Disposed

Beena Joy v. the Thrissur District -Co-Operative Bank

Kerala HC25 Feb 2019WP(C)/4957/2019

Case brief

AI extract

What is this about?

This order in a writ petition directed the petitioners to submit an offer for One Time Settlement of their loan account to the Bank within one week. The Court deferred the Bank’s action under the SARFAESI Act until a decision was taken on the offer.

What did the court decide?

Directed petitioners to submit One Time Settlement offer within one week; SARFAESI action deferred pending Bank's decision.

Beena Joy Vs the Thrissur District -Co-Operative Bank — 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 25TH DAY OF FEBRUARY 2019 / 6TH PHALGUNA, 1940

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WP(C).No. 4957 of 2019

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PETITIONERS:

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1 BEENA JOY AGED 53 YEARS W/O. JOY, KUNALIL HOUSE, THALAPPILLY TALUK, WADAKANCHERI, PUTHURUTHI P.O, THRISSUR-680623.

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2 K.T. JOY AGED 60 YEARS S/O. THOMAS, KUNALIL HOUSE, THALAPPILLY TALUK, WADAKANCHERI, PUTHURUTHI P.O, THRISSUR-680623. BY ADVS. SRI.C.HARIKUMAR SRI.HARIKRISHNAN SRI.RENJITH RAJAPPAN

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RESPONDENTS:

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1 THE THRISSUR DISTRICT -CO-OPERATIVE BANK MAIN BRANCH, SAHAKARANA SATHABDHI MANDIRAM, T.U.D.A ROAD, KOVILAKATHUPADAM, THIRUVAMBADI P.O, THRISSUR-680022, REPRESENTED BY ITS SECRETARY.

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2 THE AUTHORISED OFFICER, THE THRISSUR DISTRICT CO-OPERATIVE BANK, MAIN BRANCH, SAHAKARANA SATHABDI MANDIRAM, T.U.D.A. ROAD, KOVILAKATHUPADAM, THIRUVAMBADI P.O, THRISSUR-680022. SRI.P.C.SASIDHARAN-SC

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25.02.2019, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 4957 of 2019 2

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JUDGMENT

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The limited prayer made by the petitioners

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is that the respondent-Bank be directed to give them the benefits under an extant One Time Settlement Scheme, so as to enable them to close the loan account availed of by them from the respondent-Bank.

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Standing Counsel appearing for the respondentBank, submits that the petitioners have not approached the Bank yet for any settlement and that if they make an appropriate offer, the Bank will certainly consider the same as per any available Scheme.

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Shri.Renjith Rajappan, the learned

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counsel for the petitioners submits that his clients will make an offer under any available Scheme before the Bank within a period of one

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WP(C).No. 4957 of 2019 3

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week and prays that the Bank be directed to consider that offer as early as is possible.

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In the afore circumstances, I order this

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writ petition directing the petitioners to prefer their offer, for One Time Settlement of the loan account, to the Bank within a period of one week from the date of receipt of a copy

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of this judgment; in which event, the Competent Authority of the Bank will consider

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the same and issue appropriate order/ proceedings to the petitioners, after

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affording an opportunity of being heard to them, within a period of two weeks thereafter.

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Needless to say, until such time as the

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Bank takes a decision on the One time

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Settlement offer to be made by the

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petitioners, and the resultant order

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communicated to the petitioners, all further

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WP(C).No. 4957 of 2019 4

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action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act ('the SARFAESI Act' for brevity) 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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MC/26.2.19

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WP(C).No. 4957 of 2019 5