Petitioner challenged a sale notice under Section 13(2) of SARFAESI Act. Court dismissed the writ petition on terms that petitioner must pay Rs. 1.25 lakhs by 31.07.2018 to upgrade the account and avoid NPA status.
Writ petition dismissed; Petitioner directed to pay Rs. 1.25 lakhs by 31.07.2018 to avoid NPA status.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR. JUSTICE DAMA SESHADRI NAIDU
FRIDAY, THE 20TH DAY OF JULY 2018 / 29TH ASHADHA, 1940
WP(C).No. 20907 of 2018
PETITIONER(S):
BINUKUMAR.A.K S/O. KRISHNAN, AGED 40 YEARS, ARUKRISHNA, KODANGAVILA P.O., ARALUMOODU, THIRUVANANTHAPURAM DISTRICT - 695 123.
BY ADV.SRI.LATHEESH SEBASTIAN
RESPONDENT(S):
1. INDIAN OVERSEAS BANK, REPRESENTED BY ITS REGIONAL MANAGER, REGIONAL OFFICE, BUSINESS DEPARTMENT, THIRUVANANTHAPURAM - 695 001.
2. AUTHORIZED OFFICER, INDIAN OVERSEAS BANK, NEYYATTINKARA BRANCH, H.K. MOOSA COMPLEX, MAIN ROAD, NEYYATTINKARA, THIRUVANANTHAPURAM - 695 101.
3. BRANCH MANAGER, INDIAN OVERSEAS BANK, NEYYATTINKARA BRANCH, H.K. MOOSA COMPLEX, MAIN ROAD, NEYYATTINKARA, THIRUVANANTHAPURAM - 695 101.
R1-R3 BY SRI.SUNIL SHANKAR, SC, INDIAN OVERSEAS BANK
THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 20-07-2018, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
RVS.
WP(C).No. 20907 of 2018 (K)
APPENDIX
PETITIONER(S)' EXHIBITS:
EXHIBIT P1. TRUE COPY OF THE NOTICE OF THE 2ND RESPONDENT ISSUED TO THE PETITIONER DATED 04.06.2018 UNDER SECTION 13(2) OF SARFEASI ACT
EXHIBIT P2. TRUE COPY OF THE REPRESENTATION OF THE PETITIONER DATED 09.06.2018.
RESPONDENT(S)' EXHIBITS:
NIL.
/TRUE COPY/
P.S. TO JUDGE
RVS. 24/07/2018
DAMA SESHADRI NAIDU, J.
W.P.(C). No. 20907 of 2018 (K)
======================================================= Dated this the 20th day of July, 2018
JUDGMENT
The petitioner has Cash Credit facility with the respondent Bank. He was issued with Ext.P1 notice requiring him to pay Rs.18,01,454/-, because the loan was declared an NPA. Assailing Ext.P1, the petitioner has filed this writ petition.
W.P.(C). No. 20907 of 2018 (K)
-2-
petitioner, to have the account upgraded, must pay 1.25 lakhs, as agreed, to the respondent Bank, on or before 31.07.2018. If the petitioner fails to comply with the condition, the respondent Bank can proceed further, as it desires.
Sd/-
DAMA SESHADRI NAIDU JUDGE
das 20.07.2018
2 issues framed by the court
Whether the writ petition challenging the sale notice should be dismissed on terms.
Whether the petitioner must deposit Rs. 1.25 lakhs to have the account upgraded.
1 provisions across 1 enactments
Binukumar.A.K
Indian Overseas Bank
Dama Seshadri Naidu
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
