Disposed

Murugesan v. Palakkad District Co-Operative Bank Ltd.

Kerala HC26 Jul 2016WP(C)/15738/2016

Case brief

AI extract

What is this about?

Petitioner facing proceedings under SARFAESI Act for non-repayment of loan approached the Court. Finding petitioner willing to repay in installments, Court disposed of petition allowing payment in 10 monthly installments with interest, permitting bank to take legal steps on default.

What did the court decide?

Petitioner to pay entire amount with accrued interest in 10 equal monthly instalments starting from 23/8/2016; default allows bank to take legal steps.

Murugesan Vs Palakkad District Co-Operative… — 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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TUESDAY, THE 26TH DAY OF JULY 2016/4TH SRAVANA, 1938

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WP(C).No. 15738 of 2016 (N)

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PETITIONER:

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MURUGESAN

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AGED 52 YEARS, S/O. ARUMUGHAN, THANSIAPPAN HOUSE, MINIKU KUMPARA, MUTHALAMADA P.O., CHITTUR TALUK, PALAKKAD DISTRICT.

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BY ADV. SRI.M.M.ABDUL RAHIMAN

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RESPONDENT(S):

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1.PALAKKAD DISTRICT CO-OPERATIVE BANK LTD., HPO ROAD, SULTANPET, PALAKKAD-678 001, REPRESENTED BY ITS EXECUTIVE OFFICER/ AUTHORIZED OFFICER.

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2.THE BRANCH MANAGER, PALAKKAD DISTRICT CO-OPERATIVE BANK LTD., KAMBRATHUCHALLA BRANCH, PALAKKAD-678 001.

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BY SRI.M.SASINDRAN, SC

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THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 26-07-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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mbr/

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WP(C).No. 15738 of 2016 (N)

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APPENDIX

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PETITIONER(S)' EXHIBITS:

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P1 : TRUE COPY OF THE POSSESSION NOTICE DTD.7.4.2016 ISSUED BY THE ADVOCATE COMMISSIONER.

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RESPONDENT(S)' EXHIBITS: NIL

//TRUE COPY//

P.S. TO JUDGE

mbr/

A.M. SHAFFIQUE, J.

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=============== W.P. (C) No. 15738 of 2016

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==================

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Dated this, the 26^th day of July, 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 `3,50,000/- from the respondent Bank. 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.15738/16

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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 10 equal monthly instalments starting from 23/8/2016.

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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, JUDGE

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Rp26/07/2016

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//True Copy//

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P.S to Judge

Murugesan v. Palakkad District Co-Operative Bank Ltd.

Case brief

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Murugesan v. Palakkad District Co-Operative Bank Ltd.

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