Allowed

V.S. Sajeev v. Small Industries Development Bank of India

Kerala HC30 May 2016WP(C)/4077/2016

Case brief

AI extract

What is this about?

In a writ petition challenging SARFAESI proceedings initiated by a bank, the High Court of Kerala granted indulgence to the defaulting loan applicant who expressed willingness to repay. The court disposed of the petition by directing payment of the entire amount with interest in eight equal monthly instalments.

What did the court decide?

Payer directed to pay entire amount with accrued interest in eight equal monthly instalments starting from 01/07/2016; respondent Bank may take legal steps on default.

V.S. Sajeev Vs Small Industries Development Bank of India — Specific Performance | 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 30TH DAY OF MAY 2016/9TH JYAISHTA, 1938

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WP(C).No. 4077 of 2016 (H)

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PETITIONER(S) :

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V.S.SAJEEV, AGED 45 YEARS,

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S/O.V.S.SREEDHARAN, VALLATHERY HOUSE, KIDANGOOR.P.O, ANGAMALY VIA, ERNAKULAM-683 572, MANAGING PARTNER OF WEYES PRINTERS, ROOM NO.VI/367/(A2) BEHIND KANNAPARAMBATH TRADERS, NEAR NAAZ AUDITORIUM, MANJAPRA ROAD, ANGAMALI, ERNAKULAM.

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BY ADVS.SRI.C.P.UDAYABHANU SRI.R.MANOJ

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RESPONDENT(S) :

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1. SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA, FINANCE TOWER, 2ND FLOOR, POST BOX NO.4209, KALOOR, KOCHI-682 017, REPRESENTED BY ITS DEPUTY GENERAL MANAGER.

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2. THE AUTHORISED OFFICER/DEPUTY GENERAL MANAGER, SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA, FINANCE TOWER, 2ND FLOOR, POST BOX NO.4209, KALOOR, KOCHI-682 017.

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BY ADV. SRI.C.AJITH KUMAR

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30-05-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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Msd.

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WP(C).No. 4077 of 2016 (H)

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APPENDIX

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PETITIONER(S)' EXHIBITS :

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P1: TRUE THE EXTRACT OF THE LOAN AGREEMENT DATED 03/03/2011.

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P2: TRUE COPY OF THE NOTICE DATED 20/10/2015.

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P3: TRUE COPY OF THE RECEIPT SHOWING THE REMITTANCE OF THE MONEY BY THE PETITIONER DATED 29/12/2015.

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P4: TRUE COPY OF THE NOTICE ISSUED TO THE PETITIONER DATED 28.01.2016.

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P5: TRUE COPY OF THE REPRESENTATION WHICH WAS HANDED OVER PERSONALLY BY THE PETITIONER TO THE 2ND RESPONDENT AND ALSO SENT BY REGISTERED POST DATED 03.02.2016.

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RESPONDENT(S)' EXHIBITS :

NIL

//TRUE COPY//

P.A.TO JUDGE.

Msd.

**A.M.SHAFFIQUE, J * * * * * * * * * * * *** W.P.C.No.4077 of 2016

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Dated this the 30^th day of May 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 had taken a loan from the respondent bank. But the petitioner 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 entire amount in instalments, if some time is granted.

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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 petitioner.

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W.P.C.No.4077/2016

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Accordingly, this writ petition is disposed of as under:

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(i) The petitioner shall pay the entire amount with accrued interest in eight equal monthly instalments starting from 01/07/2016.

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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/-)

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(A.M.SHAFFIQUE, JUDGE)

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jsr

V.S. Sajeev v. Small Industries Development Bank of India

Case brief

What is this about?

What did the court decide?

V.S. Sajeev 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

Statutes considered

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