Partly allowed

Baby Jacob v. Small Industries Development Bank of India

Kerala HC25 Jul 2016WP(C)/34770/2015

Case brief

AI extract

What is this about?

In a writ petition filed under the SARFAESI Act, the petitioner, unable to repay the loan due to financial difficulties, expressed willingness to pay the entire amount in instalments. The Court granted indulgence by allowing the petitioner to pay in twelve monthly instalments.

What did the court decide?

The entire amount with accrued interest shall be paid in twelve equal monthly instalments starting from 22/08/2016; default entitles the Bank to take legal steps.

Baby Jacob Vs Small Industries Development Bank of India — Banking and Recovery | Kerala HC (2016)

¶1

IN THE HIGH COURT OF KERALA AT ERNAKULAM

¶2

PRESENT:

¶3

THE HONOURABLE MR.JUSTICE A.M.SHAFFIQUE

¶4

MONDAY, THE 25TH DAY OF JULY 2016/3RD SRAVANA, 1938

¶5

WP(C).No. 34770 of 2015 (U)

¶6

PETITIONER :

¶7

BABY JACOB, AGED 65, S/O.JACOB GERVASIS VATAKULAM, VATAKULAM HOUSE,P.O. PADIMARUTHU, KAZARGODE, KERALA-671 531.

¶8

BY ADV. SRI.G.SREEKUMAR (CHELUR)

¶9

RESPONDENT(S):

¶10

1. SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA, REP. BY ITS DEPUTY GENERAL MANAGER,

¶11

5TH FLOOR, EAST WING, KANIJA BHAVAN, 49, RACE COURSE ROAD, BANGLORE-1.

¶12

2. THE AUTHORISED OFFICER, SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA,

¶13

5TH FLOOR, EAST WING, KANIJA BHAVAN, 49, RACE COURSE ROAD, BANGLORE-1.

¶14

BY ADV. SRI.C.AJITH KUMAR

¶15

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25-07-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

¶16

sts

¶17

WP(C).No. 34770 of 2015 (U)

¶18

APPENDIX

¶19

PETITIONER(S)' EXHIBITS

¶20

EXT.P1. A TRUE COPY OF THE LETTER OF INTENT DATED 13/2/2013. EXT.P2. A TRUE COPY OF THE NOTICE ISSUED DATED 6/8/2015 EXT.P3. A TRUE COPY OF THE ACKNOWLEDGED ISSUED BY THE DEPARTMENT OF INDUSTRIES DATED 10/3/2010. EXT.P4. A TRUE COPY OF THE PARTNERSHIP DEED DATED 20/4/2009. EXT.P5. A TRUE COPY OF THE LICENSE AGREEMENT DATED 28/4/2009. EXT.P6. A TRUE COPY OF THE LEASE DEED DATED 15/6/2012. EXT.7. A TRUE COPY OF THE PLAINT IN OS NO.119/2014 ON THE FILE OF THE MUNISFF'S COURT, KASARAGOD DATED 17/2/2014. EXT.P8. A TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE RESPONDENT DATED 29/10/2015.

¶21

RESPONDENT(S)' EXHIBITS:

NIL

/TRUE COPY/

P.A.TO JUDGE

sts

A.M. SHAFFIQUE, J.

¶27

------------------------------------- W.P.(C) No. 34770 of 2015

¶28

Dated this the 25^th day of July, 2016

¶29

JUDGMENT

¶30

Petitioner has approached this Court being faced with the proceedings initiated by the respondent Bank under the SARFAESI Act.

¶31

Petitioner had taken a loan from the respondent bank. But the petitioner could not repay the monthly instalments in time on account of certain financial difficulties.

¶32

In the meantime, proceedings had been taken by the respondent Bank under the SARFAESI Act.

¶33

Learned counsel for the petitioner submits that the

¶34

petitioner is ready and willing to pay the entire amount in instalments, if some time is granted.

¶35

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

¶36

W.P.(C) No. 34770 of 2015

¶37

-2-

¶38

petitioner.

¶39

Accordingly, this writ petition is disposed of as under:

¶40

(i) The petitioner shall pay the entire amount with

¶41

accrued interest in twelve equal monthly instalments starting from 22/08/2016.

¶42

(ii) If there is default in payment of any of the aforesaid

¶43

amounts, it shall be open for the respondent Bank to take such steps in accordance with law.

Sd/-

A.M. SHAFFIQUE

JUDGE

Scl/25.07.2016

Baby Jacob v. Small Industries Development Bank of India

Case brief

What is this about?

What did the court decide?

Baby Jacob v. Small Industries Development Bank of India

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Anwar Vs the Tahsildar

Francis Francis Vs the Authorised Officer

Jefrin Cruzo Vs Axis Bank Ltd.

Saju Padmanabhan Vs Union Bank

Satheesh Kumar Vs M/S.Sundaram Bnp Paribas Home Finance Ltd.

Chandran a. Vs Devan Housing Finance Corporation Ltd.