Allowed

B.Sainu v. Punjab National Bank

Kerala HC19 May 2016WP(C)/17658/2016

Case brief

AI extract

What is this about?

In a writ petition under Section 34 of the SARFAESI Act, the High Court of Kerala allowed the petitioner to clear the outstanding bank dues of Rs. 6,15,547 with accrued interest in eight equal monthly installments, commencing from 15.06.2016, subject to continued payment of monthly installments as per agreement. Any default would allow the bank to proceed further under the law.

What did the court decide?

Petitioner directed to pay overdue amount of Rs. 6,15,547 with interest in 8 equal monthly installments starting 15.06.2016 along with regular monthly installments.

B.Sainu Vs Punjab National Bank — Contract and Commercial Disputes | Kerala HC (2016)

¶1

IN THE HIGH COURT OF KERALA AT ERNAKULAM

¶2

PRESENT:

¶3

THE HONOURABLE MR.JUSTICE A.M.SHAFFIQUE

¶4

THURSDAY, THE 19TH DAY OF MAY 2016/29TH VAISAKHA, 1938

¶5

WP(C).No. 17658 of 2016 (F)

¶6

PETITIONER(S):

¶7

B.SAINU, W/O. DR.ABDUL MUJEEB, AGED 43 YEARS, SHAMS HOUSE, KARAPPUZHA,KOTTAYAM DISTRICT

¶8

BY ADV. SMT.P.S.PREETHA

¶9

RESPONDENT(S):

¶10

1. PUNJAB NATIONAL BANK, LOGOS CENTRE, SASTRI ROAD, KOTTAYAM - 686 011.

¶11

2. CHIEF MANAGER, PUNJAB NATIONAL BANK, LOGOS CENTRE, SASTRI ROAD, KOTTAYAM - 686 011.

¶12

R BY SRI.SANTHEEP ANKARATH, SC, PUNJAB NATIONAL BANK

¶13

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19-05-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

¶14

¶15

WP(C).No. 17658 of 2016 (F)

¶16

APPENDIX

¶17

PETITIONER(S)' EXHIBITS:

¶18

P1 : A TRUE COPY OF THE RELEVANT PAGES OF THE PASS BOOK.

¶19

P2 : A TRUE COPY OF THE POSSESSION NOTICE DATED 15-03-2016

¶20

P3 : A TRUE COPY OF THE PAPER PUBLICATION DATED 20-03-2016 IN MATHRUBHOOMI DAILY NEWS PAPER.

¶21

RESPONDENT(S)' EXHIBITS

NIL

//TRUE COPY//

P.A TO JUDGE

A.M.SHAFFIQUE, J.

¶26

W.P.C.No.17658 of 2016

¶27

Dated this the 19^th day of May, 2016

¶28

J U D G M E N T

¶29

The petitioner has approached this Court when proceedings were taken by the respondent bank under the SARFAESI Act. Symbolic possession of the property has already been taken and notice has been published for sale of the property. Petitioner submits that the term loan was taken and though there had been default the petitioner was entitled for installment facility up to July, 2018. The learned counsel for the petitioner seeks time to pay the over due amount in installments.

¶30

Learned counsel for the respondent bank submits that the over due amount is 6,15,547/- and if the petitioner is willing₹ to pay the said amount along with regular monthly installments the bank is willing to grant sufficient time.

¶31

Having regard to the above fact situation, I am of the view that some indulgence can be shown to the petitioner and accordingly the writ petition is disposed of as under:

¶32

i) The petitioner shall pay 6,15,547/- which is₹ the over due amount as on date with accrued interest in eight equal monthly installments starting from

¶33

W.P.C.No.17658 of 2016

¶34

¶35

15.06.2016. Along with the payment of over due amount as aforesaid, petitioner shall also pay the monthly installments which is due as per the agreement.

¶36

ii) If there is default in payment of any of the aforesaid installment, it shall be open for the respondent Bank to proceed further in accordance with law.

¶37

Sd/- A.M.SHAFFIQUE JUDGE

¶38

//TRUE COPY//

¶39

P.A TO JUDGE

¶40

B.Sainu v. Punjab National Bank

Case brief

What is this about?

What did the court decide?

B.Sainu v. Punjab National Bank

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

Case details

Similar cases

Mohammed Rafi Vs Assistant Engineer, Kerala Electricity Board

M/S.Thomas Chacko and Sons(Defunct) Vs the Inspecting Assistnat Commissioner

A.B.Textiles Vs the State of Kerala

Reckitt Benckiser (India) Ltd. Vs State of Kerala

Sunny Antony Vs State of Kerala

Thankam Amma Vs the Vadakaras Co-Operative Urban Bank Ltd.