Partly allowed

Ramnath S. v. Authorised Officer, Asset Recovery Branch

Kerala HC1 Jul 2016WP(C)/4422/2016

Case brief

AI extract

What is this about?

The High Court allowed a writ petition by a housing loan defaulter facing SARFAESI proceedings. The court directed structured repayment of overdue dues and granted protection against immediate asset possession pending default. Bank was placed as party-Authorised Officer and Manager.

What did the court decide?

Petitioner must pay overdue amount with accrued interest in 10 equal monthly instalments starting 01/08/2016. If paid, Advocate Commissioner must keep in abeyance taking possession of secured assets.

Ramnath S. Vs Authorised Officer, Asset… — Contract and Commercial Disputes | 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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FRIDAY, THE 1ST DAY OF JULY 2016/10TH ASHADHA, 1938

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WP(C).No. 4422 of 2016 (C)

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PETITIONER(S):

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RAMNATH S., AGED 40 YEARS,

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S/O.LATE SIVAN PILLAI, RESIDING AT ANNAVI HOUSE, CHANDANAKAVU, PAZHAVEEDU P.O., ALAPPUZHA - 9.

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BY ADV. SMT.S.SUJINI

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RESPONDENT(S):

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1. THE AUTHORISED OFFICER, ASSET RECOVERY BRANCH, 4TH FLOOR, FEDERAL TOWERS, STATUE, THIRUVANANTHAPURAM - 695 001.

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2. THE MANAGER FEDERAL BANK LTD., KALARCODE, ALAPPUZHA - 688 003.

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R2 BY ADV. SRI.REJI GEORGE R2 BY ADV. SMT.SIJI JOY

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THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 01-07-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 4422 of 2016 (C)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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EXT.P-1: TRUE COPY OF THE NOTICE ISSUED U/S.13(2), BY THE RESPONDENT BANK DATED 7.11.2015

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EXT.P-2: TRUE COPY OF THE ACCOUNT COPY OF THE HOUSING LOAN ACCOUNT DATED 19.1.2016

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EXT.P-3: TRUE COPY OF THE e-MAIL COMMUNICATION WITH THE RESPONDENT BANK DATED 19.1.2016

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

NIL

/TRUE COPY/

P.A. TO JUDGE

sou.

A.M. SHAFFIQUE, J

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- - - - W.P.(C) No. 4422 of 2016

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- - - - Dated this the 1^st day of July, 2016

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JUDGMENT

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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 housing loan for `29 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.

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Learned counsel for the petitioner submits that the petitioner is ready and willing to pay the overdue amount 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 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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WPC 4422/16

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-:2:-

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Accordingly, this writ petition is disposed of as under:

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(i) The petitioner shall pay the overdue amount with

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accrued interest in 10 equal monthly instalments starting from 01/08/2016.

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

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(iii) If the amounts are paid as stated above, the Advocate

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Commissioner shall keep in abeyance taking possession of the secured assets and on default being committed, it shall be open

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for the Advocate Commissioner to proceed further in accordance

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with law.

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Sd/-

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A.M. Shaffique Judge

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ttb/01/07

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WPC 4422/16

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-:3:-

Ramnath S. v. Authorised Officer, Asset Recovery Branch

Case brief

What is this about?

What did the court decide?

Ramnath S. v. Authorised Officer, Asset Recovery Branch

Case brief

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What did the court decide?

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