Disposed

Balakrishnan D. v. Punjab National Bank

Kerala HC15 Sept 2017WP(C)/29592/2017

Case brief

AI extract

What is this about?

Court allowed waiver in ORS under SARFAESI Act. Directed borrowers to clear defaulted arrears over 12 months while staying recovery proceedings. Recovery resumes on default; account regularization subject to履约. Petition disposed.

What did the court decide?

Stayed recovery on regular installment payments of Rs.1,25,150 default over 12 months; recovery resumes on two defaults; account regularized upon full payment.

Balakrishnan D. Vs Punjab National Bank — 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 K.VINOD CHANDRAN

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FRIDAY, THE 15TH DAY OF SEPTEMBER 2017/24TH BHADRA, 1939

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WP(C).No. 29592 of 2017 (Y)

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PETITIONER(S):

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1. BALAKRISHNAN D., S/O DAMODARAN, AGED 57 YEARS, PONNANGAMATTOM MALAYIL, P.O.NORTH PIRAMADAM, PIRAVAM.686667.

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2. ABHINAND BALAKRISHNAN, S/O BALAKRISHNAN, AGED 27 YEARS, PONNANGAMATTOM MALAYIL, P.O NORTH PIRAMADAM, PIRAVAM-686667,

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BY ADVS.SRI.K.C.SANTHOSHKUMAR SMT.K.K.CHANDRALEKHA

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RESPONDENT(S):

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1. PUNJAB NATIONAL BANK, PIRAVOM BRANCH, REPRESENTED BY ITS BRANCH MANAGER, PIRAVOM BRANCH.686667.

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2. THE CHIEF MANAGER (ADVANCE), (AUTHORISED OFFICER UNDER SARFAESI ACT, 2002), PUNJAB NATIONAL BANK, CIRCLE OFFICE, 40/1461, MARKET ROAD, IIND FLOOR, ERNAKULAM.682011.

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BY SRI.SANTHEEP ANKARATH, SC

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15-09-2017, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 29592 of 2017 (Y)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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EXHIBIT P1 TRUE COPY OF THE NOTICE DATED 20.6.2017 ISSUED BY THE 2ND RESPONDENT.

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RESPONDENT(S)' EXHIBITS - NIL

/TRUE COPY/

PS TO JUDGE

K. VINOD CHANDRAN, J.

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---------------------------------W.P(C). No.29592 of 2017 [Y]

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---------------------------------Dated this the 15^th day of September, 2017

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JUDGMENT

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Petitioners have approached this Court being

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faced with proceedings initiated by the respondent Bank under the SARFAESI Act.

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The 1^st Petitioner had availed a housing loan to the tune of Rs.5 lakhs from the respondent Bank in the month of June, 2014, for which the 2^nd petitioner stood as guarantor. The petitioners submitted that they could not repay the monthly installments in the loan in time on account of certain financial difficulties. The learned Counsel for the petitioners submits that the petitioners are ready and willing to pay the outstanding dues in installments and will also

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W.P(C). No.29592 of 2017 [Y]

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pay the regular monthly installments, if some

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time is granted.

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According to the respondent Bank the

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defaulted arrears would come to Rs.1,25,150/-.

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Having regard to the fact that the

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petitioners have expressed willingness to repay the amount in installments, I am of the view that some indulgence can be shown to the petitioner and the following directions are issued:

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(i) The petitioners shall pay the defaulted

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amount of Rs.1,25,150/- in twelve equal monthly installments starting from 15.10.2017 and continued on the 15^th of every succeeding month, with regular payment of EMIs on the due dates every month and the accrued interest in every three months.

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(ii) Recovery shall be stayed on the installments being regularly paid and on two

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W.P(C). No.29592 of 2017 [Y]

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defaults, it shall be resumed. If the arrears are paid up and so are the EMIs satisfied, then the account shall be regularised as per the original agreement.

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The writ petition would stand disposed of.

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Sd/- K.VINOD CHANDRAN, JUDGE.

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//True Copy//

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P.A. to Judge

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sp/15/09/17

Balakrishnan D. v. Punjab National Bank

Case brief

What is this about?

What did the court decide?

Balakrishnan D. v. Punjab National Bank

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

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