Disposed

Binu N.S. v. the Manager, Federal Bank Ltd.

Kerala HC29 Jul 2015WP(C)/19429/2015

Case brief

AI extract

What is this about?

In a writ petition challenging SARFAESI proceedings, the Kerala High Court, observing the petitioner claims a government liability pending, issued directions for graduated repayment. The bank opposed the stay.

What did the court decide?

Directions to remit Rs. 2 lakhs within one month, Rs. 50,000 monthly for four months, and the balance in the fifth month; default allows bank to proceed.

Binu N.S. Vs the Manager, Federal Bank Ltd. — Banking and Recovery | Kerala HC (2015)

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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 A.MUHAMED MUSTAQUE

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WEDNESDAY, THE 29TH DAY OF JULY 2015/7TH SRAVANA, 1937

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WP(C).No. 19429 of 2015 (C)

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PETITIONER :

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BINU N.S. S/O. SANKARAN, AGED 39 YEARS PROPRIETOR, FRIENDS OFFSET PRESS CHERUTHONY P.O., IDUKKI DISTRICT RESIDING AT 'NELLIKUNNEL', VIMALAGIRI P.O. IDUKKI DISTRICT-685 602.

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BY ADV. SRI.C.K.PAVITHRAN

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RESPONDENT(S) :

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1. THE MANAGER, FEDERAL BANK, CHERUTHONY, IDUKKI COLONY P.O., IDUKKI-685 602.

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2. THE CHIEF MANAGER & AUTHORIZED OFFICER FEDERAL BANK, STRESSED ASSERT MANAGEMENT CELL ZONAL OFFICE, MAR MAKIL CENTERNARY MEMORIAL BLDG., S.H.MOUNT P.O., KOTTAYAM-686 006.

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R1 & R2 BY ADV.S SRI.A.ANTONY, SC SMT.LEELAMMA ANTONY

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29-07-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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...2/-

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WP(C).No. 19429 of 2015 (C)

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APPENDIX

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PETITIONERS' EXHIBITS :

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EXT. P1 : COPY OF JUDGMENT DTD.8.4.2015 IN WPC NO.30583/2014. EXT. P2 : COPY OF THE NOTICE DTD.16.8.2014 ISSUED BY THE 2ND RESPONDENT. EXT. P3 : COPY OF THE NOTICE DTD.1.6.2015.

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EXT. P4 : COPY OF THE CERTIFICATE DTD.22.6.2015 ISSUED BY THE VILLAGE OFFICER, THANKAMANI.

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RESPONDENT(S)' EXHIBITS : NIL

//TRUE COPY//

P.A. TO JUDGE

A. MUHAMED MUSTAQUE, J.

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W.P(C). No. 19429 of 2015

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Dated this the 29^th day of July, 2015

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J U D G M E N T

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The petitioner challenging SARFAESI proceedings has approached this Court. Petitioner claims that he is a contractor and huge amount is due to him from the Government and he will be able to wipe off the entire liability, if sufficient time is given.

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Learned counsel for the Bank opposes the prayer and submits that the total liability is more than 19,00,000/-₹

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Considering the facts and circumstances, following directions are issued:

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(i) The petitioner shall remit 2 lakhs within one month from₹ today.

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(ii) Thereafter the petitioner shall remit 50,000/- every month₹ for a period of 4 months and in the 5^th month the petitioner shall remit the balance amount in lump sum.

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(iii) If the petitioner commits default in paying any one of the instalments, the Bank is free to proceed against the petitioner.

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Sd/-

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A. MUHAMED MUSTAQUE, JUDGE.

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Binu N.S. v. the Manager, Federal Bank Ltd.

Case brief

What is this about?

What did the court decide?

Binu N.S. v. the Manager, Federal Bank Ltd.

Case brief

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What did the court decide?

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