Allowed

Muhammed Ashraf.C.K v. the Manjeri Co-Operative Urban Bank Ltd.

Kerala HC14 Jun 2016WP(C)/4878/2016

Case brief

AI extract

What is this about?

Petitioner challenged auction notice under SARFAESI Act admitting liability. Court allowed one-time settlement fixing payments of Rs.10 lakhs by July 13, 2016 and balance by August 30, 2016 with warning of proceedings on default.

What did the court decide?

Petitioner directed to pay Rs.10 lakhs by 13.07.2016 and balance amount with interest by 30.08.2016; no further proceedings until payment.

Muhammed Ashraf.C.K Vs the Manjeri… — 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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TUESDAY, THE 14TH DAY OF JUNE 2016/24TH JYAISHTA, 1938

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WP(C).No. 4878 of 2016 (H)

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PETITIONERS :

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MUHAMMED ASHRAF C.K. SON OF VEERAN HAJI, KILIKKOTTU THODIKA HOUSE, MONGAM P.O., MALAPPURAM.

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BY ADV. SRI.P.K.NIJOY

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RESPONDENT :

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THE MANJERI CO-OPERATIVE URBAN BANK LTD., POST BOX NO.4, MANJERI, MALAPPURAM - 676 121, REPRESENTED BY ITS GENERAL MANAGER/AUTHORISED OFFICER.

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BY ADV. SRI.K.VIDYASAGAR

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14-06-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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...2/-

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WP(C).No. 4878 of 2016 (H)

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APPENDIX

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PETITIONER(S)' EXHIBITS : -----------------------------------------

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EXHIBIT P1. TRUE COPY OF THE DEMAND NOTICE DATED 21.11.2015.

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

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//TRUE COPY//

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P.A. TO JUDGE

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A.M. SHAFFIQUE, J.

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W.P.(C) No. 4878 of 2016

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Dated this the 14^th day of June, 2016

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JUDGMENT

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Petitioner has approached this Court challenging Ext.P1 notice issued under Section 13 (2) of the SARFAESI Act.

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Petitioner admits the liability to pay and offers to

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remit the amount in lump sum within a period of six months and until such time, further proceedings shall not be initiated by the respondent Bank.

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Learned counsel for the respondent Bank submits

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that since the petitioner is a defaulter, it is open for the bank to take appropriate proceedings. The total amount due as on 16.11.2015 is Rs.72,46,414/-. It is submitted that if at all the petitioner is granted time, the petitioner should be called upon to pay the entire amount in three equal monthly instalments.

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The learned counsel for the petitioner however

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submits that petitioner shall settle the entire liability by 30.08.2016.

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W.P.(C) No. 4878 of 2016

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-2-

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Having regard to the aforesaid fact situation, I am of the

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view that the liability shall be settled in the following manner:

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(i) Petitioner shall pay an amount of Rs.10 lakhs on or

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before 13.07.2016.

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(ii) Petitioner shall pay the entire balance amount with accrued interest to the respondent bank on or before 30.08.2016.

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(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.

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Sd/A.M. SHAFFIQUE

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JUDGE

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Scl/14.06.2016

Muhammed Ashraf.C.K v. the Manjeri Co-Operative Urban Bank Ltd.

Case brief

What is this about?

What did the court decide?

Muhammed Ashraf.C.K v. the Manjeri Co-Operative Urban Bank Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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