Disposed

Saidali v. the Manager

Kerala HC23 Feb 2016WP(C)/4209/2016

Case brief

AI extract

What is this about?

The High Court disposed of a writ petition filed by a defaulting loan applicant against a bank's recovery steps under the SARFAESI Act. The Court allowed an installment payment plan, staying recovery proceedings contingent on timely payments and provision of updated account statements.

What did the court decide?

Stay of recovery steps if Rs.2,24,344/- plus interest is paid in ten monthly installments; bank to provide updated statement.

Saidali Vs the Manager — Banking and Recovery | Kerala HC (2016)

¶1

IN THE HIGH COURT OF KERALA AT ERNAKULAM

¶2

PRESENT:

¶3

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR

¶4

TUESDAY, THE 23RD DAY OF FEBRUARY 2016/4TH PHALGUNA, 1937

¶5

WP(C).No. 4209 of 2016 (A)

¶6

PETITIONER(S):

¶7

----------------------

¶8

SAIDALI, AGED 46 YEARS, S/O.HASSAN, KOLAMBATHODI HOUSE, VILAYUR POST, PALAKKAD, PIN-679 309.

¶9

BY ADV. SRI.P.K.MOHANAN (PALAKKAD)

¶10

RESPONDENT(S):

¶11

-------------------------

¶12

1. THE MANAGER, STATE BANK OF TRAVANCORE, PATTAMBI BRANCH POST, PATTAMBI, PIN-679 303.

¶13

2. THE AUTHORISED OFFICER, STATE BANK OF TRAVANCORE, REGIONAL OFFICE, PALAKKAD, PIN-678 001.

¶14

BY ADVS. SRI.T.SETHUMADHAVAN (SR.) SRI.K.JAYESH MOHANKUMAR

¶15

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23-02-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

¶16

msv/

¶17

WP(C).No. 4209 of 2016 (A)

¶18

APPENDIX

¶19

PETITIONER(S)' EXHIBITS:

¶20

--------------------------------------

¶21

EXT.P1: TRUE COPY OF THE STATEMENT OF ACCOUNT PERTAINING TO THE LOAN ACCOUNT NO.67004245305 FROM 11.11.2005 TO 12.8.2015.

¶22

EXT.P2: TRUE COPY OF THE NOTICE DTD.6.8.2015 ISSUED TO THE PETITIONER BY THE SECOND RESPONDENT.

¶23

EXT.P3: TRUE COPY OF THE PAY-IN-SLIP SHOWING THE REMITTANCE OF RS.12,000/ON 19.8.2015.

¶24

EXT.P4: TRUE COPY OF THE PAPER ADVERTISEMENT DTD.30.1.2016, PUBLISHED IN MALAYALA MANORAMA MALAYALAM DAILY, PERTAINING TO THE SALE OF PROPERTY OF THE PETITIONER.

¶25

RESPONDENT(S)' EXHIBITS:

NIL

//TRUE COPY//

P.S.TO JUDGE

Ms v/

A.K.JAYASANKARAN NAMBIAR, J.

¶31

W.P.(C). No. 4209 of 2016

¶32

===================================================== Dated this the 23^rd day of February, 2016

¶33

JUDGMENT

¶34

The petitioner, who had availed of a housing loan from the respondent bank, defaulted in repayment of the same. Consequently, the respondent bank initiated proceedings under the Securitisation and Reconstructions of Financial Assets and Enforcement of Security Interest Act, 2002, hereinafter referred to as the 'SARFAESI Act', to recover the loan amounts. Ext.P4 is the sale notice issued to the petitioner under the SARFAESI Act. In the writ petition, the petitioner impugns the steps initiated by the respondent bank for recovery of the loan amounts.

¶35

I have heard the learned counsel appearing on behalf of the petitioner as also the learned Standing Counsel appearing on behalf of the respondents.

¶36

On a consideration of the facts and circumstances of the case and the submissions made across the bar, I note that the sole prayer of the petitioner is to permit him to remit the balance amounts outstanding to the bank in easy installments. Taking into account the plea of financial hardship raised by the petitioner, I

¶37

W.P.(C). No. 4209 of 2016

¶38

-2-

¶39

dispose the writ petition with the following directions:-

¶40

(i) The total overdue amount, in respect of the loan, is stated to be Rs.2,24,344/- together with accrued interest. Accordingly, if the petitioner remits the aforesaid amount of Rs.2,24,344/- together with accrued interest in ten equal and successive monthly installments commencing from 03.03.2016, and continues to keep up the regular installments as per the original loan schedule, then the recovery steps initiated against him by the respondent bank shall be kept in abeyance.

¶41

(ii) It is made clear that if the petitioner commits a default in respect of any of the installments, he will lose the benefit of this judgment and the respondent bank will be free to continue the recovery proceedings against him from the stage at which they presently stand.

¶42

(iii) The respondent bank shall, within ten days from today, provide the petitioner with an upto-date statement of accounts so as to enable the petitioner to discharge the liability in accordance with the directions of this judgment.

¶43

Sd/- A.K.JAYASANKARAN NAMBIAR JUDGE

¶44

das /23.02.2016

Saidali v. the Manager

Case brief

What is this about?

What did the court decide?

Saidali v. the Manager

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

M/S. Kasmisons Builders Pvt. Ltd. Vs Assistant Commissioner, Service Tax Division

Rojer P. Mathew Vs the Authorised Officer, South Indian Bank Limited

Madhuri Vs Authorized Officer

Rajesh K Vs the Authorized Officer, Sindicate Bank Ltd.

M/S. Surya Catering Service Vs the Commercial Tax Officer

Sini Biju Vs State of Kerala