Petitioner facing SARFAESI proceedings sought time to repay an overdraft. Court granted indulgence allowing installment payments over ten months, with the bank retaining the right to sue upon default.
Petitioner directed to pay the entire amount with accrued interest in ten equal monthly installments starting 01/11/2016; bank retains right to sue on default.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR.JUSTICE A.M.SHAFFIQUE
MONDAY, THE 26TH DAY OF SEPTEMBER 2016/4TH ASWINA, 1938 WP(C).No. 20560 of 2016 (T) ----------------------------
PETITIONER:
MANI A.V, S/O.VELAYUDHAN,ALLAPARAMBIL HOUSE,EDAVANAKAD.P.O, ERNAKULAM-682502.
BY ADVS.SRI.PHILIP T.VARGHESE SRI.THOMAS T.VARGHESE SMT.ACHU SUBHA ABRAHAM SMT.K.R.MONISHA SMT.CHITHRA CHANDRASEKHARAN
RESPONDENT(S):
1. THE FEDERAL BANK LTD., REPRESENTED BY ITS CHIEF GENERAL MANAGER, REGISTERED OFFICE,ALUVA-683101.
2. THE BRANCH MANAGER, FEDERAL BANK LIMITED,GAJUWAKA BRANCH, DOOR NO.10-8-27,KANITHI ROAD, BESIDE MANGALGIRI COMPLEX,GAJUWAKA, VISAKHAPATANAM-530026.
3. THE CHIEF MANAGER AND BRANCH HEAD, AUTHORIZED OFFICER UNDER THE SARFAESI ACT, FEDERAL BANK LIMITED,VISAKHATAPATANAM BRANCH, D.NO.12-1-16,NAYA CHAMBERS,WALTER MAIN ROAD, VISAKHAPATANAM-530002.
R1-R3 BY ADVS. SRI.LAWRENCE D'CUNHA SRI.K.MADHUSOODANAN SRI.MATHEW BONSTANE SRI.T.G.PAUL SRI.MATHEW JACOB (KUNNATHU)
THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 26-09-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
K.V.
WP(C).No. 20560 of 2016 (T)
APPENDIX
| PETITIONER(S)' -------------- |
EXHIBITS --------- |
|---|---|
| P1 |
TRUE COPY OF THE LETTER ISSUED BY THE 2ND RESPONDENT DATED 08.05.2010. |
| P2 |
TRUE COPY OF THE NOTICE NO.VZG/PF-NO.1354/2014 ISSUED BY THE 3RD RESPONDENT DATED 27.10.2014. |
| P3 |
TRUE COPY OF THE POSTAL COVER OF EXHIBIT P2 NOTICE DISPATCHED ON 29.01.2016. |
| P4 |
TRUE COPY OF THE REPLY SUBMITTED BY THE PETITIONER TO THE 3RD RESPONDENT DATED 14.03.2016. |
| P5 |
TRUE COPY OF THE STATEMENT OF ACCOUNTS ISSUED BY THE 1ST RESPONDENT DATED 17.03.2016. |
| P6 |
TRUE COPY OF THE JUDGMENT IN W.P(C)11737/2016 DATED 07.04.2016. |
| P7 |
TRUE COPY OF NOTICE NO.VZG/168756000000019/2015 ISSUED BY THE 3RD RESPONDENT DATED 30.03.2016. |
| P8 |
TRUE COPY OF THE REPLY SUBMITTED BY THE PETITIONER TO THE 3RD RESPONDENT DATED 23.05.2016. |
| RESPONDENT(S)' | EXHIBITS NIL |
/TRUE COPY/
P.A.TO JUDGE
K.V.
**A.M.SHAFFIQUE, J * * * * * * * * * * * *** W.P.C.No.20560 of 2016
Dated this the 26th day of September 2016
J U D G M E N T
Petitioner has approached this Court being faced with the proceedings initiated by the respondent Bank under the SARFAESI Act.
Accordingly, this writ petition is disposed of as under:
W.P.C.No.20560/2016
2
(i) The petitioner shall pay the entire amount with accrued interest in ten equal monthly instalments starting from 01/11/2016.
(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.
(sd/-)
(A.M.SHAFFIQUE, JUDGE)
jsr
1 issue framed by the court
Whether the petitioner could be granted indulgence to repay the outstanding overdraft amount in instalments.
MANI A.V
THE FEDERAL BANK LTD.
A.M. SHAFFIQUE
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
