Allowed

Mohanan Varappurath v. State Bank of India

Kerala HC11 Jul 2016WP(C)/16914/2016

Case brief

AI extract

What is this about?

This writ petition challenged proceedings initiated by the respondent Bank under the SARFAESI Act due to default on a cash credit facility. The Court, noting the petitioners' willingness to pay, disposed of the petition by granting them an indulgence.

What did the court decide?

Payment of the entire amount with accrued interest in twelve equal monthly instalments starting from 10/08/2016.

Mohanan Varappurath Vs State Bank of India — 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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MONDAY, THE 11TH DAY OF JULY 2016/20TH ASHADHA, 1938

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WP(C).No. 16914 of 2016 (L)

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PETITIONER(S):

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1. MOHANAN VARAPPURATH, AGED 45 YEARS, PROPRIETOR M/S. AIR TECH, A1-NOOR COMPLEX, OPP. NEW BUS STAND, VATAKARA, THROUGH POWER OF ATTORNEY HOLDER BYJU.K., S/O.BALAN, AGED 46 YEARS, TRADER, PANOLLAKANDY HOUSE, KEEZHAL POST, KUTTOTH, VATAKARA 673 104.

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2. VARAPPURATH KAMALAKSHIAMMA, AGED 62 YEARS, ONCHIYAM POST, VATAKARA TALUK KOZHIKODE DISTRICT-673308.

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BY ADVS.SRI.K.LAKSHMINARAYANAN SMT.SATHYA SHREEPRIYA

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RESPONDENT(S):

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1. STATE BANK OF INDIA, REGIONAL OFFICE, 1ST FLOOR, MANANCHIRA, KOZHIKODE - 673 001, (REPRESENTED BY ITS REGIONAL MANAGER)

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2. STATE BANK OF INDIA,

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VATAKARA BRANCH, DHANA PLAZA, NUT STREET P.O., VATAKARA 673 101 (REPRESENTED BY ITS BRANCH MANAGER).

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BY SRI.S.EASWARAN

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THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 11-07-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 16914 of 2016 (L)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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P1: A TRUE COPY OF THE LETTER OF ARRANGEMENT DATED 22/5/2013 ISSUED BY THE 1ST RESPONDENT

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P2: A TRUE COPY OF THE LETTER DATED 26/10/2015 ISSUED BY THE 1ST RESPONDENT

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P3: A TRUE COPY OF THE NOTICE DATED 4/2/2016 ISSUED BY THE 2ND RESPONDENT

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P4: A TRUE COPY OF THE LAWYER NOTICE DATED 4/4/2016 ISSUED ON BEHALF OF THE 1ST RESPONDENT

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P5: A TRUE COPY OF THE REPRESENTATION ON 4/4/2016 GIVEN BY THE PETITIONER TO THE 2ND RESPONDENT

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P6: A TRUE COPY OF THE REPLY LAWYER NOTICE DATED 9/4/2016 SENT ON BEHALF OF THE PETITIONERS

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P7: A TRUE COPY OF THE SAID POSSESSION NOTICE DATED 22/4/2016 ISSUED BY THE 2ND 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.16914 of 2016

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Dated this the 11^th day of July, 2016

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JUDGMENT

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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 cash credit facility for Rs.24,50,000/-. 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

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petitioners are ready and willing to pay the entire amount in instalments, if some time is granted.

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Learned counsel for the respondent Bank submits that the total dues would come to around Rs.20 lakhs.

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Having regard to the fact that the petitioners had

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W.P.(C) No.16914 of 2016

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-2-

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expressed their willingness to repay the amount in instalments,

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I am of the view that some indulgence can be shown to the petitioners.

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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 10/08/2016.

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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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Scl/11.07.2016

Mohanan Varappurath v. State Bank of India

Case brief

What is this about?

What did the court decide?

Mohanan Varappurath v. State Bank of India

Case brief

What is this about?

What did the court decide?

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