Allowed
Suganan.K.K v. the Kottayam District Co-Operative Bank Ltd.
Kerala HCWP(C)/23792/2018
Case brief
AI extract
What is this about?
The High Court at Ernakulam set aside a Section 13 notice issued under the SARFAESI Act. The Court held that despite the petitioners' claim of default being less than 20% of the loan, the bank agreed to withdraw proceedings and proceed only in accordance with the statutory mandate.
What did the court decide?
Set aside the notice issued under Section 13 of the SARFAESI Act and directed the bank to take recovery steps only in terms of the statutory mandate.