Petitioner challenged SARFAESI proceedings regarding a relief of less than one lakh rupees. Court quashed proceedings as they violated thresholds in Section 14 and Section 31(h) and (j).
All proceedings initiated against the petitioner under the SARFAESI Act are quashed.
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR. JUSTICE A.MUHAMED MUSTAQUE
WEDNESDAY, THE 8TH DAY OF JULY 2015/17TH ASHADHA, 1937
WP(C).No. 7088 of 2015 (I)
PETITIONER(S) :
MANIKANTAN NAIR, SREEVILASOM, NARICHILODU, PULIPPARA, THIRUVANANTHAPURAM DISTRICT.
BY ADVS.SRI.H.HAMZA ROWTHER SRI.V.K.PEERMOHAMED KHAN
RESPONDENT(S):
THR AUTHORIZED OFFICER, NEDUMANGAD CO-OPERATIVE URBAN BANK LTD.NO.3193, NEDUMANGAD.P.O, THIRUVANANTHAPURAM-695 541.
THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 08-07-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
Msd.
WP(C).No. 7088 of 2015 (I)
APPENDIX
PETITIONER(S)' EXHIBITS :
RESPONDENT(S)' EXHIBITS :
NIL
//TRUE COPY//
P.A.TO JUDGE.
Msd.
A.MUHAMED MUSTAQUE, J.
W.P.(C) No.7088 of 2015
JUDGMENT
The petitioner, impugning action initiated under the SARFAESI proceedings, has approached this Court. The petitioner availed a mortgage loan of Rs.5 lakhs. Though notice has been issued to the respondents, none appeared for them.
In the absence of any controverting facts, I am of the view, the SARFAESI proceedings initiated against the petitioner are illegal. Accordingly, all proceedings initiated against the petitioner are quashed.
Sd/-
A.MUHAMED MUSTAQUE, JUDGE
ln
2 issues framed by the court
Whether SARFAESI proceedings should be initiated when the amount due is less than twenty percent of the principal loan amount.
Whether SARFAESI proceedings can be initiated for securing repayment of a financial asset not exceeding one lakh rupees.
3 provisions across 1 enactments
MANIKANTAN NAIR
AUTHORIZED OFFICER, NEDUMANGAD CO-OPERATIVE URBAN BANK LTD
A. MUHAMMED MUSTAQUE
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
