A writ petition impugning SARFAESI proceedings where the petitioner contested regularization of a defaulted account secured by a residential building.
Direction to regularize account upon payment of overdue sum in five installments and regular EMI from stipulated date.
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR. JUSTICE A.MUHAMED MUSTAQUE
THURSDAY, THE 9TH DAY OF JULY 2015/18TH ASHADHA, 1937
WP(C).No. 16436 of 2015 (D)
PETITIONER(S):
SMT.THARA K.B., 1 C, BLUEBELLS, ALTHARA DEVI KSHETHRAM, VELLAYAMBALAM, SASTHAMANGALAM P.O., THIRUVANANTHAPURAM, PIN- 695 010.
BY ADVS.SRI.T.S.RADHAKRISHNA PILLAI, SRI.T.P.RAJENDRAN NAIR.
RESPONDENT(S):
1. THE AUTHORIZED OFFICER FEDERAL BANK LTD., STATUE BRANCH, THIRUVANANTHAPURAM, PIN -695 001.
2. THE BRANCH MANAGER, FEDERAL BANK LTD., STATUE BRANCH, THIRUVANANTHAPURAM, PIN -695 001.
BY ADV. SRI.MADHU RADHAKRISHNAN.
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09-07-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
rs.
WP(C).No. 16436 of 2015 (D)
APPENDIX
PETITIONER'S EXHIBITS:-
P1 - TRUE EXTRACT OF THE NOTIFICATION DATED 10.02.2015.
RESPONDENT'S EXHIBITS:- NIL.
//TRUE COPY//
P.A. TO JUDGE
rs.
A.MUHAMED MUSTAQUE, J.
***************************************************************************** W.P.(C) No.16436 of 2015
JUDGMENT
The petitioner, impugning SARFAESI proceedings, has
approached this Court. The petitioner submits that her son was rendered jobless in US and now got a job and she will be able to wipe off the overdue amount. Therefore, the Bank may be directed to regularize the account. The secured asset is a residential building.
amount is Rs.7,45,000/- as on 23.5.2015 and the liability is more than Rs.63 lakhs.
Considering the facts and circumstances, this writ petition is disposed of with the following directions:
in five equal monthly instalments starting from 20.8.2015.
W.P.(C) No.16436 of 2015 2
iii. If the petitioner clears the overdue amount along with regular EMI during the above period, the Bank shall regularize the account.
iv. However, if the petitioner fails to honour anyone of the conditions as above, the Bank is free to proceed against the petitioner from the stage where it is stopped.
Sd/- A.MUHAMED MUSTAQUE, JUDGE
ln
3 issues framed by the court
Whether to direct the Bank to regularize the secured account subject to repayment conditions.
Whether to allow the petitioner to clear overdue dues in installments while regularizing the account.
Whether to permit the Bank to resume SARFAESI proceedings if conditions by the petitioner fail.
1 provisions across 1 enactments
Smt. Thara K.B.
The Authorized Officer, Federal Bank Ltd., Statue Branch, Thiruvananthapuram
The Branch Manager, Federal Bank Ltd., Statue Branch, Thiruvananthapuram
A. MUHAED MUSTAQUE
A.A. VAKIL
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
