Partly allowed

Nisha C.P. v. State Bank of Travancore

Kerala HC17 Feb 2016WP(C)/5152/2016

Case brief

AI extract

What is this about?

In a writ petition challenging recovery steps under the SARFAESI Act, the High Court allowed the petitioner to remit the outstanding loan in ten monthly installments to stay proceedings, conditional upon her not defaulting on any agreed payment.

What did the court decide?

The recovery steps initiated by the respondent bank shall be kept in abeyance if the petitioner remits the outstanding amount of Rs.22,50,000/ - along with accrued interest in ten equal monthly instal

Nisha C.P. Vs State Bank of Travancore — Consumer Protection | 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.K.JAYASANKARAN NAMBIAR

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WEDNESDAY, THE 17TH DAY OF FEBRUARY 2016/28TH MAGHA, 1937

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WP(C).No. 5152 of 2016 (T)

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PETITIONER:

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NISHA C.P. AGED 35 YEARS W/O.RAFEEK, VARIYATH VALAPPIL HOUSE, THEKKE VAVANUR, CHALIPURAM KOOTNAD,

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PALAKKAD - 679 533.

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BY ADVS. SRI.C.K.SREEJITH SRI.V.JAYESH

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RESPONDENTS:

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1. STATE BANK OF TRAVANCORE, PATTAMBI BRANCH, PALAKKAD DISTRICT - 679 303.

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2. AUTHORIZED OFFICER, STATE BANK OF TRAVANCORE, PALAKKAD DISTRICT - 679 303.

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BY ADV. SRI. JAYESH MOHAN KUMAR, SC, STATE BANK OF TRAVANCORE

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17-02-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 5152 of 2016 (T)

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APPENDIX

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PETITIONER'S EXHIBITS:

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EXHIBIT P1 : THE TRUE COPY OF THE STATEMENT OF ACCOUNT OF THE PETITIONER DATED 25-01-2016.

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EXHIBIT P2 : THE TRUE COPY OF THE PETITION FILED BEFORE THE CJM PALAKKAD DATED 28-10-2015.

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RESPONDENTS' EXHIBITS : NIL

//TRUE COPY//

P. A. TO JUDGE

SKK

A.K.JAYASANKARAN NAMBIAR, J.

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W.P.(C). No. 5152 of 2016

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Dated this the 17^th day of February, 2016

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JUDGMENT

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The petitioner, who had availed of a loan from the respondent bank for purchase of a vehicle, 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.P2 is the petition filed by the bank before the Chief Judicial Magistrate's Court, Palakkad. In the writ petition, the petitioner impugns the steps initiated by the respondent bank for recovery of the loan amounts.

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

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On a consideration of the facts and circumstances of the

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case and the submissions made across the bar, I note that the sole prayer of the petitioner is to permit her to remit the balance amounts outstanding to the bank in easy installments. Taking into

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W.P.(C). No. 5152 of 2016

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-2-

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account the plea of financial hardship raised by the petitioner, I dispose the writ petition with the following directions:-

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(i) The total outstanding amount, in respect of the loan, is stated to be Rs.22,50,000/- together with accrued interest. Accordingly, if the petitioner remits the aforesaid amount of Rs.22,50,000/- together with accrued interest in ten equal and successive monthly installments commencing from 29.02.2016, then the recovery steps initiated against her by the respondent bank shall be kept in abeyance.

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

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(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.

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Sd/- A.K.JAYASANKARAN NAMBIAR JUDGE

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das /17.02.2016

Nisha C.P. v. State Bank of Travancore

Case brief

What is this about?

What did the court decide?

Nisha C.P. v. State Bank of Travancore

Case brief

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What did the court decide?

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