Partly allowed

Madhavan Nair v. Authorised Officer, District Co-Operative Bank

Kerala HC8 Aug 2016WP(C)/25100/2016

Case brief

AI extract

What is this about?

Petitioner challenged proceedings under the SARFAESI Act initiated by the bank due to housing loan default. Court allowed installment payment of dues, granting relief as petitioner expressed willingness to repay.

What did the court decide?

Petitioner directed to pay overdue amount with accrued interest in twelve equal monthly instalments starting from 06/09/2016 and remit monthly instalments as per agreed terms.

Madhavan Nair Vs 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.M.SHAFFIQUE

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MONDAY, THE 8TH DAY OF AUGUST 2016/17TH SRAVANA, 1938

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WP(C).No. 25100 of 2016 (J)

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PETITIONER(S) :

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MADHAVAN NADAR, S/O. GANGADHARAN NADAR, POOVANKAVILA PUTHANVEEDU, PLAMOOTTUKADA NJARAKKALA, NEYYATTINKARA TALUK, THIRUVANANTHAPURAM DISTRICT, PIN- 695 122.

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BY ADV. SMT.REENA ABRAHAM

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RESPONDENT(S) :

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1. THE AUTHORISED OFFICER, DISTRICT CO-OPERATIVE BANK, TRIVANDRUM HEAD OFFICE, FORT, THIRUVANANTHAPURAM.

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2. THE BRANCH MANAGER, DISTRICT CO-OPERATIVE BANK, TRIVANDURAM, PARASSALA BRANCH, THIRUVANANTHAPURAM.

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BY ADV. SRI.T.R.HARIKUMAR, S.C

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08-08-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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Msd.

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WP(C).No. 25100 of 2016 (J)

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APPENDIX

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PETITIONER(S)' EXHIBITS :

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EXHIBIT P1: TRUE COPY OF THE PASSBOOK DETAILING THE PAYMENTS MADE BY THE PETITIONER.

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EXHIBIT P2: TRUE COPY OF THE POSSESSION NOTICE.

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RESPONDENT(S)' EXHIBITS :

NIL

//TRUE COPY//

P.A.TO JUDGE.

Msd.

A.M.SHAFFIQUE, J.

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W.P (C) No. 25100 of 2016

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Dated this the 08^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 housing loan of Rs.3,97,000/from the respondent Bank on 07.11.2005. 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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3. Learned counsel for the petitioner submits that the

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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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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 overdue amount with

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W.P (C) No. 25100 of 2016

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accrued interest in twelve equal monthly instalments starting from 06/09/2016.

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(ii) In addition to payment of the aforesaid amount, petitioner 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 take such steps in accordance with law.

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A.M.SHAFFIQUE JUDGE

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DMR/-

Madhavan Nair v. Authorised Officer, District Co-Operative Bank

Case brief

What is this about?

What did the court decide?

Madhavan Nair v. Authorised Officer, District Co-Operative Bank

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

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