This court disposed of a writ appeal challenging the limitation granted for clearing loan dues under the SARFAESI Act, 2002. The court extended the time for payment of dues until 31.03.2016.
Extended the time limit for payment of the petitioner's loan dues and instalments until 31.03.2016.
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 HONOURABLE THE CHIEF JUSTICE MR.ASHOK BHUSHAN & THE HONOURABLE MR.JUSTICE A.M.SHAFFIQUE
THURSDAY, THE 7TH DAY OF JANUARY 2016/17TH POUSHA, 1937
WA.No. 2786 of 2015 ()
AGAINST THE JUDGMENT IN WP(C) 21780/2015 of HIGH COURT OF KERALA DATED 15.10.2015
APPELLANT/PETITIONER:
MANMITH T.N. S/O. NARAYANAN, PROPRIETOR, NEST MARKETING THAMARAKULAM SHOPPING COMPLEX, MAMPETTA KOZHIKODE 673 602
BY ADVS.SRI.V.S.SHIRAZ BAVA SRI.S.NIDHEESH
RESPONDENTS/RESPONDENTS:
1. THE CHIEF MANAGER/AUTHORIZED OFFICER, THE SOUTH INDIAN BANK LIMITED, REGIONAL OFFICE HAPPY TOWERS, VAIKOM MOHAMMED BASHEER ROAD, MANANCHIRA KOZHIKODE 673 001
2. THE MANAGER THE SOUTH INDIAN BANK LIMITED 5/3410 GALLERIA TRADE CENTRE, NEAR MARKAZ COMPLEX MAVOOR ROAD, KOZHIKODE 673 004
R1,R2 BY ADV. SRI.K.K.JOHN,SC,SOUTH INDIAN BANK
THIS WRIT APPEAL HAVING COME UP FOR ADMISSION ON 07-012016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
kp/-
ASHOK BHUSHAN, CJ & A.M. SHAFFIQUE, J.
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W.A. No. 2786 of 2015
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Dated this the 7th day of January, 2016
JUDGMENT
ASHOK BHUSHAN, CJ.
This writ appeal has been filed against the judgment of the learned Single Judge dated 15.10.2015 in W.P.(C).No.21780 of 2015. Challenging the proceedings initiated by the Bank under of SARFAESI Act, 2002 petitioner filed the writ petition.
“4. Considering only the circumstance of the petitioner's specific undertaking that the loans would be satisfied in a time bound manner, it is directed that the petitioner shall clear the overdue amounts in the Term Loan within a period of three months starting from 15.11.2015 and the further instalments on the 15th of the two succeeding months. The petitioner shall pay the first two instalments of 15 lakhs each and the balance as the third instalment. It is made clear that the remittance so made of the overdue amounts would be in addition to the equated monthly instalments in the loan account, which would have to be satisfied by the petitioner on the due date itself. As to the renewal of the overdraft facilities, the petitioner would have to submit the entire documents as required by the Bank and convince the Bank that there is sufficient stock to maintain an Overdraft account, within a period of one month from today. If either or any of the conditions are not complied with, then the petitioner can be proceeded with for recovery.”
W.A.No.2786 of 2015
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The writ appeal is disposed of.
ASHOK BHUSHAN, CHIEF JUSTICE
A.M. SHAFFIQUE, JUDGE
kp/-7.01.16
1 issue framed by the court
Whether the three-month period granted by the single judge for clearing loan dues was inadequate and required extension?
1 provisions across 1 enactments
Manmith T.N.
The South Indian Bank Limited
Ashok Bhushan
A.M. Shaffique
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
