Partly allowed

Dijoe Darvin v. Indusind Bank Limited

Kerala HC17 Oct 2017WP(C)/32850/2017

Case brief

AI extract

What is this about?

The Court disposed of the writ petition on the petitioners' plea of financial hardship, directing them to pay overdue dues in monthly installments. The bank's recovery proceedings were stayed pending payment, with conditions for resumption upon default and a direction for the return of the secured vehicle upon full compliance.

What did the court decide?

Recovery proceedings stayed pending payment of Rs.3,47,912/ with interest in ten equal monthly installments; vehicle possession to be handed over upon compliance.

Dijoe Darvin Vs Indusind Bank Limited — 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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TUESDAY, THE 17TH DAY OF OCTOBER 2017/25TH ASWINA, 1939

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WP(C).No. 32850 of 2017 (E)

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PETITIONERS :

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1. DIJOE DARVIN

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T.C.7/229, YMCA QUARTERS, VETTINADU, VATTAPARA, THIRUVANANTHAPURAM.695 028.

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2. DARVASTON BEN

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T.C.7/229, YMCA QUARTERS, VETTINADU, VATTAPARA, THIRUVANANTHAPURAM.695 028.

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BY ADVS.SRI.BIJU ABRAHAM

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SRI.J.G.SYAMNATH

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RESPONDENT :

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INDUSIND BANK LIMITED 'RAMA BHAVAN', PARUTHELI PALAM, TOLL JUNCTION, EDAPALLY, KOCHI.682 024, REPRESENTED BY ITS AUTHORIZED OFFICER.

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BY ADV. SRI.VARGHESE C.KURIAKOSE

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17-10-2017, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 32850 of 2017 (E)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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EXHIBIT P1: A TRUE COPY OF THE LOAN DETAILS DATED 02.02.2017. EXHIBIT P2: A TRUE COPY OF THE NOTICE ISSUED UNDER SECTION 13(2) ISSUED UNDER SARFAESI ACT DATED 03.05.2017.

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EXHIBIT P3: A TRUE COPY OF THE WARRANT ISSUED BY THE CHIEF JUDICIAL MAGISTRATE, THIRUVANANTHAPURAM DATED 19.07.2017. EXHIBIT P4: A TRUE COPY OF THE MAHAZAR PREPARED BY THE ADVOCATE COMMISSIONER DATED 23.08.2017.

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EXHIBIT P5: A TRUE COPY OF THE INVENTORY PREPARED BY THE ADVOCATE COMMISSIONER DATED 23.08.2017.

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EXHIBIT P6: A TRUE COPY OF THE PRE-SALE NOTICE ISSUED BY THE RESPONDENT DATED 11.09.2017.

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RESPONDENT(S)' EXHIBITS : NIL.

//TRUE COPY//

P.S. TO JUDGE

A.K.JAYASANKARAN NAMBIAR, J.

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W.P.(C).NO.32850 OF 2017 (E) ----------------------------------Dated this the 17^th day of October, 2017

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J U D G M E N T

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The petitioners, 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.P4 is the mahazar and Ext.P5 is the inventory prepared by the Advocate Commissioner. It is stated that physical possession of the vehicle has already been taken by the respondent bank.

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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 and also taking into account

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W.P.(C).No.32850/2017

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the plea of financial hardship raised by the petitioners, 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 petitioners, as of today, is stated to be Rs.3,47,912/-. Accordingly, if the petitioners pay the said amount of Rs.3,47,912/- together with accrued interest and other charges in ten 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 them by the respondent bank shall be kept in abeyance.

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

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

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W.P.(C).No.32850/2017

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(iv) It is made clear that on the petitioners paying the amount of Rs.3,47,912/- together with accrued interest and other charges either in accordance with the directions in the judgment or earlier, the respondent bank shall handover possession of the vehicle to the petitioners. It is made clear that, if the petitioners commit a default in respect of any of the installments, the petitioners shall, without awaiting any orders from this Court or direction from the respondent bank, forthwith handover possession of the secured asset to the respondent bank.

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A.K.JAYASANKARAN NAMBIAR JUDGE

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prp/17/10/17

Dijoe Darvin v. Indusind Bank Limited

Case brief

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Dijoe Darvin v. Indusind Bank Limited

Case brief

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