Partly allowed

Siddique v. Vs the Calicut Co-Operative Urban Bank Ltd.

Kerala HC30 Aug 2016WP(C)/17286/2016

Case brief

AI extract

What is this about?

The High Court of Kerala disposed of a writ petition where a loan defaulting petitioner sought relief from SARFAESI Act proceedings. The court allowed the petitioner to repay the overdue amount and interest in five equal monthly instalments.

What did the court decide?

Petitioner to pay overdue amount with accrued interest in five equal monthly instalments starting from 26/09/2016 and remit monthly instalments as per agreed terms.

Siddique v Vs the Calicut Co-Operative Urban Bank Ltd. — Execution and Attachment | 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 30TH DAY OF AUGUST 2016/8TH BHADRA, 1938

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WP(C).No. 17286 of 2016 (I)

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PETITIONER:

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SIDDIQUE V, VALAPPIL HOUSE, PADANILAM, KUNNAMANGALAM, KOZHIKODE.

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BY ADV. SMT.VIJAYAKUMARI

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RESPONDENT:

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THE CALICUT CO-OPERATIVE URBAN BANK LTD., REPRESENTED BY ITS AUTHORIZED OFFICER, KALLAI ROAD, KOZHIKODE - 673 002.

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BY ADV. SRI.DEVAPRASANTH.P.J.

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THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 30-08-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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mbr/

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WP(C).No. 17286 of 2016 (I)

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APPENDIX

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PETITIONER(S)' EXHIBITS:

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P1 : TRUE COPY OF POSSESSION NOTICE DT. 08.3.2016. P2 : TRUE COPY OF RECEIPTS DT. 11.3.2016 ISSUED THE RESPONDENT BANK. P3 : TRUE COPY OF RECEIPTS DT. 24.3.2016 ISSUED THE RESPONDENT BANK. P4 : TRUE COPY OF LETTER ISSUED BY THE RESPONDENT. DT. 20.4.2016.

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RESPONDENT(S)' EXHIBITS: NIL -----------------------

//TRUE COPY//

P.S. TO JUDGE

mbr/

**A.M.SHAFFIQUE, J * * * * * * * * * * * *** W.P.C.No.17286 of 2016

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Dated this the 30^th day of August 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 the proceedings initiated by the respondent Bank under the SARFAESI Act.

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Petitioner had taken a loan for `.10 lakhs. 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 overdue amount in instalments and will also pay the regular 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 overdue 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.17286/2016

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Accordingly, this writ petition is disposed of as under:

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(i) The petitioner shall pay the overdue amount with accrued interest in five equal monthly instalments starting from 26/09/2016.

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(ii) In addition to payment of the aforesaid amount, petitioner shall also remit the monthly instalments as per the agreed terms.

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(iii) 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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jsr

Siddique v. Vs the Calicut Co-Operative Urban Bank Ltd.

Case brief

What is this about?

What did the court decide?

Siddique v. Vs the Calicut Co-Operative Urban Bank Ltd.

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

Coram

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