Allowed

S.Wilfred v. the Authorized Officer, Oriental Bank of Commerce

Kerala HC28 Jul 2016WP(C)/23697/2016

Case brief

AI extract

What is this about?

The High Court allowed a borrower facing SARFAESI proceedings for non-payment of housing loan instalments. The Court granted a one-time indulgence, permitting the petitioner to clear dues and future installments in equal monthly installments to avoid immediate enforcement actions.

What did the court decide?

Petitioner directed to pay overdue amount with interest in ten equal monthly installments starting 26.08.2016, along with future installments per agreed terms; bank retained right to take legal steps

S.Wilfred Vs the Authorized Officer, Oriental Bank of… — 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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THURSDAY, THE 28TH DAY OF JULY 2016/6TH SRAVANA, 1938

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WP(C).No. 23697 of 2016 (J)

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PETITIONER(S):

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S.WILFRED,

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AGED 53 YEARS, SHALOM, JNR-40, JUBILEE NAGAR, VATTAPPARA P.O., THIRUVANANTHAPURAM-695 028.

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BY ADV. SRI.V.K.PEERMOHAMED KHAN

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RESPONDENT(S):

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THE AUTHORISED OFFICER, ORIENTAL BANK OF COMMERCE,

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S.S.KOVIL ROAD, THIRUVANANTHAPURAM-695 028.

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BY SRI.SAJI P.JOSEPH, SC

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28-07-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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msv/

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WP(C).No. 23697 of 2016 (J)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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P1 TRUE COPY OF THE DEMAND NOTICE.

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P2 TRUE COPY OF THE ORDER PASSED BY THE CJM COURT, THIRUVANANTHAPURAM.

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P3 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER APPOINTED BY THE CJM COURT, THIRUVANANTHAPURAM.

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RESPONDENT(S)' EXHIBITS

NIL

//TRUE COPY//

P.S.TO JUDGE

Msv/

A.M.SHAFFIQUE, J.

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W.P.(C).No.23697 of 2016

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----------------------------------- Dated this the 28^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 proceedings initiated by the respondent Bank under the SARFAESI Act.

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Petitioner had taken a housing loan for `10 lakhs and an additional housing loan for 2 lakhs. 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 outstanding dues in instalments and will also pay the regular instalments, if some time is granted.

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Learned counsel for the respondent Bank submits that the overdue amount would come to `1,52,275/-.

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Having regard to the fact that the petitioner had expressed his 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 overdue amount with accrued interest in ten equal monthly instalments starting from 26.08.2016.

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W.P.(C).No.23697 of 2016

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(ii) In addition to payment of the aforesaid amount, petitioner 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/-

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A.M.SHAFFIQUE, JUDGE.

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S.Wilfred v. the Authorized Officer, Oriental Bank of Commerce

Case brief

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S.Wilfred v. the Authorized Officer, Oriental Bank of Commerce

Case brief

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