Allowed

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

Kerala HC25 Jul 2016WP(C)/39234/2015

Case brief

AI extract

What is this about?

In a writ petition challenging SARFAESI proceedings, the High Court observed that the petitioners were willing to repay the loan. It allowed an instalment agreement, directing the borrowers to pay dues in 12 equal monthly instalments starting August 22, 2016, preserving the bank's right of recovery upon default.

What did the court decide?

Petitioners directed to pay the entire amount with accrued interest in 12 equal monthly instalments starting from 22/8/2016; if default occurs, the bank may take steps in accordance with law.

Satheesh Kumar Vs M/S.Sundaram Bnp Paribas Home Finance… — 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 25TH DAY OF JULY 2016/3RD SRAVANA, 1938

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WP(C).No. 39234 of 2015 (D)

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PETITIONER(S):

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1. SATHEESH KUMAR

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aged 35 years,S/O SHEKHARAN NAIR (LATE) kALLAYIMMEL HOUSE, KOTTANAD POST, MEPPADI, WAYANAD.

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2. NARAYANI, KALLAYIMMEL HOUSE, KOTTANAD POST, MEPPADI, WAYANAD.

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BY ADV. SRI.S.M.PRASANTH

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RESPONDENT :

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M/S.SUNDARAM BNP PARIBAS HOME FINANCE LTD. FORMERLY KNOWN AS (SUNDARAM HOME FINANCE LIMITED) NO.46, WHITES ROAD, CHENNAI-600 014 REPRESENTED BY ITS AUTHORIZED OFFICER vivek P.B.

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BY ADV. SRI.VARGHESE C.KURIAKOSE

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

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K.V.

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WP(C).No. 39234 of 2015 (D)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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----------------------EXHIBIT P1; TRUE COPY OF THE PETITION FILED BY THE RESPONDENT IN CMP NO.532 OF 2014 BEFORE THE HON'BLE CHIEF JUDICIAL MAGISTRATE AT KALPETTA. EXHIBIT P2; TURE COPY OF THE ORDER IN CMP 532 OF 2014 DATED 31.1.2014 ISSUED BY THE CHIEF JUDICIAL MAGISTRATE KALPETTA, WAYANAD.

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RESPONDENT(S)' EXHIBITS NIL -----------------------

/TRUE COPY/

P.S. TO.JUDGE

K.V.

A.M. SHAFFIQUE, J.

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=============== W.P. (C) No. 39234 of 2015

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

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Dated this, the 25^th day of July, 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 proceedings initiated by the respondent Bank under the SARFAESI Act.

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Petitioners had taken a housing loan for `9,50,000/from the respondent. 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 entire amount in 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 petitioners.

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W.P(C) No.39234/15

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Accordingly, this writ petition is disposed of as under:

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(i) The petitioners shall pay the entire amount with accrued interest in 12 equal monthly instalments starting from 22/8/2016.

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(ii) 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/- A.M. SHAFFIQUE, JUDGE

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Rp25/07/2016

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//True Copy//

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P.S to Judge

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

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

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