Partly allowed

Vijayan Pillai v. the Urban Co-Op Bank Ltd.

Kerala HC20 Jun 2016WP(C)/1056/2016

Case brief

AI extract

What is this about?

The petitioner, facing proceedings by the respondent bank under the SARFAESI Act for defaulted loans, approached the Court seeking time to repay. The Court observed the petitioner's willingness to pay and disposed of the writ petition by directing payment in instalments.

What did the court decide?

Directed the petitioner to pay the entire amount with accrued interest in twelve equal monthly instalments starting from 20/07/2016; default would allow the bank to proceed under law.

Vijayan Pillai Vs the Urban Co-Op Bank Ltd. — Banking and Recovery | Kerala HC (2016)

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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.M.SHAFFIQUE

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MONDAY, THE 20TH DAY OF JUNE 2016/30TH JYAISHTA, 1938

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WP(C).No. 1056 of 2016 (F)

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PETITIONER(S):

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VIJAYAN PILLAI, S/O. THANKAPPAN PILLAI, MULLAPPALLI HOUSE, PUZHAKKATTIRI P.O.

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BY ADVS.SRI.P.SAMSUDIN, SRI.K.C.ANTONY MATHEW, SRI.JITHIN LUKOSE.

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RESPONDENT(S):

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1. THE URBAN CO-OP. BANK LTD. NO.1758, PANANGANGARA BRANCH, PERINTHALMANNA, REPRESENTED BY ITS AUTHORIZED OFFICER, PERINTHALMANNA - 679 322.

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2. THE AUTHORIZED OFFICER, URBAN CO-OP. BANK LTD NO.1758, PANANGANGARA BRANCH, PERINTHALMANNA - 679 322.

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BY ADV. SRI.U.K.DEVIDAS, SC.

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THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 20-06-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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rs.

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WP(C).No. 1056 of 2016 (F)

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APPENDIX

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PETITIONER'S EXHIBITS:-

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P1 - TRUE COPY OF THE NOTICE ISSUED BY THE RESPONDENT DTD. 11.05.2015.

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P2 - TRUE COPY OF THE NOTICE ISSUED BY THE RESPONDENT DTD. 18.08.2015.

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RESPONDENT'S EXHIBITS:- NIL.

//TRUE COPY//

P.S. TO JUDGE

rs.

A.M. SHAFFIQUE, J.

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W.P.(C) No. 1056 of 2016

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Dated this the 20^th day of June, 2016

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JUDGMENT

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Petitioner has approached this Court being faced with the proceedings initiated by the respondent Bank under the SARFAESI Act.

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Petitioner had taken a loan from the respondent bank. But the petitioner could not repay the monthly instalments in time on account of certain financial difficulties. In the meantime, proceedings had been taken by the respondent Bank under the SARFAESI Act.

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Learned counsel for the petitioner submits that the petitioner is ready and willing to pay the entire amount in instalments, if some time is granted.

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Having regard to the fact that the petitioner had expressed the willingness to repay the amount in instalments, I am of the view that some indulgence can be shown to the petitioner.

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W.P.(C) No. 1056 of 2016

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Accordingly, this writ petition is disposed of as under: (i) The petitioner shall pay the entire amount with

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accrued interest in twelve equal monthly instalments starting from 20/07/2016.

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(ii) If there is default in payment of any of the aforesaid amounts, it shall be open for the respondent Bank to take such steps in accordance with law.

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Sd/A.M. SHAFFIQUE

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JUDGE

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Scl/20.06.2016

Vijayan Pillai v. the Urban Co-Op Bank Ltd.

Case brief

What is this about?

What did the court decide?

Vijayan Pillai v. the Urban Co-Op Bank Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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