Partly allowed

C.S.Rishi v. the Authorised Officer

Kerala HC19 Aug 2016WP(C)/22909/2016

Case brief

AI extract

What is this about?

This writ petition challenged proceedings initiated by the Federal Bank under the SARFAESI Act due to the petitioner's loan default. The court, noting the petitioner's willingness to repay in instalments, allowed a moratorium and directed immediate payment.

What did the court decide?

The petitioner to pay the entire amount with accrued interest within two months. Default attracts such steps by the bank as per law.

C.S.Rishi Vs the Authorised Officer — 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 19TH DAY OF AUGUST 2016/28TH SRAVANA, 1938

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WP(C).No. 22909 of 2016 (k)

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PETITIONER(S)/PETITIONER:

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C.S.RISHI, S/O.LATE CHARANKATTU SACHIDANANDAN, CHARANKATTU BUNGALOW, CHERTHALA SOUTH.P.O, ALAPPUZHA-688539.

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BY ADVS.SRI.M.P.ASHOK KUMAR SMT.BINDU SREEDHAR

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RESPONDENT(S)/RESPONDENTS:

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1. THE AUTHORISED OFFICER, FEDERAL BANK,MULLAKKAL BRANCH, ALAPPUZHA DISTRICT.

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2. THE FEDERAL BANK, MULLAKKAL BRANCH,

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ALAPPUZHA DISTRICT-REPRESENTED BY ITS MANAGER.

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R1&2 BY ADV. SRI.REJI GEORGE R1&2 BY ADV. SRI.BINOY DAVIS

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19-082016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 22909 of 2016 (k)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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EXT.P1 PHOTOCOPY OF THE RECOVERY NOTICE DATED 07.01.2016 ISSUED BY THE BANK TO THE PETITIONER

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EXT.P2 PHOTOCOPY OF THE NEWSPAPER NOTIFICATION PUBLISHED IN 'DHANAM'WEEKLY DATED 01.06.2016.

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RESPONDENT(S)' EXHIBITS NIL

// True copy //

P.A. To Judge

rmm

A.M.SHAFFIQUE, J.

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W.P.(C)No.22909 of 2016

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Dated this the 19^th day of August, 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 taken a loan 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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Accordingly, this writ petition is disposed of as under:

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(i) The petitioner shall pay the entire amount with accrued interest within a period of two months from today.

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W.P.(C)No.22909 of 2016 2

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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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rmm

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[ True copy]

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P.A. to Judge

C.S.Rishi v. the Authorised Officer

Case brief

What is this about?

What did the court decide?

C.S.Rishi v. the Authorised Officer

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Statutes considered

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