Disposed

Mathews Jose v. the Federal Bank Ltd.

Kerala HC15 Nov 2016WP(C)/8057/2016

Case brief

AI extract

What is this about?

Writ petition challenging SARFAESI proceedings was disposed of wherein the court allowed payment of the loan amount and interest in six equal monthly instalments granting indulgence to the petitioner who expressed willingness to repay.

What did the court decide?

Petitioner directed to pay the entire amount with accrued interest in six equal monthly instalments starting from 14.12.2016.

Mathews Jose Vs the Federal Bank Ltd. — 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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TUESDAY, THE 15TH DAY OF NOVEMBER 2016/24TH KARTHIKA, 1938

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WP(C).No. 8057 of 2016 (F)

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PETITIONER:

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MATHEWS JOSE, H NO.190C, THEKKEMURIYIL HOUSE, ROSE GARDENS, AKG ROAD, EDAPALLY TOLL, COCHIN-682 024.

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BY ADVS.SRI.V.B.HARI NARAYANAN, SMT.RUBY P.PAULOSE, SMT.SHAZIA BINT ASHRAF.

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RESPONDENTS:

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1. THE FEDERAL BANK LTD., INFOPARK-KAKKANAD BRANCH, ERNAKULAM- 682 030, REPRESENTED BY ITS BRANCH MANAGER.

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2. THE AUTHORISED OFFICER, THE FEDERAL BANK LIMITED, ZONAL OFFICE, FEDERAL TOWERS, MARINE DRIVE, ERNAKULAM-682 031.

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BY SRI.K.ANAND, SENIOR ADVOCATE. ADV. SMT.LATHA ANAND.

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15-11-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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rs.

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WP(C).No. 8057 of 2016 (F)

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APPENDIX

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PETITIONER'S EXHIBITS:-

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P1:A TRUE COPY OF THE NOTICE DTD 05/08/2014 ISSUED BY ADVOCATE COMMISSIONER.

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RESPONDENT'S EXHIBITS:- NIL.

//TRUE COPY//

P.S. TO JUDGE

rs.

A.M.SHAFFIQUE, J.

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------------------------------------ W.P.(C) No.8057 of 2016

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Dated this the 15^th day of November, 2016

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J U D G M E N T

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Petitioner has approached this Court being faced with proceedings initiated by the respondent Bank under the SARFAESI Act.

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Petitioner had taken a loan for 9,40,000/-. The petitioner₹ could not repay the monthly instalments in time on account of certain financial difficulties. In the meantime, proceedings had been taken by the respondent Bank under the SARFAESI Act.

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Learned counsel for the petitioner submits that the petitioner is ready and willing to pay the entire amount in instalments if some time is granted.

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Having regard to the fact that the petitioner had expressed his willingness to repay the amount in instalments, I am of the view that some indulgence can be shown to the petitioner.

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Accordingly, this writ petition is disposed of as under:

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(i) The petitioner shall pay the entire amount with accrued interest in six equal monthly instalments starting from 14.12.2016.

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(ii) If there is default in payment of any of the aforesaid amounts, it shall be open for the respondent Bank to take such steps in accordance with law.

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Sd/-

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A.M.SHAFFIQUE, JUDGE.

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Mathews Jose v. the Federal Bank Ltd.

Case brief

What is this about?

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Mathews Jose v. the Federal Bank Ltd.

Case brief

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