Allowed

Sreedevi Amma v. Authorised Officer

Kerala HC1 Apr 2016WP(C)/8099/2016

Case brief

AI extract

What is this about?

Petitioners, who defaulted on a bank loan, challenged SARFAESI recovery proceedings. The court allowed them to remit the outstanding balance in 12 monthly installments subject to financial hardship, staying further proceedings. Any default would restore bank rights.

What did the court decide?

Staying SARFAESI proceedings if petitioners pay outstanding Rs. 6,87,755 plus accrued interest and charges in 12 equal monthly installments commencing 20.04.2016.

Sreedevi Amma Vs Authorised Officer — Specific Performance | 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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FRIDAY, THE 1ST DAY OF APRIL 2016/12TH CHAITHRA, 1938

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WP(C).No. 8099 of 2016 (J)

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PETITIONER(S):

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1. SREEDEVI AMMA, PLAVILA VEEDU, KALAIKODU, POOTHAKULAM, KOLLAM DISTRICT.

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2. K.S.ANIL KUMAR, PLAVILA VEEDU, KALAIKODU, POOTHAKULAM, KOLLAM DISTRICT.

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3. SAHADEVAN KANI, SANDHYA BHAVAN, NEYYAR DAM, KALLAIKODE, THIRUVANANTHAPURAM- 695 001.

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BY ADVS. SRI.B.DIPU SACH DEEV SRI.ARUN BABU

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RESPONDENT(S):

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THE AUTHORISED OFFICER, SENIOR MANAGER, INDIAN OVERSEAS BANK, POOTHAKKULAM BRANCH, KOLLAM DISTRICT - 691 001.

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BY ADV. SRI.SUNIL SHANKER BY ADV. SMT.ARCHANA S. KUMAR

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01-04-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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Msd.

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WP(C).No. 8099 of 2016 (J)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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P1: THE ORIGINAL COPY OF THE ACCOUNTS STATEMENT DATED 02.02.2016.

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P2: THE TRUE AND CORRECT COPY OF THE DEMAND NOTICE DATED 28.01.2006.

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P3: THE TRUE AND CORRECT COPY OF THE DEMAND NOTICE DATED 15.11.2008.

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P4: THE TRUE AND CORRECT COPY OF THE POSSESSION NOTICE DATED 09.12.2015.

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P5: NOTICE OF SALE OF SECURED ASSETS ISSUED BY THE AUTHORISED OFFICER ON 27.01.2016.

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RESPONDENT(S)' EXHIBITS :

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---------------------------

NIL

//TRUE COPY//

P.A.TO JUDGE.

Msd.

A.K.JAYASANKARAN NAMBIAR, J.

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............................................................. W.P.(C).No.8099 of 2016

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

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J U D G M E N T

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The petitioners, 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.P5 is the sale notice. In the writ petition, the petitioners impugn the steps initiated by the respondent bank for recovery of the loan amounts.

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I have heard the learned counsel appearing for the petitioners as also the learned Standing counsel appearing for 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 petitioners is to permit them to remit the balance

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-2-

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W.P.(C). No. 8099 of 2016

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amounts outstanding to the bank in easy installments. Taking into account the plea of financial hardship raised by the petitioners, I dispose the writ petition with the following directions:-

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(i) The total amount outstanding from the petitioners to the respondent bank as on 29.02.2016, is stated to be Rs.6,87,755/together with SARFAESI charges. Accordingly, if the petitioners pay the said amount of Rs.6,87,755/- together with accrued interest from 29.02.2016 and SARFAESI charges in twelve equal and successive monthly installments commencing from 20.04.2016, then the further proceedings initiated against him by the respondent bank shall be kept in abeyance.

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(ii) It is further made clear that if the petitioners commit 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 petitioners with an up-to-date statement of accounts so

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-3-

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W.P.(C). No. 8099 of 2016

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as to enable the petitioners to discharge the liability in accordance with the directions in this judgment.

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Sd/-

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A.K.JAYASANKARAN NAMBIAR JUDGE

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mns/1.4.16

Sreedevi Amma v. Authorised Officer

Case brief

What is this about?

What did the court decide?

Sreedevi Amma v. Authorised Officer

Case brief

What is this about?

What did the court decide?

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