Petitioner defaulted on a bank loan, prompting recovery proceedings under the SARFAESI Act. The High Court allowed installment repayment to stay recovery steps.
Recovery proceedings stayed upon payment of Rs.5,53,112/- with interest in nine monthly installments. Bank ordered to provide updated dues statement.
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 MR. JUSTICE A.K.JAYASANKARAN NAMBIAR
TUESDAY, THE 5TH DAY OF JANUARY 2016/15TH POUSHA, 1937
WP(C).No. 143 of 2016 (P)
PETITIONER(S):
JOFI AGED 34 YEARS S/O.JOSE, KURUTHUKULANGARA HOUSE, VENDOOR DESOM AMBALLUR VILLAGE, MUKUNDAPURAM TALUK THRISSUR DISTRICT.
BY ADVS.SMT.M.R.REENA SRIP.S.SUJETH
RESPONDENT(S):
1. THE BRANCH MANAGER THRISSUR DISTRICT CO-OPERATIVE BANK LTD. PUDUKAD BRANCH, THRISSUR-680 022.
2. THE AUTHORIZED OFFICER THRISSUR DISTRICT CO-OPERATIVE BANK LTD. HEAD OFFICE, SAHAKARANA SAPTHADHI MANDIRAM, TUDA ROAD KOVILAKATHUPADAM, THIRUVAMBADY PO, THRISSUR-680 022.
BY SRI.C.A.MAJEED, STANDING COUNSEL, THRISSUR DIST. CO.OP. BANK
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05-01-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C).No. 143 of 2016 (P)
APPENDIX
PETITIONER(S)' EXHIBITS
RESPONDENT(S)' EXHIBITS: N I L
---------------------------------------
//TRUE COPY//
P.A.TO JUDGE
JV
A.K.JAYASANKARAN NAMBIAR, J. ---------------------------------------------W.P.(C).No.143 of 2016
Dated this the 5th day of January, 2016
JUDGMENT
The petitioner, who had availed 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 possession notice issued to the petitioner under Section 13(4) of the SARFAESI Act. In the writ petition, the petitioner impugns the steps initiated by the respondent bank for recovery of the loan amounts.
of the petitioner as also the learned Standing Counsel appearing on behalf of the respondents.
W.P.(C) No. 143/2016
2
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 dispose the writ petition with the following directions:-
(i) The total overdue amount, in respect of the loan, is stated to be Rs.5,53,112/- together with accrued interest. Accordingly, if the petitioner remits the aforesaid amount of Rs.5,53,112/- together with accrued interest in nine equal and successive monthly installments commencing from 20.01.2016, and continues to keep up the regular installment payments as per the original loan schedule, then the recovery steps initiated against him by the respondent bank shall be kept in abeyance.
(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.
W.P.(C) No. 143/2016
3
(iii)The respondent bank shall furnish the petitioner with an up-to-date statement of the dues position, within 10 days from today, so as to enable the petitioner to effect repayment as per the directions in this judgment.
sd/- A.K.JAYASANKARAN NAMBIAR JUDGE
JV
1 issue framed by the court
Whether to permit the petitioner to remit the outstanding loan amount in installments considering his plea of financial hardship.
1 provisions across 1 enactments
JOFI
THE BRANCH MANAGER THRISSUR DISTRICT CO-OPERATIVE BANK LTD
A.K.JAYASANKARAN NAMBIAR
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
