Partly allowed

Atheena S. v. the Manager, Thiruvananthapuram District Co-Op. Bank

Kerala HC16 Mar 2016WP(C)/10140/2016

Case brief

AI extract

What is this about?

Petitioner, a loan defaulter facing SARFAESI proceedings, sought relief based on financial hardship. The High Court allowed installment repayment of the outstanding sum with accrued interest to keep proceedings in abeyance, warning of loss of protection upon default.

What did the court decide?

Petitioner permitted to pay outstanding amount with interest in 10 equal monthly installments; further recovery proceedings stayed upon compliance.

Atheena S. Vs the Manager, Thiruvananthapuram District… — Banking and Recovery | Kerala HC (2016)

¶1

IN THE HIGH COURT OF KERALA AT ERNAKULAM

¶2

PRESENT:

¶3

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR

¶4

WEDNESDAY, THE 16TH DAY OF MARCH 2016/26TH PHALGUNA, 1937

¶5

WP(C).No. 10140 of 2016 (N)

¶6

PETITIONER(S):

¶7

-----------------------

¶8

SMT. ATHEENA S., VAZHAVILA HOUSE, KOTTUMOOLA, MAITHANAM, VARKALA P.O.

¶9

BY ADV. SRI.R.GOPAN

¶10

RESPONDENT(S):

¶11

-------------------------

¶12

1. THE MANAGER, THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK, VARKALA BRANCH, VARKALA P.O., THIRUVANANTHAPURAM - 695 021.

¶13

2. THE AUTHORIZED OFFICER, THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK, HEAD OFFICE, EAST FORT, THIRUVANANTHAPURAM - 695 001.

¶14

BY ADV. SRI.T.R.HARIKUMAR, SC

¶15

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16-03-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

¶16

msv/

¶17

WP(C).No. 10140 of 2016 (N)

¶18

APPENDIX

¶19

PETITIONER(S)' EXHIBITS:

¶20

--------------------------------------

¶21

EXT.P1: PHOTOCOPY OF THE RELEVANT PAGES OF THE PASSBOOK ISSUED BY THE RESPONDENT BANK TO THE PETITIONER.

¶22

EXT.P2: PHOTOCOPY OF THE NOTICE NO.ADM/RECOVERY/SECURITIZATION/ 2836/2015-16 DTD.11.2.2016 ISSUED BY THE RESPONDENT BANK TO THE PETITIONER WITH ENGLISH TRANSLATION.

¶23

RESPONDENT(S)' EXHIBITS:

NIL

//TRUE COPY//

P..TO JUDGE

Ms v/

A.K.JAYASANKARAN NAMBIAR, J.

¶29

............................................................. W.P.(C).No.10140 of 2016

¶30

............................................................. Dated this the 16^th day of March, 2016

¶31

The petitioner, who had availed of a loan from the respondent bank, defaulted in repayment of the same. Consequently, the respondent bank initiated proceedings under the Securitisation and Reconstructions of Financial Assets and Enforcement of Security Interest Act, 2002, hereinafter referred to as the 'SARFAESI Act', to recover the loan amounts. Ext.P2 is the sale notice. In the writ petition, the petitioner impugns the steps initiated by the respondent bank for recovery of the loan amounts.

¶32

I have heard the learned counsel appearing for the petitioner as also the learned Standing counsel appearing for the respondent bank.

¶33

On a consideration of the facts and circumstances of the case and the submissions made across the bar, I note that the sole prayer of the petitioner is to permit her to remit the balance

¶34

W.P.(C). No.10140 of 2016

¶35

-2-

¶36

amounts outstanding to the bank in easy installments. Taking into account the plea of financial hardship raised by the petitioner, I dispose the writ petition with the following directions:-

¶37

(i) The total amount outstanding from the petitioner to the respondent bank, is stated to be approximately Rs.7,60,000/-. Accordingly, if the petitioner pays the said amount of approximately Rs.7,60,000/- together with accrued interest in ten equal and successive monthly installments commencing from 28.03.2016, then the further proceedings initiated against her by the respondent bank shall be kept in abeyance.

¶38

(ii) It is further made clear that if the petitioner commits a default in respect of any of the installments, she will lose the benefit of this judgment and the respondent bank will be free to continue the recovery proceedings against her from the stage at which they presently stand.

¶39

(iii) The respondent bank shall, within ten days from today, provide the petitioner with an up-todate statement of accounts so as to enable the petitioner to discharge the liability in accordance with the directions in this judgment.

¶40

A.K.JAYASANKARAN NAMBIAR JUDGE

¶41

mns/16.3.16

¶42

W.P.(C). No.10140 of 2016

¶43

-3-

Atheena S. v. the Manager, Thiruvananthapuram District Co-Op. Bank

Case brief

What is this about?

What did the court decide?

Atheena S. v. the Manager, Thiruvananthapuram District Co-Op. Bank

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Assanar Vs the General Manager, Palakkad District Co. Operative Bank Ltd.

Surendran Vs Kerala Mercantile Co-Operative Bank Ltd.

Bijumon K.T. Vs the Manager, Bank of India

K.Mohan Das Vs Federal Bank

Raj Kumar P Vs the Authorized Officer

Vava Technoglass India Private Ltd. Vs State of Kerala