Disposed

Prasanna.K.Nair v. the Pathanamthitta District Co-Operative Bank Ltd. NO.4365

Kerala HC9 Sept 2016WP(C)/4274/2016

Case brief

AI extract

What is this about?

In this writ petition challenging SARFAESI proceedings, the High Court of Kerala, observing the petitioner's willingness to repay dues, directed the petitioner to pay overdue amounts with interest via monthly installments while allowing the bank to initiate further legal action upon default.

What did the court decide?

Petitioner directed to pay overdue amount with interest in ten monthly instalments starting 01.10.2016, plus future instalments; bank may take legal steps on default.

Prasanna.K.Nair Vs the Pathanamthitta District… — Banking and Recovery | Kerala HC (2016)

¶1

IN THE HIGH COURT OF KERALA AT ERNAKULAM

¶2

PRESENT:

¶3

THE HONOURABLE MR.JUSTICE A.M.SHAFFIQUE

¶4

FRIDAY, THE 9TH DAY OF SEPTEMBER 2016/18TH BHADRA, 1938

¶5

WP(C).No. 4274 of 2016 (H)

¶6

PETITIONER(S):

¶7

PRASANNA.K.NAIR, LEKSHMI VILASOM, AICKADU, KODUMON P.O., ADOOR, PATHANAMTHITTA.

¶8

BY ADV. SRI.C.A.RAJEEV

¶9

RESPONDENTS:

¶10

1. THE PATHANAMTHITTA DISTRICT CO-OPERATIVE BANK LTD NO.4365, KODUMON BRANCH, PATHANAMTHITTA - 691 555, REPRESENTED BY ITS BRANCH MANAGER.

¶11

2. THE AUTHORIZED OFFICER, THE PATHANAMTHITTA DISTRICT CO-OPERATIVE BANK LTD NO. 4365, HEAD OFFICE, PATHANAMTHITTA - 689 645.

¶12

BY SRI.JACOB P.ALEX

¶13

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09-09-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

¶14

¶15

WP(C).No. 4274 of 2016 (H)

¶16

APPENDIX

¶17

PETITIONER(S)' EXHIBITS

¶18

EXT.P1: TRUE COPY OF DEMAND NOTICE DATED 10/07/2014 OF THE 2ND RESPONDENT TO THE PETITIONER. EXT.P2: TRUE COPY OF NOTICE DATED 21/08/2015 OF THE 1ST RESPONDENT TO THE PETITIONER.

¶19

RESPONDENT(S)' EXHIBITS

NIL.

/ TRUE COPY /

P.S. TO JUDGE

A.M.SHAFFIQUE, J.

¶25

W.P.(C).No.4274 of 2016

¶26

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

¶27

Dated this the 9^th day of September, 2016

¶28

J U D G M E N T

¶29

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

¶30

Petitioner had taken a loan for `3 lakhs. 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.

¶31

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.

¶32

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.

¶33

Accordingly, this writ petition is disposed of as under:

¶34

(i) The petitioner shall pay the overdue amount with accrued interest in ten equal monthly instalments starting from 01.10.2016.

¶35

(ii) In addition to payment of the aforesaid amount, petitioner shall also remit monthly instalments as per the agreed terms.

¶36

W.P.(C).No.4274 of 2016

¶37

¶38

(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.

¶39

Sd/-

¶40

A.M.SHAFFIQUE, JUDGE.

¶41

Prasanna.K.Nair v. the Pathanamthitta District Co-Operative Bank Ltd. NO.4365

Case brief

What is this about?

What did the court decide?

Prasanna.K.Nair v. the Pathanamthitta District Co-Operative Bank Ltd. NO.4365

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

S Dalia Vs the Intelligence Officer

J.S.Dinsha Vs the Intelligence Officer

Santhosh Kumar v. Vs Commercial Tax Officer

K.Krishnakumar Vs the South Indian Bank Ltd.

K.S. Saju Vs Syndicate Bank

Jayakumar T Vs Authorised Officer