Allowed

Sundareshan v. the Manager, District Co-Operative Bank,Thiruvananthapuram

Kerala HC20 Oct 2016WP(C)/1473/2016

Case brief

AI extract

What is this about?

In a writ petition challenging SARFAESI proceedings, the High Court of Kerala observed that petitioners were ready to repay the defaulted loan in instalments. The court granted relief allowing repayment in 12 equal monthly instalments starting from 21/11/2016, reserving the bank's right to take legal steps in case of default.

What did the court decide?

Petitioners to pay entire amount with accrued interest in 12 equal monthly instalments starting 21/11/2016; if any default occurs, bank can take steps in accordance with law.

Sundareshan Vs the Manager, District… — 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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THURSDAY, THE 20TH DAY OF OCTOBER 2016/28TH ASWINA, 1938

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WP(C).No. 1473 of 2016 (H)

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PETITIONER(S):

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1. SUNDARESHAN, AGED 61 YEARS, S/O.JOHNSON NADAR, KATTAKUZHI VADAKKUMKA PERUMTHALACHI PUTHEN VEEDU, POOVACHAL P.O., THIRUVANANTHAPURAM.

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2. SUKUMARI, AGED 55 YEARS, W/O.SUNDARESAN, KATTAKUZHI VADAKKUMKA PERUMTHALACHI PUTHEN VEEDU, POOVACHAL P.O., THIRUVANANTHAPURAM.

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BY ADV. SMT.KEERTHI SOLOMON

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RESPONDENT(S):

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1. THE MANAGER/AUTHORISED OFFICER CO-OPERATIVE BANK, DISTRICT HEAD OFFICE, EAST FORT, THIRUVANANTHAPURAM.

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2. THE MANAGER (KATTAKKADA BRANCH), DISTRICT CO-OPERATIVE BANK, THIRUVANANTHAPURAM-695 572.

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BY SRI.T.R.HARIKUMAR, SC

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20-10-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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msv/

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WP(C).No. 1473 of 2016 (H)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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P1TRUE COPY OF THE DEMAND NOTICE ISSUED BY THE 1ST RESPONDENT DATED 01.07.2015.

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P2TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE RESPONDENT DATED NIL.

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RESPONDENT(S)' EXHIBITS

NIL

//TRUE COPY//

P.S.TO JUDGE

Msv/

A.M.SHAFFIQUE, J.

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W.P (C) No. 1473 of 2016

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Dated this the 20^th day of October, 2016

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J U D G M E N T

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

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The first petitioner had availed a consumption loan of Rs.3,90,000/- from the second respondent Bank on 30.03.2013 and the second petitioner, his wife is the surety. The petitioners 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 petitioners submits that the petitioners are 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 petitioners had expressed the willingness to repay the amount in instalments, I am of the view that some indulgence can be shown to the petitioners.

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W.P (C) No. 1473 of 2016

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Accordingly, this writ petition is disposed of as under:

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(i) The petitioners shall pay the entire amount with

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accrued interest in twelve equal monthly instalments starting from 21/11/2016.

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(ii) If there is default in payment of any of the aforesaid

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amounts, it shall be open for the respondent Bank to take such steps in accordance with law.

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A.M.SHAFFIQUE JUDGE

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DMR/-

Sundareshan v. the Manager, District Co-Operative Bank,Thiruvananthapuram

Case brief

What is this about?

What did the court decide?

Sundareshan v. the Manager, District Co-Operative Bank,Thiruvananthapuram

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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