Disposed

Pushpalatha O v. the District Co-Operative Bank Ltd.

Kerala HC21 Aug 2017WP(C)/25014/2017

Case brief

AI extract

What is this about?

This was a writ petition filed by a defaulter of a loan seeking permission to remit the balance amount in installments. The High Court of Kerala granted permission to clear the overdue amount in 12 monthly installments, keeping bank recovery proceedings in abeyance conditionally.

What did the court decide?

Permission to pay overdue amount and interest in 12 monthly installments, keeping recovery proceedings under SARFAESI Act in abeyance upon timely payment.

Pushpalatha O Vs the District Co-Operative Bank Ltd. — Specific Performance | 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 21ST DAY OF AUGUST 2017/30TH SRAVANA, 1939

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WP(C).No. 25014 of 2017 (L)

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PETITIONER(S):

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PUSHPALATHA O AGED 36, W/O.SURESH KUMAR, ELLUVILA VEEDU, PORANUR, PLAMOOTTUKKADA P.O., TRIVANDRUM.

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BY ADV. SMT.REENA ABRAHAM

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RESPONDENT(S):

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1. THE DISTRICT CO-OPERATIVE BANK LTD REPRESENTED BY AUTHORISED OFFICER, FORT, THIRUVANANTHAPURAM 695 023.

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2. THE MANAGER THE DISTRICT CO-OPERATIVE BANK LTD, THIRUVANANTHAPURAM, UCHAKKADA EVENING BRANCH-695 023.

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R1 AND R2 BY SRI.THOMAS ABRAHAM,SC THIRUVANANTHAPURAM DIST.CO.

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21-08-2017, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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nkr

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WP(C).No. 25014 of 2017 (L)

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APPENDIX

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PETITIONER(S)' EXHIBITS ----------------------EXHIBIT P1 TRUE COPY OF THE PASS BOOK OF THE PETITIONER DETAILING THE DEPOSITS MADE BY HER

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EXHIBIT P2 THE TRUE COPY OF NOTICE DATED 18/7/2017 ISSUED UNDER SECTION 13(4) OF THE SARFAESI ACT

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RESPONDENT(S)' EXHIBITS : NIL

/TRUE COPY/

P.A.TO JUDGE

nkr

A.K. JAYASANKARAN NAMBIAR, J.

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W.P.(C) NO. 25014 of 2017

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------------------------------------------------------Dated this the 21^st day of August , 2017

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JUDGMENT

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The petitioner, who had availed 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.P2 is the possession notice issued to the petitioner under Section 13(4) of the SARFAESI Act. 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 on behalf of the petitioner as also the learned Standing Counsel appearing on behalf of the respondents.

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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 her to remit the balance amounts outstanding to the bank in easy installments. Taking into

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W.P.(C)No. 25014 of 2017

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..2..

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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 total overdue amount, in respect of the loan availed by the petitioner, is stated to be Rs.2,38,616/-. Accordingly, if the petitioner pays the aforesaid amount of Rs.2,38,616/- together with accrued interest and other charges, in twelve equal and successive monthly installments commencing from 31.08.2017, and continues to keep up the regular installment payments as per the original loan schedule, then the recovery steps initiated against her by the respondent bank shall be kept in abeyance.

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(ii) It is made clear that if the petitioner commits a default in respect of any of the installments, she will lose the benefit of this judgment and the respondent bank will be free to continue the recovery proceedings against her from the stage at which they presently stand.

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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 10 days from today, so as to enable the petitioner to discharge her liability in accordance with the directions in this judgment.

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Sd/-

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A.K. JAYASANKARAN NAMBIAR

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JUDGE

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bng/-

Pushpalatha O v. the District Co-Operative Bank Ltd.

Case brief

What is this about?

What did the court decide?

Pushpalatha O v. the District Co-Operative Bank Ltd.

Case brief

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