Allowed

Bindu Unnikrishnan v. the Federal Bank Ltd.

Kerala HC28 Sept 2016WP(C)/21922/2016

Case brief

AI extract

What is this about?

Petitioners facing recovery proceedings under SARFAESI Act for a defaulted loan. The Court, observing their willingness to repay, granted them indulgence to pay the overdue amount and regular instalments over time, with the proviso that the Bank may proceed with legal steps upon any default.

What did the court decide?

Petitioners directed to pay overdue amount with interest in 6 equal monthly instalments starting 1/11/2016 and subsequent monthly instalments; Bank may take legal steps on default.

Bindu Unnikrishnan Vs the Federal Bank Ltd. — 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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WEDNESDAY, THE 28TH DAY OF SEPTEMBER 2016/6TH ASWINA, 1938

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WP(C).No. 21922 of 2016 (M)

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PETITIONERS:

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1. BINDU UNNIKRISHNAN, W/O. UNNIKRISHNAN. K.R, KOCHARACKAL, ETTUMANOOR. P.O, KOTTAYAM-686 631.

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2. UNNIKRISHNAN. K.R, KOCHARACKAL, ETTUMANOOR. P.O,

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KOTTAYAM-686 631.

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3. SANTHAKUMARI, W/O. RAJAPPAN NAIR, BINDUSADANAM, KATTAMPAUK. P.O, NEEZHOOR, KOTTAYAM-686 612.

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BY ADVS.SRI.C.HARIKUMAR, SRI.RENJITH RAJAPPAN.

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RESPONDENTS:

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1. THE FEDERAL BANK LTD., KOTTAYAM BRANCH, THEKKUMKAL BUILDING, P.B. NO.269, T.B. ROAD, KOTTAYAM-686 001, REPRESENTED BY ITS BRANCH MANAGER.

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2. AUTHORISED OFFICER/CHIEF MANAGER AND BRANCH HEAD, THE FEDERAL BANK LTD, KOTTAYAM BRANCH, THEKKUMKAL BUILDING, P.B. NO.269, T.B. ROAD, KOTTAYAM-686 001.

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BY ADVS. SRI.MOHAN JACOB GEORGE, SMT.P.V.PARVATHI, SMT.REENA THOMAS.

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THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 28-09-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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rs.

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WP(C).No. 21922 of 2016 (M)

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APPENDIX

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PETITIONER'S EXHIBITS:-

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P1 THE TRUE COPY OF THE NOTICE DATED 23.07.2015 ISSUED BY THE 2ND RESPONDENT UNDER SECTION 31(2)OF SARFAESI ACT 2002.

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P2 THE TRUE COPY OF THE NOTICE DATED 21.01.2016 ISSUED BY THE 2ND RESPONDENT UNDER SECTION 13(2)OF THE SARFAESI ACT 2002.

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P3 THE TRUE COPY OF THE REPRESENTATION DATED 28.04.2016 PREFERRED BY THE PETITIONERS BEFORE THE 2ND RESPONDENT.

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P4 THE TRUE COPY OF THE POSSESSION NOTICE DATED 27.04.2016 ISSUED BY THE 2ND RESPONDENT.

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RESPONDENT'S EXHIBITS:- NIL.

//TRUE COPY//

P.S. TO JUDGE

rs.

A.M. SHAFFIQUE, J.

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=============== W.P. (C) No. 21922 of 2016

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

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Dated this, the 28^th day of September, 2016

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J U D G M E N T

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Petitioners have approached this Court being faced with proceedings initiated by the respondent Bank under the SARFAESI Act.

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Petitioners had taken Prathyasa loan for `5 lakhs from the 1^st respondent. The petitioners 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 petitioners submits that the petitioners are ready and willing to pay the outstanding dues in instalments and will also pay the regular instalments if some time is granted.

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Having regard to the fact that the petitioners had expressed the willingness to repay the amount in instalments, I am of the view that some indulgence can be shown to the petitioners.

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Accordingly, this writ petition is disposed of as under:

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W.P(C) No.21922/16

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(i) The petitioners shall pay the overdue amount with accrued interest in 6 equal monthly instalments starting from 1/11/2016.

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(ii) In addition to payment of the aforesaid amount, petitioners shall also remit monthly instalments as per the agreed terms.

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(iii) 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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Rp28/09/2016

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//True Copy//

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P.S to Judge

Bindu Unnikrishnan v. the Federal Bank Ltd.

Case brief

What is this about?

What did the court decide?

Bindu Unnikrishnan v. the Federal Bank Ltd.

Case brief

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What did the court decide?

What the court decided

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