Allowed

Sajimon K.K. v. the Manager, Indusind Bank Ltd.

Kerala HC14 Aug 2017WP(C)/23529/2017

Case brief

AI extract

What is this about?

In a writ petition challenging SARFAESI proceedings initiated by a bank due to vehicle loan default, the Court allowed installment repayment of arrears. The bank's recovery actions were stayed pending regular payments, and possession of the vehicle was ordered to be returned upon cleared dues.

What did the court decide?

Petitioner permitted to pay outstanding amount of Rs.3,68,825/- plus interest in 12 monthly installments; recovery proceedings kept in abeyance; vehicle possession to be handed over upon payment of ar

Sajimon K.K. Vs the Manager, Indusind Bank… — Contract and Commercial Disputes | 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 MR. JUSTICE A.K.JAYASANKARAN NAMBIAR

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MONDAY, THE 14TH DAY OF AUGUST 2017/23RD SRAVANA, 1939

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WP(C).No. 23529 of 2017 (M)

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PETITIONER:

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SAJIMON K.K.

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AGED 44 YEARS, S/O KARUNAKARAN,KULATHINKAL HOUSE, UDUMBANOOR, THODUPUZHA, NEAR NARISAL GIRLS COLLEGE,

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IDDUKI- 685 595

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BY ADV. SRI.P.MOHAMED SABAH

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RESPONDENT:

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THE MANAGER, INDUSIND BANK LTD. RAMA BHAVAN NO.XXVI, NEAR PARUTHELI PALAM, TOLL JUNCTION, EDAPALLY, KOCHI- 682 024

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BY ADV. SRI.VARGHESE C.KURIAKOSE. SC

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14-08-2017, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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sdr/-

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WP(C).No. 23529 of 2017 (M) ----------------------------

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APPENDIX

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PETITIONER(S)' EXHIBITS

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EXHIBIT P1 TRUE COPY OF THE ORDER OF THE CHIEF JUDICIAL MAGISTRATE THODUPUZHA

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RESPONDENT(S)' EXHIBITS NIL -----------------------------------/TRUE COPY/

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PA TO JUDGE

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sdr/-

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A.K.JAYASANKARAN NAMBIAR, J.

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............................................................. W.P.(C).No.23529 Of 2017 -(M) ............................................................. Dated this the 14^th day of August, 2017

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J U D G M E N T

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The petitioner, who had availed a vehicle 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.P1 is the order of the Chief Judicial Magistrate, Thodupuzha. It is stated that the possession of the vehicle has already been taken by the respondent bank. 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 appearing for the petitioner as also the learned Standing counsel appearing for the respondent bank.

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W.P.(C).No.23529 Of 2017 -(M)

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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 amounts outstanding to the respondent bank in easy installments. 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 overdue amount, in respect of the loan availed by the petitioner, as of today is stated to be Rs.3,68,825/- together with accrued interest. Accordingly, if the petitioner pays the said amount of Rs.3,68,825/- together with accrued interest in 12 equal and successive monthly installments commencing from 30.08.2017, and continues to keep up the regular installment payments as per the original loan schedule, 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 petitioner commits 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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W.P.(C).No.23529 Of 2017 -(M)

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(iii) The respondent bank shall furnish the petitioner with an up-to-date statement, of the dues position together with interest, within ten days from today so as to enable the petitioner to discharge the liability in accordance with the directions in this judgment.

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iv) It is made clear that on the petitioner paying the amount of Rs.3,68,825/- together with accrued interest, either within the time granted in this judgment or earlier, the respondent bank shall handover possession of the vehicle to the petitioner. This however, shall be subject to the condition that, on the petitioner committing any further defaults, the petitioner will handover the possession back to the respondent bank without awaiting further orders from this Court or any direction from the respondent bank.

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Sd/-

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A.K.JAYASANKARAN NAMBIAR JUDGE

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mns/14.08.17

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W.P.(C).No.23529 Of 2017 -(M)

Sajimon K.K. v. the Manager, Indusind Bank Ltd.

Case brief

What is this about?

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Sajimon K.K. v. the Manager, Indusind Bank Ltd.

Case brief

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