In this writ petition concerning bank loan recovery and sale proclamation, the High Court allowed the petitioner to repay the outstanding amount in eight monthly instalments. The court stayed recovery proceedings pending full payment.
Periodic payment plan for outstanding loan amount granted; recovery proceedings stayed pending compliance.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR
WEDNESDAY, THE 30TH DAY OF MARCH 2016/10TH CHAITHRA, 1938
WP(C).No. 6672 of 2016 (H)
PETITIONER :
K.C.CHANDRASEKHARAN, VIRUTHETH HOUSE, PANDANAD P.O, CHENGANNUR.
BY ADVS. SRI.A.RAJASIMHAN SRI.K.NIRMALAN SRI.C.M.PRADIP KUMAR
RESPONDENT(S):
1. AUTHORISED OFFICER, STATE BANK OF TRAVANCORE, ASSET RECOVERY MANAGEMENT BRANCH, SBT BHAVAN, PANAMPILLY NAGAR, ERNAKULAM.PIN-682 028
2. BRANCH MANAGER, STATE BANK OF TRAVANCORE, CHENGANNUR.PIN-678 001
BY SRI.SANTHOSH MATHEW SRI.SATHISH NINAN
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30-03-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
sts
WP(C).No. 6672 of 2016 (H) --------------------------- APPENDIX PETITIONER(S)' EXHIBITS ----------------------P1 - TRUE COPY OF THE PROCLAMATION OF SALE DT. 30.11.2015
RESPONDENT(S)' EXHIBITS: NIL ------------------------/TRUE COPY/ P.A.TO JUDGE
sts
A.K.JAYASANKARAN NAMBIAR, J.
............................................................. W.P.(C).No.6672 of 2016
............................................................. Dated this the 30th day of March, 2016
J U D G M E N T
The petitioner, who had availed of a loan from the respondent bank, defaulted in repayment of the same. Consequently, the respondent bank initiated proceedings under the Recovery of Debts Due to the Bank and Financial Institutions Act. Ext.P1 is the sale proclamation at the instance of the respondents. In the writ petition, the petitioner impugns the steps initiated by the respondent bank for recovery of the loan amounts.
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W.P.(C). No.6672 of 2016
account the plea of financial hardship raised by the petitioner, I dispose the writ petition with the following directions:-
(i) The total amount outstanding from the petitioner to the respondent bank as of today is stated to be Rs.7,85,000/-. Accordingly, if the petitioner pays the said amount of Rs.7,85,000/together with accrued interest in eight equal and successive monthly installments commencing from 11.04.2016, the recovery steps initiated against the petitioner by the respondent company shall be kept in abeyance.
(ii) It is made clear that, if the petitioner commits a default in respect of any of the instalments, he will lose the benefit of this judgment and the respondent bank will be free to continue the recovery proceedings against him from the stage at which they presently stand.
(iii) The respondent bank shall, within ten days from today, provide the petitioner with an up-todate statement of accounts so as to enable the petitioner to discharge the liability in accordance with the directions in this judgment.
Sd/-
A.K.JAYASANKARAN NAMBIAR JUDGE
mns/30.3.16
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W.P.(C). No.6672 of 2016
1 issue framed by the court
Whether the petitioner can be permitted to remit the outstanding loan balance in instalments due to financial hardship.
K.C. Chandrasekharan
Authorised Officer, State Bank of Travancore
A.K. Jayasankarannambiar
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
