Disposed

P.C.Balakrishnan v. the Kerala Gramin Bank

Kerala HC16 Oct 2017WP(C)/29017/2017

Case brief

AI extract

What is this about?

In a writ petition challenging SARFAESI recovery proceedings, the court considered the petitioner's plea of financial hardship. It permitted the petitioner to repay the outstanding loan amount, interest, and charges in 12 equal monthly installments starting from 30.10.2017, staying further recovery actions contingent on regular payments. The bank was directed to furnish a dues statement within ten

What did the court decide?

Petitioner allowed to pay overdue amount plus interest in 12 equal monthly installments starting 30.10.2017; recovery proceedings stayed. Bank to submit updated dues statement within 10 days.

P.C.Balakrishnan Vs the Kerala Gramin 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 16TH DAY OF OCTOBER 2017/24TH ASWINA, 1939

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WP(C).No. 29017 of 2017 (B)

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PETITIONER(S):

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P.C. BALAKRISHNAN, S/O. IMBICHI, AGED 50 YEARS, "THUSHARA", KARATUPARAMBIL, PADINJATUMURI, KOOTILANGADI (VIA), MALAPPURAM DISTRICT.

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BY ADVS.SRI.P.SAMSUDIN, SRI.JITHIN LUKOSE.

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RESPONDENTS:-:

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1. THE KERALA GRAMIN BANK, REPRESENTED BY ITS CHIEF MANAGER, REGIONAL OFFICE, MALAPPURAM, MALAPPURAM P.O. - 676 505, MALAPPURAM DISTRICT.

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2. THE AUTHORISED OFFICER, THE KERALA GRAMIN BANK, REGIONAL OFFICE, MALAPPURAM, MALAPPURAM P.O. - 676 505, MALAPPURAM DISTRICT.

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BY SRI.T.R.RAVI, SC.

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16-10-2017, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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rs.

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WP(C).No. 29017 of 2017 (B)

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APPENDIX

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PETITIONER'S EXHIBITS:-

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EXHIBIT P1. TRUE COPY OF THE NOTICE DATED 20.01.2017 ISSUED TO THE PETITIONER U/S 13(2) OF THE ACT.

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EXHIBIT P2. TRUE COPY OF THE POSSESSION NOTICE DATED 21.07.2017.

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EXHIBIT P3. TRUE COPY OF THE RELEVANT PAGES OF THE PASSBOOK OF THE PETITIONER IN RESPECT OF THE LOAN ACCOUNT.

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RESPONDENT'S EXHIBITS:- NIL.

//TRUE COPY//

P.S. TO JUDGE

rs.

A.K.JAYASANKARAN NAMBIAR, J.

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............................................................. W.P.(C).No.29017 Of 2017

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............................................................. Dated this the 16^th day of October, 2017

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J U D G M E N T

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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. 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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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.

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W.P.(C).No.29017 Of 2017

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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.2,03,023/-. Accordingly, if the petitioner pays the said amount of Rs.2,03,023/- together with accrued interest and other charges in 12 equal and successive monthly installments commencing from 30.10.2017, 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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(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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Sd/-

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A.K.JAYASANKARAN NAMBIAR JUDGE

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mns/16.10.17

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W.P.(C).No.29017 Of 2017 2

P.C.Balakrishnan v. the Kerala Gramin Bank

Case brief

What is this about?

What did the court decide?

P.C.Balakrishnan v. the Kerala Gramin Bank

Case brief

What is this about?

What did the court decide?

What the court decided

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