Disposed

Biju S. v. the Manager, the Co-Operative Urban Bank Ltd.

Kerala HC15 Jul 2016WP(C)/23680/2016

Case brief

AI extract

What is this about?

The High Court of Kerala disposed of a writ petition filed by a borrower challenging recovery proceedings initiated under the SARFAESI Act, granting a stay by direction to pay the entire debt in monthly instalments.

What did the court decide?

The petitioner shall pay the entire amount with accrued interest in ten equal monthly instalments starting from 16/08/2016.

Biju S. Vs the Manager, the Co-Operative… — 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 15TH DAY OF JULY 2016/24TH ASHADHA, 1938

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WP(C).No. 23680 of 2016 (H)

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PETITIONER(S):

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BIJU. S.,

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S/O. SUKUMARAN, AGED 39 YEARS, SUKUMARA VILASOM, KANNAMKODU. P.O., VETTIKAVALA VILLAGE, KOTTARAKARA TALUK, KOLLAM DISTRICT.

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BY ADV. SRI.ALEXANDER GEORGE.

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RESPONDENT(S):

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1. THE MANAGER, CO-OPERATIVE URBAN BANK LTD., KOTTARAKARA, KOTTARAKARA BRANCH, KOLLAM DISTRICT-691 506.

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2. AUTHORIZED OFFICER, CO-OPERATIVE URBAN BANK LTD., KOTTARAKARA, KOLLAM DISTRICT-691 506.

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BY ADV. SMT.DEEPA.V., SC.

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15-07-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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rs.

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WP(C).No. 23680 of 2016 (H)

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APPENDIX

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PETITIONER'S EXHIBITS:-

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EXHIBIT P1 THE TRUE COPY OF THE NOTICE DATED 23.06.2016 ISSUED BY THE ADVOCATE COMMISSIONER TO THE PETITIONER.

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RESPONDENT'S EXHIBITS:- NIL.

//TRUE COPY//

P.S. TO JUDGE

rs.

**A.M.SHAFFIQUE, J * * * * * * * * * * * *** W.P.C.No.23680 of 2016

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Dated this the 15^th 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 the proceedings initiated by the respondent Bank under the SARFAESI Act.

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Petitioner had taken a business loan from the respondent bank for Rs.2,50,000/-. 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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W.P.C.No.23680/2016

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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 ten equal monthly instalments starting from 16/08/2016.

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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/-)

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(A.M.SHAFFIQUE, JUDGE)

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jsr

Biju S. v. the Manager, the Co-Operative Urban Bank Ltd.

Case brief

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Biju S. v. the Manager, the Co-Operative Urban Bank Ltd.

Case brief

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