Partly allowed

Sureshkumar P.S v. the Authorized Officer

Kerala HC1 Mar 2016WP(C)/3150/2016

Case brief

AI extract

What is this about?

The petitioner, defaulting on loans under the SARFAESI Act, sought leeway for repayment. The court ordered remission of balance dues via equal monthly installments to stay recovery proceedings, with strict conditions.

What did the court decide?

Petitioner permitted to remit total overdue amount (Rs. 8,79,086/- plus interest) in ten equal monthly installments starting 15.03.2016, provided original schedule is adhered to; recovery steps stayed

Sureshkumar P.S Vs the Authorized 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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TUESDAY, THE 1ST DAY OF MARCH 2016/11TH PHALGUNA, 1937

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WP(C).No. 3150 of 2016 (P)

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PETITIONER(S):

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-----------------------

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SURESHKUMAR P.S., AGED 40 YEARS, S/O. PRABHAKARAN NAIR, SREESADANAM, ALAVIL, PALLIKKUNNU AMSOM DESOM, ALAVIL P.O., KANNUR.

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BY ADVS.SRI.SUMAN CHAKRAVARTHY

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SMT.K.R.RIJA

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RESPONDENT(S):

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--------------------------

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1. THE AUTHORIZED OFFICER, DEWAN HOUSING FINANCE CORPORATION LTD., DOOR NO. TV 33/363 N, 2ND FLOOR, GRAND PALZA, FORT ROAD, KANNUR, KERALA.

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2. DEWAN HOUSING FINANCE CORPORATION LTD., THIRUVANANTHAPURAM, REGD OFFICE AT WARDEN HOUSE, 2ND FLOOR, SIR>PM ROAD, FORT MUMBAI.

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BY ADVS. SRI.P.PAULOCHAN ANTONY SRI.G.AJITH KUMAR

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01-03-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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msv/

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WP(C).No. 3150 of 2016 (P)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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EXT.P1: TRUE COPY OF THE BANK STATEMENT. EXT.P2: TRUE COPY OF THE RECEIPT DT. 20/1/15. EXT.P3: TRUE COPY OF THE RECEIPT DT. 20/1/15. EXT.P4: TRUE COPY OF THE RECEIPT DT. 20/1/15.

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EXT.P5: TRUE COPY OF THE ORDER DT. 2/12/15 IN CMP 5129/15 BY THE CJM THALASSERY.

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RESPONDENT(S)' EXHIBITS:

NIL

//TRUE COPY//

P.S.TO JUDGE

Ms v/

A.K.JAYASANKARAN NAMBIAR, J.

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W.P.(C) No.3150 of 2016

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- - - - Dated this the 1^st day of March 2016

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JUDGMENT

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The petitioner, who had availed three loans 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.P5 is the order passed by the Chief Judicial Magistrate. In the writ petition, the petitioner impugns the steps initiated by the respondent bank for recovery of the loan amounts.

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

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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 prayer of the petitioner is to permit him to remit the balance amounts outstanding to the bank in easy installments. Taking into

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W.P.(c).No.3150 of 2016 : 2 :

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account the plea of financial hardship raised by the petitioner, I dispose the writ petition with the following directions:-

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(i) The total overdue amount, in respect of the three loans, is stated to be Rs.8,79,086/- together with accrued interest. Accordingly, if the petitioner remits the aforesaid amount of Rs.8,79,086/- together with accrued interest in ten equal and successive monthly installments commencing from 15.03.2016, and continues to keep up the regular installment payments as per the original loan schedule, then the recovery steps initiated against him by the respondent bank shall be kept in abeyance.

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(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.

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(iii)The respondent bank shall furnish the petitioner with an up-to-date statement of the dues position, within 10 days from today, so as to enable the petitioner to effect repayment as per the directions in this judgment.

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Sd/-

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A.K.JAYASANKARAN NAMBIAR JUDGE

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sm/

Sureshkumar P.S v. the Authorized Officer

Case brief

What is this about?

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Sureshkumar P.S v. the Authorized Officer

Case brief

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