Partly allowed

Jency T George, v. the Branch Manager

Kerala HC17 Mar 2021WP(C)/4751/2021

Case brief

AI extract

What is this about?

In a writ application prior to banking recovery proceedings, the Court directed a banker to provide the petitioner a 12-month instalment plan for the recovery of an unpaid housing loan.

What did the court decide?

Grants 12 monthly instalments for repayment of outstanding principal and interest, suspends SARFAESI proceedings temporarily unless default occurs, and ensures future EMI compliance from March 2021.

Jency T George, Vs the Branch Manager — Banking and Recovery | Kerala HC (2021)

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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 A.M.BADAR

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WEDNESDAY, THE 17TH DAY OF MARCH 2021 / 26TH PHALGUNA, 1942

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WP(C).No.4751 OF 2021(T)

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PETITIONER:

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JENCY T GEORGE AGED 35 YEARS S/O. GEORGE THOMAS PURATHE PARAMBIL PARUMALA P.O., KADAPRA MANNAR

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BY ADVS. SRI.R.SUNIL KUMAR SMT.A.SALINI LAL SHRI.ARUN KRISHNA

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RESPONDENT:

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THE BRANCH MANAGER, KERALA STATE CO-OPERATIVE BANK LTD., NIRANAM WEST BRANCH, PATHANAMTHITTA

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R1 BY SRI.N.RAGHURAJ, SC, ERNAKULAM DISTRICT COOPERATIVE BANK LTD.

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17.03.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No.4751 OF 2021(T)

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JUDGMENT

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Dated this the 17th day of March 2021

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Heard both sides.

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The petitioner had availed housing loan of Rs.15 lakhs on 12.06.2017. On 31.01.2019, it has turned into a non-performing asset. Demand notice under Section 13(2) of the SARFAESI Act was issued on 01.01.2020. The learned counsel for the petitioner submits that because of Covid-19 pandemic and as the petitioner suffered from financial stringency, the loan could not be serviced properly. She therefore, prays for instalments.

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The learned counsel appearing for the respondents submits that overdue amount is about Rs.3,29,688/- and the petitioner can be granted eight instalments for repaying the same.

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Considering the facts and circumstances of the instant case, as the respondent is interested in recovery of loan, the petition is disposed of with the following directions.

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The petitioner to repay the entire overdue amount along with interest and incidental charges in twelve equated successive monthly instalments commencing from 29.03.2021. In addition, the petitioner should also pay EMIs regularly from the month of March, 2021. If the petitioner complies with these directions, then the

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WP(C).No.4751 OF 2021(T)

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respondents are restrained from continuing the action under the SARFAESI Act initiated against the petitioner. A single default in compliance with these directions shall entail the respondents to continue with the action under the SARFAESI Act. No further extension

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of time shall be granted to the petitioner for any reason.

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Sd/-

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A.M.BADAR

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Nsd //true copy// PA to Judge

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JUDGE

Jency T George, v. the Branch Manager

Case brief

What is this about?

What did the court decide?

Jency T George, v. the Branch Manager

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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