Partly allowed

Ahmed Thasriq Malkeri v. State Bank of India, Rep. by Its Authorised Officer

Kerala HC1 Feb 2016WP(C)/77/2016

Case brief

AI extract

What is this about?

High Court disposed writ petition by allowing defaulting borrower to remit outstanding loan in equal monthly installments. Recovery proceedings stayed if petitioner complies and withdraws earlier tribunal stay, else benefits lapse.

What did the court decide?

Petitioner permitted to remit outstanding loan in 3 equal monthly installments from 15.02.2016; recovery proceedings stayed upon compliance; petitioner directed to withdraw earlier stay before DRT.

Ahmed Thasriq Malkeri Vs State Bank of… — 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.K.JAYASANKARAN NAMBIAR

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MONDAY, THE 1ST DAY OF FEBRUARY 2016/12TH MAGHA, 1937

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WP(C).No. 77 of 2016 (H)

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PETITIONER :

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AHMED THASRIQ MALKERI, S/O.AHAMMED, DOOR NO.628, THAJINAS, OPP. RELIANCE TOWER, KADIRUR, THALASSERI-670 641.

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BY ADVS.SRI.K.MOHANAKANNAN SRI.BALAKRISHNAN GOPINATH

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RESPONDENT :

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STATE BANK OF INDIA, RETAIL ASSETS SMALL & MEDIUM ENTERPRISES CITY CREDIT CENTRE (RASMECCC), S.N.PARK ROAD, KANNUR-670 001, REPRESENTED BY ITS AUTHORIZED OFFICER, SRI.U.VEER RAJU, S/O.U.SATHYANARAYANA, CHIEF MANAGER, STATE BANK OF INDIA, RETAIL ASSETS SMALL & MEDIUM ENTERPRISES CITY CREDIT CENTRE (RASMECCC), KANNUR-670 001.

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

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01-02-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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sts

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WP(C).No. 77 of 2016 (H)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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P1: TRUE COPY OF THE CRIMINAL M.P.2972/14 FILED BEFORE THE CHIEF JUDICIAL MAGISTRATE, THALASSERI BY THE RESPONDENT DT 6-6-2014.

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P2: TRUE COPY OF THE RECEIPT DATED 12/1/2016.

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

/TRUE COPY/

P.A.TO JUDGE

sts

A.K.JAYASANKARAN NAMBIAR, J. ............................................................. W.P.(C).No.77 Of 2016

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............................................................. Dated this the 1^st day of February, 2016

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J U D G M E N T

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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. 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 for the petitioner and the learned Standing Counsel appearing on behalf of the respondent bank.

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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

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W.P.(C). No.77 of 2016

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-2-

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amounts outstanding to the bank in easy instalments. 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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(i) The total amount outstanding from the petitioner after giving credit to the amount of Rs.5 lakhs that was paid by the petitioner pursuant to the interim order dated 04.01.2016 is Rs.13,51,415/-. Accordingly, if the petitioner pays the aforesaid amount of Rs.13,51,415/together with accrued interest in 3 equal and successive monthly instalments commencing from 15.02.2016, the recovery steps initiated against the petitioner 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 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.

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(iii)The respondent bank shall, within ten days from today, provide the petitioner with an up-

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-3-

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W.P.(C). No.77 of 2016

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to-date statement of accounts so as to enable the petitioner to discharge the liability in accordance with the directions in this judgment.

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(iv) The petitioner shall take steps to withdraw S.A.No.852 of 2011 before the Debt Recovery Tribunal as a condition for seeking the benefit of this judgment.

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A.K.JAYASANKARAN NAMBIAR JUDGE

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mns/1.02.16

Ahmed Thasriq Malkeri v. State Bank of India, Rep. by Its Authorised Officer

Case brief

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Ahmed Thasriq Malkeri v. State Bank of India, Rep. by Its Authorised Officer

Case brief

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