Disposed

Antony Jishan v. the Authorized Officer

Kerala HC3 Feb 2016WP(C)/2565/2016

Case brief

AI extract

What is this about?

In a writ petition challenging loan recovery proceedings under the SARFAESI Act, the High Court allowed the petitioner family to remit outstanding dues in eleven installments, keeping recovery proceedings in abeyance pending payment.

What did the court decide?

Allowed the petitioner to pay the total outstanding amount in ten equal monthly installments starting 20.02.2016, keeping recovery proceedings in abeyance.

Antony Jishan Vs the Authorized Officer — Contract and Commercial Disputes | Kerala HC (2016)

¶1

IN THE HIGH COURT OF KERALA AT ERNAKULAM

¶2

PRESENT:

¶3

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR

¶4

WEDNESDAY, THE 3RD DAY OF FEBRUARY 2016/14TH MAGHA, 1937

¶5

WP(C).No. 2565 of 2016 (U)

¶6

PETITIONER(S) :

¶7

ANTONY JISHAN, AGED 35 YEARS, S/O.SEBASTIAN, MADATHIPARAMBIL HOUSE, PUTHUVYPE P.O., ELAMKUNNAPUZHA VILLAGE, KOCHI TALUK, ERNAKULAM DISTRICT, PIN- 682 508.

¶8

BY ADVS.SRIP.S.SUJETH

¶9

SMT.M.R.REENA

¶10

RESPONDENT(S) :

¶11

1. THE AUTHORIZED OFFICER/CHIEF MANAGER, PUNJAB NATIONAL BANK, CIRCLE OFFICE, 2ND FLOOR, 40/1461, MARKET ROAD, ERNAKULAM, KOCHI 683 011.

¶12

2. THE BRANCH MANAGER, PUNJAB NATIONAL BANK, KALAMASSERY BRANCH, ERNAKULAM DISTRICT, KOCHI 682 104.

¶13

BY ADV. SRI.B.KRISHNAN BY ADV. SRI.R.PARTHASARATHY BY ADV. SRI.RAJESH V.NAIR BY ADV. SRI.SANTHEEP ANKARATH

¶14

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03-02-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

¶15

Msd.

¶16

WP(C).No. 2565 of 2016 (U)

¶17

APPENDIX

¶18

PETITIONER(S)' EXHIBITS :

¶19

EXHIBIT P1: TRUE COPY OF THE REPLY NOTICE SENT BY THE AUTHORIZED OFFICER, 07.01.2016.

¶20

RESPONDENT(S)' EXHIBITS :

NIL

//TRUE COPY//

P.A.TO JUDGE.

Msd.

A.K.JAYASANKARAN NAMBIAR, J. ............................................................. W.P.(C).No.2565 Of 2016

¶26

............................................................. Dated this the 3^rd day of February, 2016

¶27

J U D G M E N T

¶28

The petitioner, who had availed of a housing loan, a car loan and an overdraft facility 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. In the writ petition, the petitioner impugns the steps initiated by the respondent bank for recovery of the loan amounts.

¶29

I have heard the learned counsel appearing on behalf of the petitioner as also the learned Standing Counsel appearing on behalf of the respondents.

¶30

On a consideration of the facts and circumstances of the case and the submissions made across the bar, I note that the sole prayer of the petitioner is to permit him to remit the balance

¶31

-2-

¶32

W.P.(C). No. 2565 of 2016

¶33

amounts outstanding to the bank in easy installments. Taking into account the plea of financial hardship raised by the petitioner, I dispose the writ petition with the following directions:-

¶34

(i) The overdue amount, in respect of the housing loan and car loan is stated to be Rs.4,07,107/- and Rs.3,08,708 respectively. Similarly the total amount outstanding under the overdraft facility is Rs.4,13,667/-. Accordingly, if the petitioner pays the total amount of Rs.11,29,482/- together with accrued interest in ten equal and successive monthly installments commencing from 20.02.2016, and continues to keep up the regular installments as per the original loan schedules in the housing loan and car loan accounts, then further proceedings for recovery shall be kept in abeyance.

¶35

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

¶36

(iii) The respondent bank shall, within ten days from today, provide the petitioner with an up-to-date statement of accounts so as to enable the petitioner to discharge the liability in accordance with the directions in this judgment.

¶37

A.K.JAYASANKARAN NAMBIAR JUDGE

¶38

mns/3.02.16

¶39

W.P.(C). No. 2565 of 2016

¶40

-3-

Antony Jishan v. the Authorized Officer

Case brief

What is this about?

What did the court decide?

Antony Jishan v. the Authorized Officer

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

Case details

Similar cases

K.Chithrangathan Vs Renjith K.R.

K.G.Radhamoni Vs v.S.Senthil

Jeeshma C. Vs Mahesh D Dharmadhikari

Yedhu Krishnan Vs the Federal Bank Ltd.

Mary Xavier Vs the Secretary to Government

P.P.Mathew Vs the District Collector