Allowed

George Anto v. the Catholic Syrian Bank Ltd.

Kerala HC14 Jul 2016WP(C)/20197/2016

Case brief

AI extract

What is this about?

In a writ petition filed against recovery proceedings initiated by a bank under the SARFAESI Act, the Court granted the petitioner an indulgence, directing repayment of the dues in monthly instalments, with a clause allowing the bank to recover strictly if any default occurs.

What did the court decide?

Payment of entire amount with accrued interest in ten equal monthly instalments starting from 16/08/2016; default entitles the bank to further legal action.

George Anto Vs the Catholic Syrian Bank Ltd. — 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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THURSDAY, THE 14TH DAY OF JULY 2016/23RD ASHADHA, 1938

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WP(C).No. 20197 of 2016 (Y)

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PETITIONER:

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GEORGE ANTO, AGED 39 YEARS, S/O ANTO P.T, KALLUPURACKAL HOUSE, PAZHAVEEDU, ALAPPUZHA.

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BY ADVS.SRI.S.SHANAVAS KHAN SMT.S.INDU

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RESPONDENT(S):

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1.THE CATHOLIC SYRIAN BANK LTD., ALAPPUZHA BRANCH, ALAPPUZHA-688001, REPRESENTED BY ITS SENIOR MANAGER.

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2.THE BRANCH MANAGER, CATHOLIC SYRIAN BANK LTD, ALAPPUZAH-688001

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3.THE AUTHORISED OFFICER, CATHOLIC SYRIAN BANK LTD., ZONAL OFFICE, DARSANA BUILDING, SASTRI ROAD, KOTTAYAM-686001

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BY ADV. SRI.SAIGI JACOB PALATTY

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THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 14-07-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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mbr/

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WP(C).No. 20197 of 2016 (Y)

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APPENDIX

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PETITIONER(S)' EXHIBITS:

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P1 : TRUE COPY OF THE STATEMENT OF ACCOUNTS ISSUED BY THE FIRST RESPONDENT

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P2 : TRUE COPY OF THE NOTICE DT. 5/4/16 ISSUED BY THE 3RD RESPONDENT UNDER SECTION 13(2) OF THE SARFAESI ACT

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P3 : TRUE COPY OF THE NOTICE DT. 6/6/16 ISSUED BY THE 3RD RESPONDENT UNDER RULE 8(1) OF THE SECURITY INTEREST (ENFORCEMENT RULES, 2002).

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RESPONDENT(S)' EXHIBITS:

NIL

//TRUE COPY//

P.S. TO JUDGE

mbr/

**A.M.SHAFFIQUE, J * * * * * * * * * * * *** W.P.C.No.20197 of 2016

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Dated this the 14^th day of July 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 availed a cash credit facility of Rs.35 lakhs from the respondent 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.20197/2016

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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 accrued interest in ten equal monthly instalments starting from 16/08/2016.

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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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jsr

George Anto v. the Catholic Syrian Bank Ltd.

Case brief

What is this about?

What did the court decide?

George Anto v. the Catholic Syrian Bank Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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