Disposed

K.K.Joseph v. the Authorized Officer, Under the Sarfaesi Act, Federal Bank Ltd.

Kerala HC22 Jul 2019WP(C)/17482/2019

Case brief

AI extract

What is this about?

High Court in a writ petition against a bank under the SARFAESI Act, granted liberty to the petitioner to approach the bank with details of a sale agreement to seek six months' time to pay off the loan, while deferring enforcement proceedings.

What did the court decide?

Liberty to approach the respondent-Bank with a petition containing details of a sale agreement within two weeks; enforcement proceedings deferred until such exercise is completed.

K.K.Joseph Vs the Authorized Officer, Under the Sarfaesi… — Banking and Recovery | Kerala HC (2019)

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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 DEVAN RAMACHANDRAN

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MONDAY, THE 22ND DAY OF JULY 2019 / 31ST ASHADHA, 1941

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WP(C).No.17482 of 2019

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PETITIONER:

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K.K.JOSEPH, S/O. LATE K.K. KURUVILA, ANATHANAM HOUSE, KANJIRAPPALLY POST, KOTTAYAM - 686 507.

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BY ADVS. SRI.MATHEW JOHN (K) SRI.MATHEW DEVASSI

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RESPONDENT:

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THE AUTHORIZED OFFICER, UNDER THE SARFAESI ACT, FEDERAL BANK LTD., LCRD KOTTAYAM DIVISION, THEKKUNGAL BUILDING, T.B.ROAD, KOTTAYAM - 686 001.

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BY ADV. SRI.M.JITHESH MENON

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22.07.2019, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No.17482/2019

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JUDGMENT

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Even though various averments, allegations and reliefs have been made and sought for in this writ petition, the learned counsel for the petitioner, Sri.Mathew John, confined his plea, when this matter was being heard, that his client be given six months time to pay off the entire loan liability.

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Sri.Jithesh Menon, learned Standing Counsel appearing for the respondent-Bank, submits that since the petitioner is only making this limited plea, he can always approach the Bank, so that they can consider it and issue appropriate orders. He adds that in normal circumstances, some condition may have to be fixed when such large time frame is granted.

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In response, Sri.Mathew John submits that his client has already entered into an agreement of sale with respect to one of his properties and that he is likely to get the sale consideration under it only within a period of six months. He says that it is therefore, that this period has been sought for by him.

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when I hear the learned counsel for the parties as

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WP(C).No.17482/2019

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afore and taking note of the fact that Sri.Mathew John is only making such a limited request, I am certainly of the view that this must be considered by the Competent Authority of the Bank in terms of law.

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I, therefore, deem it appropriate to order this writ petition, granting liberty to the petitioner to approach the respondent-Bank with a properly constituted petition containing all the details, including the agreement that he has entered into with the prospective purchaser, within a period two weeks from the date of receipt of a copy of this judgment; in which event, the Competent Authority of the Bank will hear the petitioner and thereafter, issue an apposite order.

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Needless to say, until such time as the afore exercise is completed, all further proceedings being perused by the Bank, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, will stand deferred.

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This writ petition is thus ordered.

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Sd/-

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DEVAN RAMACHANDRAN

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JUDGE

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YKB

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WP(C).No.17482/2019

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APPENDIX

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PETITIONER'S/S EXHIBITS:

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EXHIBIT P1 A TRUE COPY OF THE NOTICE ISSUED BY THE RESPONDENT DATED 14.2.2019 EXHIBIT P2 A TRUE COPY OF THE REPLY BY THE PETITIONER DATED 26.4.2019 EXHIBIT P3 A TRUE COPY OF THE REPLY DATED 30.4.2019 ISSUED BY THE BRANCH HEAD LCRD/KOTTAYAM OF THE FEDERAL BANK

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RESPONDENT'S/S EXHIBITS:

NIL

//TRUE COPY//

PA TO JUDGE

YKB

K.K.Joseph v. the Authorized Officer, Under the Sarfaesi Act, Federal Bank Ltd.

Case brief

What is this about?

What did the court decide?

K.K.Joseph v. the Authorized Officer, Under the Sarfaesi Act, Federal Bank Ltd.

Case brief

What is this about?

What did the court decide?

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