Disposed

T.S.Sunil Kumar v. Indian Bank

Kerala HC1 Jun 2017WA/1027/2017

Case brief

AI extract

What is this about?

The High Court granted a final indulgence to the appellant, a bank defaulter, directing him to deposit Rs. 3 lakhs immediately and Rs. 2 lakhs monthly to liquidate dues of Rs. 13.71 lakhs within seven months, thereby preventing the sale of his secured property.

What did the court decide?

Appellant directed to deposit Rs. 3 lakhs immediately and Rs. 2 lakhs monthly until dues are cleared; final failure permits bank to proceed against security.

T.S.Sunil Kumar Vs Indian Bank — Civil Procedure and Limitation | Kerala HC (2017)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT:

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THE HONOURABLE THE CHIEF JUSTICE MR.NAVANITI PRASAD SINGH &

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THE HONOURABLE MR. JUSTICE RAJA VIJAYARAGHAVAN V

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THURSDAY, THE 1ST DAY OF JUNE 2017/11TH JYAISHTA, 1939

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WA.No. 1027 of 2017 IN WP(C).17143/2017

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AGAINST THE JUDGMENT IN WP(C) 17143/2017 DATED 24-05-2017

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APPELLANT/PETITIONER :

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T.S.SUNIL KUMAR

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S/O. T.A. THANKAPPAN, 473, VANDANAM, KIZHUNNA P.O., EDAKKADADU, KANNUR.

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BY ADVS.SRI.T.RAJASEKHARAN NAIR SRI.ABHISHEK KURIAN

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RESPONDENTS/RESPONDENTS :

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INDIAN BANK

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KANNUR BRANCH,

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REPRESENTED BY ITS CHIEF MANAGER,

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INDIAN BANK, KANNUR

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THE CHIEF MANAGER, INDIAN BANK, KANNUR - 670 001.

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THE AUTHORIZED OFFICER INDIAN BANK ZONAL OFFICE, VALANJAMBALAM,

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CHITTOOR ROAD, ERNAKULAM - 682 011.

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R1 TO R3 BY SRI.S.EASWARAN, SC, INDIAN BANK

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THIS WRIT APPEAL HAVING COME UP FOR ADMISSION ON 01-06-2017, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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Navaniti Prasad Singh, C.J. & Raja Vijayaraghavan V., J.

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W.A. No. 1027 of 2017

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- - - - Dated this the 1^st day of June, 2017

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JUDGMENT

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Navaniti Prasad Singh, C.J.

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In this appeal the appellant who was the writ petitioner seeks to protect the property which he had purchased to build his residence.

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The appellant is a contractor and had taken certain financial accommodations from the Indian Bank. He alleges that huge amounts of money are due from the State Government and had the State Government timely paid his dues, he would never have been in default to the Bank. He does not dispute that he had virtually become a chronic defaulter. Accordingly the Bank recalled the debt and started SARFAESI proceedings having attached his immovable property which was given as a security.

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He had approached this Court more than once and in spite of the indulgence granted to liquidate the dues to the Bank, he was unable to pay off the debt and accordingly when this time he failed, the learned single Judge dismissed the writ petition. Hence the appeal.

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WA No. 1027 of 2017

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-:2:-

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We have heard learned counsel for the appellant and

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learned counsel for the Bank. We have considered the facts including the fact that the learned counsel for the Bank fairly submitted that the Bank is not interested in the property but is interested in liquidation of the dues, i.e. recovery of its money.

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Having considered the facts we think it would be just and equitable to give one last chance to the appellant and if he fails to liquidate the dues, then he alone would be blamed for the circumstances leading to sale of the securities and would not be entitled to any further indulgence by the Court.

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We had adjourned the matter yesterday to enable both the counsel to take instructions on the order that we propose to pass. Having heard them and considered the matter, we direct as under:

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The appellant would deposit with the respondent Bank a sum of Rs.3 lakhs within this week without demur.

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Thereafter within the first week of July, 2017 and subsequent months he would deposit Rs.2 lakhs till liquidation of dues with accrued interest.

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WA No. 1027 of 2017

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-:3:-

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We are informed that the total dues outstanding as of now

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would be about Rs.13.71 lakhs. In the manner as indicated above, if payments are made, we expect that in 6 or maximum 7 months the entire dues should be liquidated with accrued interest. If even now the appellant fails, it would be deemed that we had granted no indulgence and the Bank would be free to proceed against the securities in the manner as it may be advised. The appeal stands disposed of accordingly.

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Navaniti Prasad Singh, Chief Justice

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Sd/- Raja Vijayaraghavan V., Judge

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ttb/01/06

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/TRUE COPY/

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PA TO JUDGE

T.S.Sunil Kumar v. Indian Bank

Case brief

What is this about?

What did the court decide?

T.S.Sunil Kumar v. Indian Bank

Case brief

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