Partly allowed

R.Jayakumar v. Branch Manager United Bank of India

Kerala HC1 Aug 2016WP(C)/3847/2016

Case brief

AI extract

What is this about?

In a writ petition against SARFAESI Act proceedings, the Court granted an indefinite stay on sale of property, directed payment of dues via a specific repayment plan, and warned of resumption of proceedings upon default.

What did the court decide?

Sale of property deferred. Petitioners directed to pay overdue amount with interest in ten monthly instalments starting 01/09/2016 plus regular dues.

R.Jayakumar Vs Branch Manager United Bank of India — 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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MONDAY, THE 1ST DAY OF AUGUST 2016/10TH SRAVANA, 1938

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WP(C).No. 3847 of 2016 (E)

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PETITIONER(S):

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1. R. JAYAKUMAR, AGED 37, S/O.RAMACHANDRAN PILLAI, R/AT CHARUCHITHRA, MANIKKATH CROSS ROAD, VALANJAMBALAM,

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KOCHI - 682 016.

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2. NEETHU JAYAKUMAR, AGED 33, W/O.JAYAKUMAR, R/AT CHARUCHITHRA, MANIKKATH CROSS ROAD, VALANJAMBALAM, KOCHI - 682 016.

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BY ADVS.SMT.T.S.MAYA (THIYADIL), SMT.K.A.SUNITHA.

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RESPONDENT(S):

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1. BRANCH MANAGER, UNITED BANK OF INDIA, EDAPPALLY BRANCH, KAITHAPADATH BUILDING, EDAPPALLY TOLL JUNCTION, EDAPPALLY P.O., PIN - 682 024.

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2. AUTHORISED OFFICER, UNITED BANK OF INDIA, EDAPPALLY BRANCH, KAITHAPADATH BUILDING, EDAPPALLY TOLL JUNCTION, EDAPPALLY P.O., PIN - 682 024.

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BY ADV. SRI.A.S.P. KURUP, SC.

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01-08-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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rs.

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WP(C).No. 3847 of 2016 (E)

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APPENDIX

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PETITIONER'S EXHIBITS:-

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EXT.P-1: COPY OF THE POSSESSION NOTICE ISSUED BY THE RESPONDENTS DATED 22.01.2016.

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EXT.P-2: COPY OF THE LETTER ISSUED BY THE PETITIONER TO THE RESPONDENT DATED 25.01.2016.

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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. 3847 of 2016

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Dated this the 01^st day of August, 2016

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J U D G M E N T

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

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Petitioners jointly had taken a housing loan for Rs.25,00,000/- from the first 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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Having regard to the fact that the petitioners had expressed the willingness to repay the amount in instalments, I am of the view that some indulgence can be shown to the

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W.P (C) No. 3847 of 2016

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petitioners.

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Accordingly, this writ petition is disposed of as under:

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(i) The petitioners shall pay the overdue amount with

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accrued interest in ten equal monthly instalments starting from 01/09/2016.

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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) 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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(iv) If the payments are made as above, the sale shall be deferred.

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A.M.SHAFFIQUE JUDGE

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DMR/-

R.Jayakumar v. Branch Manager United Bank of India

Case brief

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R.Jayakumar v. Branch Manager United Bank of India

Case brief

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