Allowed

Jibimol J.P. v. the Authorised Officer, Chief Manager (Advances), Sbt

Kerala HC22 Nov 2016WP(C)/37376/2016

Case brief

AI extract

What is this about?

In a loan recovery matter under the SARFAESI Act, the Court allowed the petitioner to pay the overdue amount with interest in 10 equal monthly installments starting from 21/12/2016, alongside regular monthly payments, citing her willingness to repay.

What did the court decide?

Petitioner to pay overdue amount with interest in 10 equal monthly installments starting 21/12/2016 and remit monthly installments as per agreed terms.

Jibimol J.P. Vs the Authorised Officer, Chief Manager… — 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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TUESDAY, THE 22ND DAY OF NOVEMBER 2016/1ST AGRAHAYANA, 1938

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WP(C).No. 37376 of 2016 (V)

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PETITIONER(S) :

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JIBIMOL J.P.,

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WIFE OF SUJITH.T.V, AGED 32 YEARS, RESIDING AT GIBIN NIVAS, KANJIRAMKULAM, THIRUVANANTHAPURAM-695 524.

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BY ADV. SMT.REKHA VASUDEVAN

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RESPONDENT(S) :

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THE AUTHORISED OFFICER, CHIEF MANAGER (ADVANCES), STATE BANK OF TRAVANCORE, REGION II, ZONAL OFFICE, KSHB BUILDING, SANTHINAGAR, THIRUVANANTHAPURAM-695 001.

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BY ADV. SRI.JAWAHAR JOSE, STATE BANK OF TRAVANCORE

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22-11-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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Msd.

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WP(C).No. 37376 of 2016 (V)

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APPENDIX

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PETITIONER(S)' EXHIBITS :

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EXHIBIT P1: TRUE COPY OF THE NOTICE DATED NIL ISSUED BY ADV JAYAKUMARI.B.

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EXHIBIT P2: TRUE COPY OF THE ORDER DATED 12.08.2016 OF THE HONOURABLE COURT OF THE CHIEF JUDICIAL MAGISTRATE, THIRUVANANTHAPURAM.

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RESPONDENT(S)' EXHIBITS :

NIL

//TRUE COPY//

P.S.TO JUDGE.

Msd.

A.M. SHAFFIQUE, J.

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=============== W.P. (C) No. 37376 of 2016

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==================

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Dated this, the 22^nd day of November, 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 proceedings initiated by the respondent Bank under the SARFAESI Act.

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Petitioner and her husband had availed term loan of `24,30,000/-. The 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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Learned counsel for the petitioner submits that the 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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Learned counsel for the respondent Bank submits that the overdue amount would come to `15 lakhs.

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Having regard to the fact that the petitioner had expressed the willingness to repay the amount in instalments, I am

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W.P(C) No.37376/16

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-:2:-

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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 accrued interest in 10 equal monthly instalments starting from 21/12/2016.

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(ii) In addition to payment of the aforesaid amount, petitioner shall also remit 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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Sd/-

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A.M. SHAFFIQUE, JUDGE

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Rp22/11/2016

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//True Copy//

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P.S to Judge

Jibimol J.P. v. the Authorised Officer, Chief Manager (Advances), Sbt

Case brief

What is this about?

What did the court decide?

Jibimol J.P. v. the Authorised Officer, Chief Manager (Advances), Sbt

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

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