Partly allowed

M/S.Cheriya Mangad Radhayathra One Vanchi Group v. the Authorised Officer, Bank of Baroda

Kerala HC20 May 2016WP(C)/2116/2016

Case brief

AI extract

What is this about?

Petitioner challenged proceedings under SARFAESI Act for non-payment of loan. High Court allowed time to repay outstanding dues in instalments and directed payment of future instalments as per agreement, warning of resumption of proceedings on default.

What did the court decide?

Petitioner directed to pay outstanding dues of Rs. 20,01,817/- with interest in 20 monthly instalments from 16.6.2016 and also pay future instalments as per agreed terms. Bank reserved right to procee

M/S.Cheriya Mangad Radhayathra One Vanchi Group Vs the… — 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 20TH DAY OF MAY 2016/30TH VAISAKHA, 1938

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WP(C).No. 2116 of 2016 (L)

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PETITIONER(S) :-

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M/S.CHERIYA MANGAD RADHAYATHRA ONE VANCHI GROUP, THEKKETHALA PARAMBIL HOUSE, CHERIYAMANGAD, TOWN/POST : KOYILANDY, DISTRICT KOZHIKODE REPRESENTED BY SAJAN T.P. (GROUP LEADER & MANAGING PARTNER) THEKKETHALA PARAMBIL HOUSE, CHERIYAMANGAD, TOWN/POST : KOYILANDY, DIST : KOZHIKODE.

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BY ADV. SMT.K.DEEPA (PAYYANUR)

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RESPONDENT(S) :-

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THE AUTHORIZED OFFICER, BANK OF BARODA, CITY TOWER, MAVOOR ROAD, KOZHIKODE - 673 004. BY ADV. SRI.K.M.ANEESH SRI.K.SANTHOSH KUMAR (KALIYANAM) SRI.ADARSH KUMAR SRI.DILEEP CHANDRAN

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20-05-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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jvt

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W.P.(C) No.2116 OF 2016

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APPENDIX

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PETITIONER'S EXHIBITS :-

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EXT.P1 :- TRUE COPY OF THE RELEVANT PAGES OF THE PASSBOOK ISSUED BY THE RESPONDENT BANK TO THE PETITIONER, ALONG WITH ONE RECEIPT, SHOWING THE REPAYMENT.

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EXT.P2 :- TRUE COPY OF THE DEMAND NOTICE DATED 28.7.2015 UNDER SECTION 13(2) OF THE SAID ACT ISSUED TO THE PETITIONERS BY THE RESPONDENT BANK.

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EXT.P3 :- TRUE COPY OF THE NOTICE DATED 5.1.2016 ISSUED TO THE PETITIONERS BY THE COMMISSIONER.

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RESPONDENT'S EXHIBITS :-

//TRUE COPY//

P.A. TO JUDGE

A.M.SHAFFIQUE, J

W.P(C) No. 2116 of 2016

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Dated this the 20^th day of May, 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 under the SARFAESI Act. The petitioner submits that the loan taken by the petitioner could not be repaid due to certain special circumstances. Loan was to be repaid in 84 monthly instalments commencing from 30.12.2011. The petitioner is now called upon to pay an amount of Rs. 35,80,765/- in terms of Ext.P2 notice under section 13 (2) of the SARFAESI Act.

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Learned counsel for the petitioner seeks time to repay the overdue amount in instalments and to regularise the account. Learned counsel also submits that future instalments will be paid in time.

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Learned counsel appearing for the respondent Bank submits that outstanding due is Rs.20,01,817/- as on 30.1.2016.

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Having regard to the factual situation involved in the matter, I am of the view that some indulgence can be shown to the

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W.P(C).1126/16

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petitioner for remitting the outstanding dues as well as regular instalments in the following manner :

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That the petitioner shall pay the outstanding dues of Rs.20,01,817/- (Rupees Twenty Lakhs One Thousand Eight Hundred and Seventeen only) with accrued interest in 20 equal monthly instalments starting from 16.6.2016.

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In addition to the payment of the aforesaid amount, the petitioner shall also pay monthly instalments as per the agreed terms.

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If there is any default in payment of the aforesaid amount, it shall be open for the Bank to take appropriate proceedings, in accordance with law.

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Sd/-

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A.M.SHAFFIQUE JUDGE

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sou. 21/5

M/S.Cheriya Mangad Radhayathra One Vanchi Group v. the Authorised Officer, Bank of Baroda

Case brief

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M/S.Cheriya Mangad Radhayathra One Vanchi Group v. the Authorised Officer, Bank of Baroda

Case brief

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What did the court decide?

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