Disposed

Siji Suresh, v. Authorized Officer

Kerala HC7 Feb 2019WP(C)/2847/2019

Case brief

AI extract

What is this about?

The High Court permitted the petitioners to make a one-time settlement offer to the respondent Bank by 09.02.2019, including a request for waiver of penal interest. The Court directed the Bank to consider the offer, afford the petitioners an opportunity of being heard, and communicate the resultant order within four days.

What did the court decide?

Petitioners permitted to make a one-time settlement offer, including waiver of penal interest, by 09.02.2019. Bank directed to consider the offer, afford an opportunity of being heard, and communicate

Siji Suresh, Vs Authorized Officer — 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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THURSDAY, THE 07TH DAY OF FEBRUARY 2019 / 18TH MAGHA, 1940

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WP(C).No. 2847 of 2019

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PETITIONERS:

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1 SIJI SURESH, AGED 41 YEARS W/O.SURESH, MACHAMPILLY HOUSE, KONOOR DESOM, MURINGOOR THEKKUMMURI VILLAGE, CHALAKUDY TALUK, THRISSUR DISTRICT, PIN-680308.

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2 SURESH, AGED 46 YEARS S/O.AYYAPPAN, MACHAMPILLY HOUSE, KONOOR DESOM, MURINGOOR THEKKUMMURI VILLAGE, CHALAKUDY TALUK, THRISSUR DISTRICT, PIN-680308.

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3 DEVAKI, AGED 61 YEARS W/O.AYYAPPAN, MACHAMPILLY HOUSE, KONOOR DESOM, MURINGOOR THEKKUMMURI VILLAGE, CHALAKUDY TALUK, THRISSUR DISTRICT, PIN-680308.

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BY ADVS. SMT.K.V.BHADRA KUMARI SMT.P.V.RADHAMANI

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RESPONDENTS:

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1 AUTHORIZED OFFICER, THRISSUR DISTRICT CO-OPERATIVE BANK LTD., HEAD OFFICE AT SAHAKARANA SATHABDI MANDIRAM, KOVILAKATHUMPADAM, THIRUVAMPADY (P.O.), THRISSUR-680022.

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2 THRISSUR DISTRICT CO-OPERATIVE BANK LTD., REPRESENTED BY GENERAL MANAGER, SAHAKARANA SATHABDI MANDIRAM, KOVILAKATHUMPADAM, THIRUVAMBADY (P.O.), THRISSUR-680022.

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WP(C).No. 2847 of 2019 2

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3 BRANCH MANAGER, KORATTY BRANCH THRISSUR DISTRICT CO-OPERATIVE BANK , KORATTY (P.O.), THRISSUR DISTRICT-680308.

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SRI.P.C.SASIDHARAN-SC

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07.02.2019, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 2847 of 2019 3

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JUDGMENT

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Petitioners make a limited prayer that the

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respondent Bank, from which they have availed certain loan facilities, be directed to allow them to close the said accounts by giving them 8 months time from today.

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The learned Standing Counsel for the

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respondent Bank, however, submits that he cannot concede to any such request because the amount outstanding in the account as on 31/12/2018 is Rs.64,45,440/- (Rupees Sixty Four Lakhs Forty Five Thousand Four Hundred and Forty only)and

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the sale of the secured assets is scheduled to

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be held on 18/02/2019. He says that if the

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petitioners require any indulgence, they will have to pay substantial amounts before that date.

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Smt.K.V.Bhadra Kumari, learned counsel

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appearing for the petitioners, on hearing the

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learned Standing Counsel for the Bank as afore,

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WP(C).No. 2847 of 2019 4

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submits that her clients may not be in a position to pay large amounts by 18/02/2019 and further that the balance in the account, now stated by the Bank is greatly exaggerated because more than Rs.27 Lakhs have been debited therein as penal interest. She, therefore, prays that her clients may be given the liberty of approaching the Bank for a one time settlement of the account, by seeking waiver of the amounts charged as penal interest and that the Bank may be directed to consider such offer within the shortest possible time.

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The learned Standing Counsel for the Bank says that the allegations of Smt.K.V. Bhadra Kumari regarding penal interest is not

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true at all; but that the Bank is willing to consider an offer for settlement, if made by the petitioners, by granting them all available and eligible benefits, provided they pay off the entire amount within the time to be stipulated by them.

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WP(C).No. 2847 of 2019 5

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In the aforesaid circumstances, I permit the

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petitioners to make an offer for one time settlement, including a request for waiver of interest, to the respondent Bank on or before 09.02.2019; in which event, the competent authority of the Bank will consider the same and issue appropriate orders thereon, after affording an opportunity of being heard to the petitioners, or any one of them, if possible, on the day they make the offer and will, thereafter, communicate the resultant order to them within a period of four days there from.

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Sd/-

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DEVAN RAMACHANDRAN

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JUDGE

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MC/07.2.19

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WP(C).No. 2847 of 2019 6

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APPENDIX

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PETITIONER'S/S EXHIBITS:

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EXHIBIT P1 TRUE COPY OF THE PETITION FILED BY THE 1ST RESPONDENT AGAINST THE PETITIONERS UNDER SECTION 14 OF THE SARFAESI ACT AS CMP.NO.1722/2018 BEFORE THE CJM COURT, THRISSUR. EXHIBIT P2 TRUE COPY OF THE SALE NOTICE DATED 10.1.2019 ISSUED BY THE 1ST RESPONDENT.

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RESPONDENT'S/S EXHIBITS: NIL

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(TRUE COPY) PA TO JUDGE

Siji Suresh, v. Authorized Officer

Case brief

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Siji Suresh, v. Authorized Officer

Case brief

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