Allowed

Dasan T.D v. the Authorised Officer

Kerala HC21 Jan 2016WP(C)/2433/2016

Case brief

AI extract

What is this about?

The court disposed of a writ petition filed by borrowers challenging a bank's recovery proceedings under the SARFAESI Act. The court granted leave to pay the overdue amount in six monthly installments, subject to stipulations on default and furnishing updated dues statements.

What did the court decide?

Proceedings for recovery kept in abeyance pending payment of overdue amount in six equal monthly installments; bank directed to furnish statement of dues within ten days.

Dasan T.D Vs the Authorised Officer — 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.K.JAYASANKARAN NAMBIAR

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THURSDAY, THE 21ST DAY OF JANUARY 2016/1ST MAGHA, 1937

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WP(C).No. 2433 of 2016 (D)

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PETITIONER(S) :

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1. DASAN T.D., S/O.DAMODHARAN, TRIPPEKULATH HOUSE, THUMBUR KOTTANELLUR VILLAGE, MUKUNDAPURAM TALUK.

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2. SURABHI

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W/O.DASAN, TRIPPEKULATH HOUSE, THUMBUR KOTTANELLUR VILLAGE, MUKUNDAPURAM TALUK.

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BY ADV. SRI.DILIP J. AKKARA

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RESPONDENT :

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AUTHORISED OFFICER THE THRISSUR DISTRICT CO-OPERATIVE BANK LTD., H.O. SAHAKARANA SATHABDHI MANDIRAM, TUDA ROAD KOVILAKATHUMPADAM, THIRUVAMBADY P.O., THRISSUR-680 022.

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BY ADV. SRI.C.A.MAJEED, SC

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21-01-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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...2/-

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WP(C).No. 2433 of 2016 (D)

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APPENDIX

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PETITIONERS' EXHIBITS :

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EXHIBIT-P1: PHOTOCOPY OF THE POSSESSION NOTICE DATED 19.11.2015 ISSUED BY THE RESPONDENT.

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RESPONDENT(S)' EXHIBITS : NIL

//TRUE COPY//

P.A. TO JUDGE

A.K.JAYASANKARAN NAMBIAR, J.

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............................................................. W.P.(C).No.2433 of 2016

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............................................................. Dated this the 21^th day of January, 2016

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J U D G M E N T

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The petitioners, who had availed of a loan from the respondent bank, defaulted in repayment of the same. Consequently, the respondent bank initiated proceedings under the Securitisation and Reconstructions of Financial Assets and Enforcement of Security Interest Act, 2002, hereinafter referred to as the 'SARFAESI Act', to recover the loan amounts. Ext.P1 is the possession notice. In the writ petition, the petitioners impugn the steps initiated by the respondent bank for recovery of the loan amounts.

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I have heard the learned counsel appearing for the petitioners as also the learned Standing counsel appearing for the respondent bank.

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On a consideration of the facts and circumstances of the case and the submissions made across the bar, I note that the sole

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W.P.(C). No.2433 of 2016

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prayer of the petitioners is to permit them to remit the balance amounts outstanding to the respondent bank in easy installments. Taking into account the plea of financial hardship raised by the petitioners, I dispose the writ petition with the following directions:-

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(i) The total overdue amount, in respect of the loan availed by the petitioners as on today is stated to be Rs.1,18,682/- together with accrued interest. Accordingly, if the petitioners pay the said amount of Rs.1,18,682/- together with accrued interest in six equal and successive monthly installments commencing from 05.02.2016, and continues to keep up the regular installment payments as per the original loan schedule, then the further proceedings for recovery shall be kept in abeyance.

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(ii) It is further made clear that if the petitioners commit a default in respect of any of the installments, they will lose the benefit of this judgment and the respondent bank will be free to continue the recovery proceedings against them from the stage at which they presently stand.

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-3-

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W.P.(C). No.2433 of 2016

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(iii) The respondent bank shall furnish the petitioners with an up-to-date statement of dues within ten days from today, so as to enable the petitioners to comply with the directions in this judgment.

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A.K.JAYASANKARAN NAMBIAR JUDGE

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mns/21.01.16

Dasan T.D v. the Authorised Officer

Case brief

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Dasan T.D v. the Authorised Officer

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