Petitioner challenged SARFAESI Act recovery proceedings. Court directed the bank to accept repayment of Rs. 13 Lakhs in 15 installments and stayed coercive proceedings pending default.
Petitioner granted 15-month installment plan for Rs. 13 Lakhs; coercive proceedings stayed pending default.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
WEDNESDAY, THE 1ST DAY OF JUNE 2022 / 11TH JYAISHTA, 1944
WP(C) NO. 7679 OF 2022
PETITIONER/S:
SHIBU DAS
AGED 42 YEARS
S/O. MARYDAS, JOY HOUSE, CHOLAYIKONAM,
MYLOTTUMMOOZHY, KATTAKADA, THIRUVANANTHAPURAM
KERALA 695 541
BY ADVS.
G.RANJU MOHAN
M.SANTHI (K/868/2011)
RESPONDENT/S:
AUTHORIZED OFFICER
UNION BANK OF INDIA, NEW JYOTHI TOWER, T.C
25/1506(1), S.S KOVIL ROAD, THIRUVANANTHAPURAM,
KERALA 695 001
OTHER PRESENT:
SRI. A S P KURUP (SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 01.06.2022, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
W.P.(C) No.7679/2022
-:2:-
J U D G M E N T
Petitioner has approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) for recovery of the amounts due upon a loan availed by the petitioner.
W.P.(C) No.7679/2022
-:3:-
(i) The outstanding amount of Rs.13,00,000/-(Rupees Thirteen Lakhs Only) together with any accrued interest/costs shall be repaid in 15 equated monthly installments.
(ii) The first installment shall be paid on or before 30-06-2022. The subsequent installments shall be paid on or before the last working day of the succeeding months.
W.P.(C) No.7679/2022
-:4:-
(iii) In the event of default of any one installment, the
respondent bank shall be entitled to proceed in accordance with law.
(iv) In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.
The writ petition is disposed of as above.
Sd/GOPINATH P.
JUDGE
ats
W.P.(C) No.7679/2022
-:5:-
APPENDIX OF WP(C) 7679/2022
PETITIONER EXHIBITS
Exhibit P1TRUE COPY OF THE ADVOCATE COMMISSIONER
NOTICE DATED 08-02-2021.
Exhibit P2TRUE COPY OF THE NOTICE ISSUED BY THE
ADVOCATE COMMISSIONER DATED 02-03-2022
1 issue framed by the court
Whether the petitioner should be granted an opportunity to repay the outstanding loan amount in installments pending coercive recovery proceedings.
1 provisions across 1 enactments
Shibu Das
Union Bank of India
Gopinath P.
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court