.SHERIF

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05-02-2013, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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:: ::

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WP(C).No. 3439 of 2013 (D)

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APPENDIX

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PETITIONER(S) EXHIBITS

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EXHIBIT P1- TRUE COPY OF THE POSSESSION NOTICE DATED 28-11-2012 UNDER SECTION 13(4) OF THE SECURITISATION ACT, ISSUED TO THE PETITIONER BY THE RESPONDENT.

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RESPONDENTS' EXHIBITS: NIL

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//true copy//

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sk/-

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ANTONY DOMINIC, J.

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W.P(C).No.3439 of 2013

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------------------------------------------Dated this the 5^th day of February, 2013

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JUDGMENT

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1.Heard learned counsel for the petitioner and the learned standing counsel appearing for the respondent bank.

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2.The petitioner availed of a housing loan of `5,75,000/- in the year 2006. Default was committed. Therefore, SARFAESI proceedings were initiated. Finally the bank issued Ext.P1 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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3.According to the counsel for the bank, the amount due towards defaulted instalments comes to `2,25,000/-. Unless this default liability is cleared, the petitioner cannot get the loan regularised. The petitioner agrees to clear the defaulted instalments on or before 28.02.2013. The undertaking so given is recorded and in view of that, I direct the petitioner to clear the defaulted instalments as undertaken. It is directed

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WPC.3439/13

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that if the default dues are cleared, the loan in question will be regularised and the petitioner will be allowed to pay the balance loan amount as per the loan agreement.

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4.In order to enable the petitioner to do so, further coercive action will stand deferred and in case of default, the bank will be free to continue with recovery proceedings.

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The writ petition is disposed of as above.

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Sd/ANTONY DOMINIC Judge

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kkb.5/2.

D.S. Rajan v. the Icici Bank Ltd.

Case brief

What is this about?

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D.S. Rajan v. the Icici Bank Ltd.

Case brief

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