Disposed

Jabbarkutty v. the Manager, Sbi, Karunagappally Branch

Kerala HC25 Feb 2016WP(C)/716/2016

Case brief

AI extract

What is this about?

The High Court, considering the petitioner's plea of financial hardship regarding a defaulted loan, disposed of the writ petition by directing that recovery steps be stayed if the petitioner pays the outstanding amount in three monthly installments.

What did the court decide?

Recovery proceedings stayed subject to payment of Rs.93,156/- plus interest in three monthly installments commencing 10.03.2016.

Jabbarkutty Vs the Manager, Sbi, Karunagappally Branch — 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.K.JAYASANKARAN NAMBIAR

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THURSDAY, THE 25TH DAY OF FEBRUARY 2016/6TH PHALGUNA, 1937

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WP(C).No. 716 of 2016 (L)

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PETITIONER(S):

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JABBARKUTTY, S/O.NOORUDEEN KUTTY, AGED 41 YEARS, PALLIYUDE VADAKKETHIL, KADAPPA, MYNAGAPPALLY P.O., KOLLAM.

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BY ADVS.SRI.PRATHEESH.P., SMT.S.SEETHA.

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RESPONDENT(S):

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1. THE MANAGER, STATE BANK OF INDIA, KARUNAGAPPALLY BRANCH, VANDANA TOWERS, NEAR VANDANA AUDITORIUM, LALAJI JUNCTION, KARUNAGAPPALLY BRANCH, PIN-691 503.

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2. THE AUTHORISED OFFICER, STATE BANK OF INDIA, RASMEC, KOLLAM-691 001.

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BY ADV. SRI.R.S.KALKURA, SC.

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25-02-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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rs.

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WP(C).No. 716 of 2016 (L)

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APPENDIX

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PETITIONER'S EXHIBITS:-

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EXHIBIT P1. COPY OF THE NOTICE DATED 30.11.2015 ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER.

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RESPONDENT'S ANNEXURES:-

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ANNEXURE R1A COPY OF THE ORDER DATED 20/12/2011 OF THE DEBT RECOVERY TRIBUNAL IN IA. NO.2900 OF 2011 IN S.A.793/2011.

//TRUE COPY//

P.S. TO JUDGE

rs.

A.K.JAYASANKARAN NAMBIAR, J.

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W.P.(C). No. 716 of 2016

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Dated this the 25^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, 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.P1 is the possession notice issued to the petitioner under the SARFAESI Act. 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 case and the submissions made across the bar, I note that the sole prayer of the petitioner is to permit him to remit the balance amounts outstanding to the bank in easy installments. Taking into account the plea of financial hardship raised by the petitioner, I dispose the writ petition with the following directions:-

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-2-

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W.P.(C). No. 716 of 2016

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(i) The total overdue amount, in respect of the loan, is stated to be Rs.93,156/- together with accrued interest. Accordingly, if the petitioner remits the aforesaid amount of Rs.93,156/- together with accrued interest in three equal and successive monthly installments commencing from 10.03.2016, and continues to keep up the regular installments as per the original loan schedule, then the recovery steps initiated against him 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, 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.

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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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(iv) The undertaking of the petitioner that the SA filed before the Debt Recovery Tribunal shall be withdrawn is also recorded.

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Sd/- A.K.JAYASANKARAN NAMBIAR JUDGE

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das /25.02.2016

Jabbarkutty v. the Manager, Sbi, Karunagappally Branch

Case brief

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Jabbarkutty v. the Manager, Sbi, Karunagappally Branch

Case brief

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