Disposed

Suma Ravindran v. the Authorized Officer

Kerala HC17 May 2016WP(C)/16959/2016

Case brief

AI extract

What is this about?

The High Court allowed the writ petition filed by a petitioner served with a Section 13(2) notice under the SARFAESI Act regarding a defaulted housing loan. It directed the petitioner to pay the overdue amount in ten monthly installments alongside regular EMIs. The court noted that since the loan was for residential construction, some indulgence was warranted, with proceeds contingent on future de

What did the court decide?

Petitioner to pay overdue amount of Rs.2,73,000 with interest in ten equal monthly instalments commencing 01.06.2016 along with regular EMIs.

Suma Ravindran Vs the Authorized Officer — 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 17TH DAY OF MAY 2016/27TH VAISAKHA, 1938

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WP(C).No. 16959 of 2016 (T)

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PETITIONER : -

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SUMA RAVINDRAN, AGED 34 YEARS, W/O. RAVINDRAN, H.NO.8/344, PARAKKADAVU VILLAGE, ALUVA, ERNAKULAM-685 608, NOW RESIDING AT KALATH HOUSE, MAMBRA P.O., PIN-680 308.

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BY ADVS.SRI.VINOD JABAR

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SRI.P.M.GIRIJAVALLABHAN

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RESPONDENTS : -

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THE AUTHORIZED OFFICER, AXIS BANK LTD., CIRCLE OFFICE, 5TH FLOOR, CHICAGO PLAZA, RAJAJI ROAD, KOCHI - 682 035.

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BRANCH MANAGER,

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AXIS BANK LTD., ANGEL RUDHY TOWER, OPP. ST. JOSEPH HIGH SCHOOL, ANGAMALY-683 572.

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BY ADV. SRI.PRADEESH CHACKO

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17-05-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 16959 of 2016 (T)

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APPENDIX

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PETITIONER'S EXHIBITS : -

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EXHIBIT P1 : COPY OF THE NOTICE ISSUED UNDER SECTION 13(2) OF SARFAESI ACT.

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EXHIBIT P2 : COPY OF THE RECEIPT OF PAYMENT.

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RESPONDENTS' EXHIBITS : - NIL.

// TRUE COPY //

P.A. TO JUDGE

DMR/-

A.M.SHAFFIQUE, J.

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W.P. (C) No. 16959 of 2016

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Dated this the 17^th day of May, 2016

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JUDGMENT

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Petitioner has approached this Court faced with the notice under Section 13(2) of the SARFAESI Act. It is stated that the petitioner had taken a housing loan undertaking to repay the amount at the rate of Rs.28,019/- per month. Since the instalments are not paid in time, the Bank has issued notice under Section 13(2) of the Act calling upon the petitioner to pay the outstanding amount of Rs.31,66,097/-.

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Petitioner submits that the total period of loan was 25 years and it is only on account of the defaulted payment that the petitioner is faced with Exhibit P1 notice.

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Learned counsel appearing for the Bank submits that the overdue amount as on date is Rs.2,73,000/-.

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Learned counsel for the petitioner seeks time to pay the overdue amount along with normal monthly instalments and seeks for instalment payment extending ten months.

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Learned counsel for the respondent Bank opposes the above request.

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W.P. (C) No. 16959 of 2016

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Having regard to the fact that the loan is taken for

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construction of the residential building, I am of the view that some indulgence can be shown to the petitioner and accordingly the writ petition is disposed of as under:

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(i) The petitioner shall pay the overdue amount of Rs.2,73,000/-with accrued interest in ten equal monthly instalments starting from 01.06.2016. Along with the instalments aforesaid, petitioner shall also pay the EMI of Rs.28,019/- on the respective dates in terms of the agreement.

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

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instalment, the Bank shall proceed further in accordance with law.

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A.M.SHAFFIQUE JUDGE

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DMR/-

Suma Ravindran v. the Authorized Officer

Case brief

What is this about?

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Suma Ravindran v. the Authorized Officer

Case brief

What is this about?

What did the court decide?

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