Disposed

Nagaraj.R v. the Authorised Officer

Kerala HC29 Nov 2016WP(C)/9523/2016

Case brief

AI extract

What is this about?

The High Court disposed of a writ petition challenging SARFAESI Act proceedings. Finding the petitioner willing to repay the loan dues in instalments, the Court allowed a moratorium and directed the petitioner to clear the entire amount with interest in 15 equal monthly instalments.

What did the court decide?

Directed the petitioner to pay the entire amount with accrued interest in 15 equal monthly instalments starting from 3/01/2017.

Nagaraj.R Vs the Authorised Officer — 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 29TH DAY OF NOVEMBER 2016/8TH AGRAHAYANA, 1938

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WP(C).No. 9523 of 2016 (M)

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PETITIONER:

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NAGARAJ. R.,

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UMA MAHESWARI NIVAS, A C CANAL ROAD, AVALOOKUNNU. P.O, ALAPPUZHA-688 006, NOW RESIDING AT THEKKINKATTIL, SANATHANAM WARD, CHATHANAD, ALAPPUZHA, PIN-688 001.

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BY ADV. SRI.B.PRAMOD.

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RESPONDENTS:

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1. THE AUTHORISED OFFICER, THE FEDERAL BANK LTD., REGIONAL OFFICE, ALAPPUZHA-688 001.

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2. THE FEDERAL BANK LTD., ALAPPUZHA BRANCH, CHURCH ROAD, MULLACKAL-688 011, REPRESENTED BY ITS MANAGER.

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BY ADVS. SRI.REJI GEORGE, SC, SRI.JOE JOSEPH KOCHIKUNNEL, SMT.SIJI JOY.

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29-11-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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rs.

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WP(C).No. 9523 of 2016 (M)

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APPENDIX

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PETITIONER'S EXHIBITS:-

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P1 TRUE COPY OF THE PARTNERSHIP DEED.

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P2 TRUE COPY OF THE STATEMENT OF ACCOUNT IN RESPECT OF THE C.C.

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P3 TRUE COPY OF THE NOTICE ISSUED BY THE 1ST RESPONDENT.

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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. 9523 of 2016

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Dated this the 29^th day of November, 2016

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JUDGMENT

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

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Petitioner had taken a loan from the respondent bank. But the petitioner could not repay the monthly instalments in time on account of certain financial difficulties.

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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

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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 the willingness to repay the amount in instalments, I am of the view that some indulgence can be shown to the

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W.P.(C) No. 9523 of 2016

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-2-

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petitioner.

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Accordingly, this writ petition is disposed of as under: (i) The petitioner shall pay the entire amount with

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accrued interest in 15 equal monthly instalments starting from

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3/01/2017.

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(ii) If there is default in payment of any of the aforesaid

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amounts, it shall be open for the respondent Bank to take such

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steps in accordance with law.

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Sd/A.M. SHAFFIQUE

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JUDGE

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Scl/29.11.2016

Nagaraj.R v. the Authorised Officer

Case brief

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Nagaraj.R v. the Authorised Officer

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