Allowed

Jayaprakash, v. South Indian Bank Ltd.

Kerala HC19 Feb 2019WP(C)/3464/2019

Case brief

AI extract

What is this about?

The High Court allowed the writ petition directing the bank to regularize the petitioner's housing loan and close cash credit accounts. The petitioner must pay total outstanding dues in fifteen monthly instalments along with regular EMIs. Failure to comply will vacate the benefit and allow bank proceedings to continue.

What did the court decide?

Petitioner to pay total outstanding in cash credit accounts and housing loan overdue in fifteen equal monthly instalments starting 25.03.2019, along with regular EMIs.

Jayaprakash, Vs South Indian Bank Ltd. — 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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TUESDAY, THE 19TH DAY OF FEBRUARY 2019 / 30TH MAGHA, 1940

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WP(C).No. 3464 of 2019

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PETITIONER:

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JAYAPRAKASH, AGED 37 YEARS, S.O KRISHNAN, KUZHIPARAMBIL HOUSE, ICHAADI, KILLIMANGALAM P.O, CHELAKKARA, THRISSUR DISTRICT.

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BY ADV. SRI.C.DHEERAJ RAJAN

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RESPONDENTS:

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1 SOUTH INDIAN BANK LTD., REGIONAL OFFICE PALAKKAD, 2ND FLOOR, GANEES BUILDING, FORT MAITHAAN, KUNNATHOORMED P.O, PALAKKAD - 678 013 REP BY CHIEF MANAGER.

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2 AUTHORIZED OFFICER, SOUTH INDIAN BANK. LTD, REGIONAL OFFICE PALAKKAD, 2ND FLOOR, GANEES BUILDING, FORT MAITHAAN, KUNNATHOORMED P.O, PALAKKAD - 678 013.

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BY ADVS.SRI.K.K.JOHN SRI.ASISH K.JOHN

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19.02.2019, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

WPC 3464/19

JUDGMENT

The petitioner seeks that the respondent Bank be directed to regularise the loan transaction involved in this case by allowing him to pay the overdue in instalments.

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The learned Standing Counsel for the Bank, however, submits that the petitioner has two other loans, both cash credit accounts and that, as on today, an amount of Rs.12,26,975/- is due in those accounts. He says that unless those amounts are paid, the housing loan involved in this case cannot be regularised, adding that the overdue in the housing loan, as on today, is Rs.1,27,000/-. He offers that if the petitioner pays all these amounts in fifteen instalments, then the cash credit accounts can be closed and the housing loan regularised.

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The learned counsel for the petitioner says the petitioner accepts this offer and prays that this writ petition be disposed of on those lines.

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In the afore circumstances, I order this writ petition and direct the petitioner to pay the total outstanding in the cash credit accounts, which is Rs.12,26,975/-, as also the overdue in the housing loan, which is Rs.1,27,000/- as on today, along with all applicable charges and interest, in fifteen equal monthly instalments commencing from

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WPC 3464/19

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25.03.2019; in which event the cash credit accounts will stand closed and the housing loan regularised by the end of this term. He shall also, in addition to this, pay the regular EMIs without fail. It goes without saying that if there is any default in making the payment as directed above, the benefit granted under this judgment would stand vacated and the Bank will be at liberty to recover the entire liability from the petitioner by continuing with the proceedings from the stage it is on this date.

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I make it clear that the directions in this judgment are peremptory in nature and that the petitioner will have to comply with the same meticulously. I caution the petitioner that no further requests for extension or modification of this judgment, save in exceptional circumstances, will be permitted and that if the petitioner fails to comply with the directions herein, he will lose the benefit of this judgment and he will also be foreclosed from challenging the measures/proceedings taken by the Bank, under the SARFAESI Act and impugned in this writ petition, before any other alternative Forum or Court.

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Sd/Devan Ramachandran, Judge

tkv

WPC 3464/19

APPENDIX

PETITIONER'S EXHIBITS:

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EXHIBIT P1 THE TRUE COPY OF THE NOTICE DATED 11.10.2017 ISSUED U/S 8(1) OF SARFAESI ACT. EXHIBIT P2 THE TRUE COPY OF CMP 19/2016 FILED BY THE RESPONDENT BANK BEFORE THE CHIEF JUDICIAL MAGISTRATE. EXHIBIT P3 THE TRUE COPY OF THE NOTICE DATED 17.01.2019 ISSUED BY THE ADVOCATE COMMISSIONER IN FAVOUR OF THE PETITIONER HEREIN.

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/true copy/

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P.S. TO JUDGE

Jayaprakash, v. South Indian Bank Ltd.

Case brief

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Jayaprakash, v. South Indian Bank Ltd.

Case brief

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