Disposed

Basheer.v.v v. the Manjeri Co-Operative Urbank Bank Limited

Kerala HC4 Jun 2018WP(C)/11596/2018

Case brief

AI extract

What is this about?

The petitioner challenged proceedings for recovery of a term loan classified as non-performing under SARFAESI Act. The High Court directed the petitioner to pay the outstanding in ten monthly instalments. Coercive action was deferred pending compliance, with a warning that default would allow proceedings to resume. (Warning: This summary is based on the user's text but excludes specific reasoning

What did the court decide?

Petitioner directed to pay outstanding in 10 monthly instalments; coercive action deferred pending payment; proceedings to resume on default of any instalment.

Basheer.v.v Vs the Manjeri Co-Operative… — Contract and Commercial Disputes | Kerala HC (2018)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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THE HONOURABLE MR. JUSTICE P.B.SURESH KUMAR

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MONDAY, THE 4TH DAY OF JUNE 2018 / 14TH JYAISHTA, 1940

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PETITIONER(S) :

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BASHEER.V.V AGED 50 YEARS, S/O ABDUL KHADER, VELOOR VALAPPIL HOUSE, IRUMBUZHI PO, MALAPPURAM -676513.

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BY ADVS.SRI.M.R.ARUNKUMAR

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SRI.P.SHAMMI NAVAS

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RESPONDENT(S):

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THE MANJERI CO-OPERATIVE URBAN BANK LIMITED, REGISTERED OFFICE, COURT ROAD, MANJERI PO, MALAPPURAM -676121, REPRESENTED BY THE GENERAL MANAGER.

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BY ADV. SRI.K.VIDYASAGAR, SC, MANJERI CO-OPERATIVE URBAN BANK LIMITED

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04-06-2018, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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acd

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WP(C).No. 11596 of 2018 (Y)

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APPENDIX

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PETITIONER(S)' EXHIBITS :

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EXHIBIT P1 COPY OF THE RELEVANT PAGES OF PASSBOOK ISSUED BY THE RESPONDENT BANK TO THE PETITIONER.

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EXHIBIT P2 COPY OF THE NOTICE ISSUED BY THE RESPONDENT BANK TO THE PETITIONER DATED 5.2.2018.

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RESPONDENT (S)' EXHIBITS :

NIL

// TRUE COPY //

P.A. TO JUDGE

acd

P.B.SURESH KUMAR, J

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- - - - - - - - - - - - - - - - - - - W.P.(c) No.11596 of 2018

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- - - - - - - - - - - - - - - - - - - - - - - - - - - Dated this the 4^th day of June, 2018

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JUDGMENT

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Petitioner availed a term loan from Manjeri Cooperative Urban Bank Limited (the bank). It is stated that the account of the said loan has been classified by the bank as non-performing asset and proceedings have been initiated against the secured asset for realization of the outstanding in the loan account, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (the Act). The petitioner is aggrieved by the said proceedings.

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Heard the learned counsel for the petitioner as also the learned counsel for the bank.

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When the matter was taken up, the learned counsel for the petitioner pointed out that non-payment of the dues by the petitioner was due to reasons beyond his control and not wilful, and that if a reasonable time is granted, the petitioner is prepared to liquidate the outstanding in the account.

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The learned counsel for the bank, on instructions,

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submits that the outstanding in the account of the loan as of

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W.P. (c) No.11596/18

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-2-

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now is Rs.7,99,563/-.

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Having regard to the facts and circumstances of the case as also the orders passed by this Court in similar matters, the writ petition is disposed of as follows :

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(i) The petitioner shall pay the outstanding in the loan account with interest due in ten equal monthly instalments, of which the first instalment shall be paid within one month from today.

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(ii) If the petitioner remits the outstanding in the loan account as directed above, coercive action against the petitioner shall be deferred. It is, however, made clear that if the petitioner commits default in remitting any one of the instalments as directed, proceedings initiated against the petitioner under the Act can be continued.

Sd/-

P.B.SURESH KUMAR

JUDGE

DSV/5/6/18

Basheer.v.v v. the Manjeri Co-Operative Urbank Bank Limited

Case brief

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Basheer.v.v v. the Manjeri Co-Operative Urbank Bank Limited

Case brief

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