Disposed

Shibu S.B v. the Federal Bank

Kerala HC20 May 2016WP(C)/548/2016

Case brief

AI extract

What is this about?

The Court disposed of a writ petition filed by a borrower facing proceedings under the SARFAESI Act for a defaulted housing loan. The Court granted indulgence, directing payment of dues in instalments and keeping SARFAESI proceedings in abeyance.

What did the court decide?

Petitioner to pay outstanding dues in six monthly instalments starting 16.06.2016 along with regular instalments; SARFAESI proceedings kept in abeyance pending payment. Bank entitled to resume proceed

Shibu S.B Vs the Federal Bank — Banking and Recovery | 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 20TH DAY OF MAY 2016/20TH VAISAKHA 1938

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WP(C).No. 548 of 2016 (P)

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PETITIONER(S):

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SHIBU S.B., SHIBU NIVAS, KUNNUMMEL, KILIMANOOR, NOW RESIDING AT PANCHAMI, CHOOTTAYIL, KILIMANOOR, THIRUVANANTHAPURAM.695 601.

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BY ADV. SRI.SEBASTIAN JOSEPH (KURISUMMOOTTIL)

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RESPONDENT(S):

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1. THE FEDERAL BANK LTD. ZONAL OFFICE, FEDERAL TOWERS, STATUE, THIRUVANANTHAPURAM-695 001, REPRESENTED BY ITS AUTHORISED OFFICER, THE CHIEF MANAGER.

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2. THE MANAGER, FEDERAL BANK LTD., KILIMANOOR BRANCH, KILIMANOOR, THIRUVANANTHAPURAM DISTRICT.695 011.

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R1 & 2 BY ADVS.SRI.REJI GEORGE

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SRI.JOE JOSEPH KOCHIKUNNEL SRI.BINOY DAVIS SMT.SIJI JOY

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20-05-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 548 of 2016 (P)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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P1:TRUE COPY OF THE NOTICE DATED 4.6.2015 TO THE PETITIONER.

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P2:TRUE COPY OF THE ORDER DATED 19.10.2015 IN M.C.17/2015 OF THE CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM.

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P3:TRUE COPY OF THE CERTIFICATE ISSUED BY THE BANK TO THE PETITIONER ON 1.7.2015.

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RESPONDENT(S)' EXHIBITS :

NIL.

//TRUE COPY//

P.A. TO JUDGE

A.M.SHAFFIQUE, J.

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W.P.(C) No.548 of 2016

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Dated this the 20^th day of May, 2016

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J U D G M E N T

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The petitioner has approached this Court faced with proceedings under the SARFAESI Act. He had taken a housing loan, which came to be defaulted and in the meantime, the Bank had taken steps under the SARFAESI Act.

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The learned counsel appearing for the respondent Bank

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submits that the outstanding dues is 3,39,384/-. ₹

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The learned counsel for the petitioner seeks for time to regularise the loan account by paying the outstanding dues. He also agrees to pay the monthly instalments in time.

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Having regard to the aforesaid factual situation, I am of the view that some indulgence can be shown to the petitioner. Hence, this writ petition is disposed of as under :

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The petitioner shall pay the outstanding dues of ₹3,39,384/- in six equal monthly instalments starting from 16.06.2016.

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The petitioner shall also pay the regular monthly instalments as per the agreement between the parties.

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If the payments are made as above, SARFAESI proceedings shall be kept in abeyance.

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W.P.(C) No.548 of 2016

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If there is any default in payment of any of the aforesaid amount, the respondent Bank will be entitled to take appropriate proceedings in accordance with law.

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Sd/- A.M.SHAFFIQUE, JUDGE.

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Shibu S.B v. the Federal Bank

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Shibu S.B v. the Federal Bank

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