Partly allowed

Thangal Kunju K.C. v. the Thiruvalla East Co-Operative Bank Ltd. NO.3260

Kerala HC1 Jul 2016WP(C)/20824/2016

Case brief

AI extract

What is this about?

In this writ petition, the High Court considered proceedings under the SARFAESI Act initiated by a bank against a defaulting borrower. The court allowed the petitioner to repay the outstanding loan and interest in 10 equal instalments starting from November 1, 2016, noting the petitioner's willingness to pay.

What did the court decide?

The petitioner shall pay the entire amount with accrued interest in 10 equal monthly instalments starting from 1/11/2016.

Thangal Kunju K.C. Vs the Thiruvalla East… — 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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FRIDAY, THE 1ST DAY OF JULY 2016/10TH ASHADHA, 1938

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WP(C).No. 20824 of 2016 (C)

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PETITIONER(S) :

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THANGAL KUNJU K.C., MISNA MANZIL, KULATHOOR P.O, PATHANAMTHITTA.

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BY ADVS. SRI.V.P.MOHAMMED NIYAZ

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SRI.M.P.MUHAMMAD FAZIL SRI.K.RONALD JOSE

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SMT.AUGNES LOVELY FRANCIS

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RESPONDENT(S) :

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1. THE THIRUVALLA EAST CO-OPERATIVE BANK LTD NO.3260, REPRESENTED BY ITS PRESIDENT, HEAD OFFICE, ERAVIPEROOR, PATHANAMTHITTA 689 542.

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2. THE THIRUVALLA EAST CO-OPERATIVE BANK LTD. NO. 3260, REPRESENTED BY ITS BRANCH MANAGER, PERUMPETTY BRANCH, PATHANAMTHITTA 689 592.

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BY ADVS. SRI.ARUN.B.VARGHESE

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SRI.JAYKAR.K.S. SMT.M.B.DHANYA BABU

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THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 01-07-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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Msd.

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WP(C).No. 20824 of 2016 (C)

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APPENDIX

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PETITIONER(S)' EXHIBITS :

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P1 : TRUE COPY OF THE TREATMENT RECORDS OF THE PETITIONER.

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P2 : TRUE COPY OF CERTIFICATE ISSUED BY THE SURGEON, GOVERNMENT THQ HOSPITAL, MALLAPPALLY FOR THE FINANCIAL ASSISTANCE NEED FOR THE SURGERY OF THE PETITIONER DATED 23-12-2015.

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P3 : TRUE COPY OF CERTIFICATE ISSUED FROM THE BELIEVERS MEDICAL COLLEGE, THIRUVALLA DATED 12-05-2016.

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P4 : TRUE COPY OF NOTICE PUBLISHED UNDER SECTION 13(4) OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT 2002 IN MALAYALA MANORAMA DAILY DATED 19-03-2016.

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RESPONDENT(S)' EXHIBITS :

NIL

//TRUE COPY//

P.S.TO JUDGE.

Msd.

A.M. SHAFFIQUE, J.

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============= W.P. (C) No. 20824 of 2016

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===================

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Dated this, the 1^st 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 proceedings initiated by the respondent Bank under the SARFAESI Act.

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Petitioner had taken a loan for `7,00,000/- from the 2^nd respondent Bank. 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.20824/16

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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 10 equal monthly instalments starting from 1/11/2016.

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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/- A.M. SHAFFIQUE, JUDGE

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Rp1/07/2016

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//True Copy//

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P.S to Judge

Thangal Kunju K.C. v. the Thiruvalla East Co-Operative Bank Ltd. NO.3260

Case brief

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Thangal Kunju K.C. v. the Thiruvalla East Co-Operative Bank Ltd. NO.3260

Case brief

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What did the court decide?

What the court decided

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