Partly allowed

Jayan K.C. v. the Fedral Bank Ltd.

Kerala HC28 Jul 2016WP(C)/23530/2016

Case brief

AI extract

What is this about?

In a writ petition challenging actions under the SARFAESI Act, the High Court of Kerala, recognizing the petitioners' willingness to repay dues, granted a compromise allowing them to clear the default in five instalments while retaining the bank's right to proceed legally in case of default.

What did the court decide?

Petitioners directed to pay overdue amount and interest in five equal monthly instalments starting 26/08/2016 and remit future monthly instalments; Bank retains right to take legal steps on default.

Jayan K.C. Vs the Fedral Bank Ltd. — 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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THURSDAY, THE 28TH DAY OF JULY 2016/6TH SRAVANA, 1938

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WP(C).No. 23530 of 2016 (M)

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PETITIONER(S):

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1. JAYAN K.C.,S/O.CHANDRAN K.G., KAINOOR HOUSE,EZHIMANGALAM P.O., THRISSUR DISTRICT- 680 751.

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2. PRIYA JAYAN K.C., W/O.JAYAN K.C., KAINOOR HOUSE, EZHIMANGALAM P.O., THRISSUR DISTRICT- 680 751.

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BY ADV. SRI.V.C.MADHAVANKUTTY

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RESPONDENT:

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THE FEDRAL BANK LTD., ASSET MANAGEMENT CELL, FEDERAL TOWER, 1ST FLOOR MARINE DRIVE, ERNAKULAM 682 031REP. BY AUTHORIZED OFFICER)

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BY SRI.LAWRENCE D'CUNHA, SC ADVS.SRI.K.MADHUSOODANAN SRI.MATHEW BONSTANE SRI.T.G.PAUL SRI.MATHEW JACOB (KUNNATHU) SRI.GODWIN JOSE

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THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 28-07-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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mbr/

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WP(C).No. 23530 of 2016 (M)

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APPENDIX

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PETITIONER(S)' EXHIBITS:

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EXHIBIT P1 : TRUE COPY OF THE NOTICE ISSUED BY THE RESPONDENT DATED 23.04.2015 UNDER SECTION 13(2) OF SERFAESI ACT. EXHIBIT P2 : TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER IN CRL.M.P.3002/2016 ON THE FILE OF CHIEF JUDICIAL MAGISTRATE COURT, THRISSUR DATED 5.7.2016.

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RESPONDENT(S)' EXHIBITS: NIL -----------------------

//TRUE COPY//

P.S. TO JUDGE

mbr/

A.M. SHAFFIQUE, J.

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------------------------------------- W.P.(C) No. 23530 of 2016

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Dated this the 28^th day of July, 2016

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JUDGMENT

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

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Petitioners had taken a loan for 14,50,000/- from₹ the respondent Bank. 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,

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W.P.(C) No. 23530 of 2016

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-2-

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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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(i) The petitioners shall pay the overdue amount with

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accrued interest in five equal monthly instalments starting from 26/08/2016.

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(ii) In addition to payment of the aforesaid amount, petitioners shall also remit the 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

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take such steps in accordance with law.

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Sd/- A.M. SHAFFIQUE JUDGE

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Scl/28.07.2016

Jayan K.C. v. the Fedral Bank Ltd.

Case brief

What is this about?

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Jayan K.C. v. the Fedral Bank Ltd.

Case brief

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