Dismissed

Jayakumar T v. Authorised Officer

Kerala HC9 Sept 2016WP(C)/12593/2016

Case brief

AI extract

What is this about?

In a writ petition challenging proceedings under the SARFAESI Act, the petitioner expressed willingness to repay the loan amount in instalments. The Court granted indulgence, allowing repayment in ten monthly installments starting from 01.10.2016, resuming the power to take legal steps upon default.

What did the court decide?

Petitioner to pay the entire amount with accrued interest in ten equal monthly instalments starting from 01.10.2016; default allows respondent to take steps in accordance with law.

Jayakumar T Vs Authorised Officer — Contract and Commercial Disputes | 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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FRIDAY, THE 9TH DAY OF SEPTEMBER 2016/18TH BHADRA, 1938 WP(C).No. 12593 of 2016 (Y) ----------------------------

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PETITIONER(S):

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JAYAKUMAR T., AKHIL NIVAS, AMBALATHUKALA, KATTAKKADA, THIRUVANANTHAPURAM, KERALA.

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BY ADVS.SRI.M.R.SASITH SRI.M.R.SARIN

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RESPONDENT(S):

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1. AUTHORISED OFFICER,

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ASSET RECONSTRUCTION CO.(INDIA) LTD., ARCIL RETAIL LOAN PORTFOLIO 036, ARCIL ARMS 715 C, 7TH FLOOR, SPENCER'S PLAZA PHASE II 769, ANNA SALAI, CHENNAI-600 002, THAMILNADU.

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*** ADDL.R2 IMPLEADED**

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2. THE STATE BANK OF INDIA, VALIYAVILA BRANCH, REPRESENTED BY ITS MANAGER, VALIYAVILA, THIRUVANANTHAPURAM. ADDL.R2 IS IMPLEADED AS PER ORDER DATED 7/4/2016 IN IA.4956/2016

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BY ADV.SRI.B.S.SURESH KUMAR

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09-09-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 12593 of 2016 (Y)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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EXT.P1: TRUE COPY OF THE DEMAND NOTICE ISSUED BY THE RESPONDENT.

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RESPONDENT(S)' EXHIBITS

NIL.

/ TRUE COPY /

P.S. TO JUDGE

A.M.SHAFFIQUE, J.

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------------------------------------ W.P.(C).No.12593 of 2016

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

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Dated this the 9^th day of September, 2016

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J U D G M E N T

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

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Petitioner had taken a loan for 2,75,000/- from the₹ respondent Bank in the year 2003. 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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Accordingly, this writ petition is disposed of as under:

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(i) The petitioner shall pay the entire amount with accrued interest in ten equal monthly instalments starting from 01.10.2016.

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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/-

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A.M.SHAFFIQUE, JUDGE.

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Jayakumar T v. Authorised Officer

Case brief

What is this about?

What did the court decide?

Jayakumar T v. Authorised Officer

Case brief

What is this about?

What did the court decide?

What the court decided

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