Disposed

P.N.Manoj v. Authorised Officer

Kerala HC7 Oct 2016WP(C)/17761/2016

Case brief

AI extract

What is this about?

The High Court of Kerala disposed of a writ petition filed against proceedings under the SARFAESI Act. The petitioner admitted inability to repay loan instalments but expressed willingness to do so. The Court allowed a temporary stay in instalment payments, subject to the threat of further action upon default.

What did the court decide?

Petitioner directed to pay the entire amount with accrued interest in six equal monthly instalments starting from 5/11/2016; default allows respondent to take legal steps.

P.N.Manoj Vs Authorised Officer — Banking and Recovery | 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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FRIDAY, THE 7TH DAY OF OCTOBER 2016/15TH ASWINA, 1938

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WP(C).No. 17761 of 2016 (U)

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PETITIONER(S):

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P.N.MANOJ,AGED 49 YEARS, S/O.P.NEELAKANDAN MOOSAD, FLAT NO.7, SREE MOOKAMBIKA APPARTMENT, SREEPURAM LANE, PUKUNNAM, THRISSUR DISTRICT - 680 002.

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BY ADV. SRI.RAJIT

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RESPONDENT(S):

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1. AUTHORISED OFFICER INDIAN OVERSEAS BANK, KUNNAMKULAM BRANCH, THRISSUR DISTRICT- 680001

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2. INDIAN OVERSEAS BANK

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KUNNAMKULAM BRANCH THRISSUR DISTRICT, REPRESENTED BY THE MANAGER - 680001

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R1 & R2 BY SRI.SUNIL SHANKAR, SC, BY ADVS. SRI.P.S.SIDHAN SMT.ARCHANA S. KUMAR

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THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 07-10-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 17761 of 2016 (U)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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P1: TRUE COPY OF THE NOTICE DT. 13.1.2016 ISSUED BY THE 1ST RESPONDENT. P2: TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE RESPONDENTS DT. 13.5.2016.

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RESPONDENT(S)' EXHIBITS : NIL.

//TRUE COPY//

P.A. TO JUDGE

A.M. SHAFFIQUE, J.

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------------------------------------- W.P.(C) No.17761 of 2016

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Dated this the 7^th day of October, 2016

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JUDGMENT

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Petitioner has approached this Court being faced with the

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proceedings initiated by the respondent Bank under the SARFAESI Act.

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Petitioner had taken a loan from the respondent

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bank. But 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.17761 of 2016

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-2-

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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

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accrued interest in six equal monthly instalments starting from 5/11/2016.

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

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amounts, it shall be open for the respondent Bank to take such

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steps in accordance with law.

Sd/-

A.M. SHAFFIQUE

JUDGE

Scl/07.10.2016

P.N.Manoj v. Authorised Officer

Case brief

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P.N.Manoj v. Authorised Officer

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