Allowed

Salkumar.J v. the Authorized Officer

Kerala HC24 Feb 2016WP(C)/1300/2016

Case brief

AI extract

What is this about?

The High Court, on a writ petition challenging recovery steps under the SARFAESI Act due to loan default, allowed the petitioner to remit the outstanding amount in ten monthly installments. Pending payment, the bank's recovery proceedings are kept in abeyance provided the petitioner adheres to the schedule.

What did the court decide?

Permit the petitioner to remit Rs. 3,53,254/- plus accrued interest in ten equal monthly installments from 10.03.2016, keeping recovery proceedings in abeyance if payments are regular.

Salkumar.J Vs the Authorized Officer — Contract and Commercial Disputes | 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 24TH DAY OF FEBRUARY 2016/5TH PHALGUNA, 1937

¶5

WP(C).No. 1300 of 2016 (J)

¶6

PETITIONER :

¶7

SALKUMAR J.,

¶8

TC 71/1757, JOMON HOUSE, ST. XAVIER'S NAGAR, PVR 248, VALLAKADAVU P.O. - 695 008.

¶9

BY ADVS.SRI.SUMAN CHAKRAVARTHY

¶10

SMT.K.R.RIJA

¶11

RESPONDENT(S) :

¶12

1. THE AUTHORIZED OFFICER, KARAMANA CO-OPERATIVE URBAN BANK LTD. NO.1761 KARAMANA P.O., THIRUVANANTHAPURAM - 695 002.

¶13

2. KARAMANA CO-OPERATIVE URBAN BANK LTD. NO.1761, KARAMANA P.O., THIRUVANANTHAPURAM

¶14

REPRESENTED BY ITS CHIEF MANAGER KARAMANA P.O., THIRUVANANTHAPURAM - 695 002.

¶15

R1 & R2 BY ADVS. SRI.R.S.KALKURA, SC

¶16

SRI.M.S.KALESH SRI.HARISH GOPINATH SMT.R.BINDU

¶17

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 24-02-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

¶18

¶19

...2/-

¶20

WP(C).No. 1300 of 2016 (J)

¶21

APPENDIX

¶22

PETITIONERS' EXHIBITS :

¶23

EXT. P1:TRUE COPY OF THE HEAD LOAD WORKERS IDENTITY CARD.

¶24

EXT. P2:TRUE COPY OF THE RECEIPT DTD. 23/3/2015.

¶25

EXT. P3:TRUE COPY OF THE ORDER DTD. 23/9/2015 IN MC.NO. 890/2015 BY THE CJM THIRUVANANTHAPURAM.

¶26

RESPONDENT(S)' EXHIBITS : NIL

//TRUE COPY//

P.A. TO JUDGE

A.K.JAYASANKARAN NAMBIAR, J.

¶31

W.P.(C). No. 1300 of 2016

¶32

===================================================== Dated this the 24^th day of February, 2016

¶33

JUDGMENT

¶34

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.P3 is the order of the Chief Judicial Magistrate. In the writ petition, the petitioner impugns the steps initiated by the respondent bank for recovery of the loan amounts.

¶35

I have heard the learned counsel appearing on behalf of the petitioner as also the learned Standing Counsel appearing on behalf of the respondents.

¶36

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 him to remit the balance amounts outstanding to the bank in easy installments. Taking into account the plea of financial hardship raised by the petitioner, I

¶37

-2-

¶38

W.P.(C). No. 1300 of 2016

¶39

dispose the writ petition with the following directions:-

¶40

(i) The total overdue amount, in respect of the loan, is stated to be Rs.3,53,254/- together with accrued interest. Accordingly, if the petitioner remits the aforesaid amount of Rs.3,53,254/- together with accrued interest in ten equal and successive monthly installments commencing from 10.03.2016, and continues to keep up the regular installments as per the original loan schedule, then the recovery steps initiated against him by the respondent bank shall be kept in abeyance.

¶41

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

¶42

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

¶43

Sd/-

¶44

A.K.JAYASANKARAN NAMBIAR JUDGE

¶45

das /24.02.2016

Salkumar.J v. the Authorized Officer

Case brief

What is this about?

What did the court decide?

Salkumar.J v. the Authorized Officer

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

Saidali Vs the Manager

Rajesh K Vs the Authorized Officer, Sindicate Bank Ltd.

M/S. Surya Catering Service Vs the Commercial Tax Officer

M/S.St Alphonsa Timber Vs the Income Tax Officer(Tds)

Shaju Kulangara Furniture Vs Intelligence Officer

Sunilkumar Vs the Authorized Officer/General Manager