Allowed

Babu K v. the Authorized Officer

Kerala HC30 Nov 2016WP(C)/30309/2016

Case brief

AI extract

What is this about?

A writ petition challenging proceedings under the SARFAESI Act filed by a borrower facing financial difficulties. The Court allowed time to repay dues in instalments, directing the Advocate Commissioner to defer possession of secured assets if payments are made as agreed.

What did the court decide?

Directing petitioner to pay overdue amount with interest in 12 equal monthly instalments starting 03/01/2017 and remit future instalments; directing Advocate Commissioner to defer possession of premis

Babu K Vs the Authorized Officer — 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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WEDNESDAY, THE 30TH DAY OF NOVEMBER 2016/9TH AGRAHAYANA, 1938

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WP(C).No. 30309 of 2016 (K)

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PETITIONER(S):

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BABU K., AGED 50 YEARS, RESIDING AT 17/171, KIZHAKKEKARA PUTHEN VEEDU, MALAPPEROOR, MANJAPRA P.O., AYOOR, KOLLAM, KERALA.

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BY ADV. SRI.AJEESH S.BRITE.

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RESPONDENTS:-:

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1. THE AUTHORIZED OFFICER, AXIS BANK LTD., REGISTERED OFFICE, "TRISHUL", OPP. SAMARTHESWAR TEMPLE, NEAR LAW GARDEN, ELLISBRIDGE, AHMMEDABAD - 380 006.

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2. THE BRANCH MANAGER, AXIS BANK LTD., NIHAL COMPLEX, 2ND FLOOR, KARAMANA MAIN ROAD, KARAMANA, THIRUVANANTHAPURAM - 695 002.

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BY ADVS. SRI.T.K.RAJESHKUMAR, SRI.P.KRISHNANKUTTY NAIR (KOLLAMALA), KUM.APARNA SOMARAJAN.

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30-11-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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rs.

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WP(C).No. 30309 of 2016 (K)

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APPENDIX

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PETITIONER'S EXHIBITS:-

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EXHIBIT P1. TRUE COPY OF THE LAWYER NOTICES DATED 03.02.2016 ISSUED FROM THE SIDE OF THE RESPONDENT.

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EXHIBIT P2. TRUE COPY OF THE REPRESENTATION FILED BY THE PETITIONER DATED 11.05.2016.

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EXHIBIT P3. TRUE COPY OF THE NOTICE ISSUED U/S 13(4) OF THE SARFAESI ACT, 2002.

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EXHIBIT P4. TRUE COPIES OF THE RECEIPTS FOR THE PROOF OF PAYMENT MADE BY THE PETITIONER.

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RESPONDENT'S EXHIBITS:- NIL.

//TRUE COPY//

P.S. TO JUDGE

rs.

A.M. SHAFFIQUE, J.

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------------------------------------- W.P.(C) No. 30309 of 2016

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Dated this the 3 0^th day of November, 2016

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JUDGMENT

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Petitioners have approached this Court being faced with

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the proceedings initiated by the respondent Bank under the SARFAESI Act.

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Petitioners had availed of a loan for an amount of Rs.36 lakhs from the respondent Bank. The Petitioners 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 petitioners submits that the petitioners are 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

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that the overdue amount as on the date would come to around

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of Rs.10,00,000/-.

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W.P.(C) No. 30309 of 2016

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-2-

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Having regard to the fact that the petitioners had

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expressed the willingness to repay the amount in instalments, I am of the view that some indulgence can be shown to the petitioners.

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Accordingly, this writ petition is disposed of as under: (i) The petitioners shall pay the overdue amount with accrued interest in 12 equal monthly instalments starting from 03/01/2017 .

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

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petitioners shall also remit the monthly instalments as per the agreed terms.

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(iii) The Advocate Commissioner shall defer taking possession of the premises, if payments are made as stated above, failing which, it shall be open for the Advocate Commissioner to take possession of the secured asset and the respondent Bank shall take further proceedings in accordance

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with law.

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A.M. SHAFFIQUE JUDGE

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Scl/30.11.2016

Babu K v. the Authorized Officer

Case brief

What is this about?

What did the court decide?

Babu K v. the Authorized Officer

Case brief

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