Allowed

M/S Sree Agencies, v. the Chief Manager

Kerala HC5 Apr 2023WP(C)/2313/2023

Case brief

AI extract

What is this about?

This Single Judge Judgment in a writ petition directory is about a bank challenging the recovery proceedings initiated by the bank against the petitioners for non-payment of dues. The court directed the bank to allow the petitioners to pay the remaining arrears in 12 equal monthly instalments and kept recovery proceedings in abeyance pending payment.

What did the court decide?

The respondents (Bank) were directed to permit the petitioners to pay the arrears in 12 equal monthly instalments commencing 8.5.2023, keeping recovery proceedings in abeyance.

M/S Sree Agencies, Vs the Chief Manager — Specific Performance | Kerala HC (2023)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT

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THE HONOURABLE MRS. JUSTICE ANU SIVARAMAN

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WEDNESDAY, THE 5^TH DAY OF APRIL 2023 / 15TH CHAITHRA, 1945

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WP(C) NO.2313 OF 2023

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PETITIONERS :-

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1 M/S SREE AGENCIES, 26/21, MASJID STREET, PALAKKAD-678 006 REPRESENTED BY ITS PROPRIETOR KANTHASWAMY.J, AGED 60 YERAS, S/O.JAGADHEESAN.T.K, RESIDING AT 31/725, SETHUBHAVAN, AYODHYANAGAR, NEAR MERCY COLLEGE, PALLIPPURAM.P.O, PALAKKAD, PIN – 678 006 2 SMT.K.KAVITHA, W/O.KANTHASWAMY, RESIDING AT 31/725, SETHUBHAVAN, AYODHYANAGAR, NEAR MERCY COLLEGE, PALLIPPURAM.P.O, PALAKKAD, PIN – 678 006 BY ADVS. SASI M.R. N.P.SILPA KAVYA KRISHNAN DHARMYA M.S SREEKUMAR K.V. S.SAJIT SANAL

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RESPONDENTS :-

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1 THE CHIEF MANAGER, THE STATE BANK OF INDIA, HEAD OFFICE, ROTARY JUNCTION, POOJAPPURA MAIN ROAD, KESARI NAGAR, POOJAPPURA, THIRUNVANATHAPURAM, PIN – 695 012 2 THE CHIEF MANAGER, THE STATE BANK OF INDIA, PALAKKAD TOWN BRANCH, NO.31/777, MARKET ROAD, BIG BAZAR, PALAKKAD DISTRICT, PIN – 678 014 3 CHIEF MANAGER AND AUTHORIZED OFFICER THE STATE BANK OF INDIA, ASSET RECOVERY MANAGEMENT BRANCH, 40/947 1ST FLOOR, R.S BUILDING, NEAR METRO PILLAR NO. 697 OPPO.MAHARAJAS COLLEGE GROUND, M.G ROAD, ERNAKULAM, PIN – 682 011

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WP(C) NO.2313 OF 2023

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-: 2 :-

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SRI.JAWAHAR JOSE-SC

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05.04.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C) NO.2313 OF 2023

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JUDGMENT

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Dated this the 5th day of April, 2023

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This writ petition is filed seeking the following reliefs :-

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“(i) Issue a writ of mandamus or any other appropriate writ or order restraining the respondents from initiating any coercive measures on the strength of Exhibit P1 notice and quash the same.

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(ii) Issue a writ of mandamus or any other appropriate writ order or direction, to the respondents bank to calculate the amount due from the petitioner in the loan account afresh after extending the benefit of the moratorium and other facilities of waiver of penal interest, interest on interest, compound interest etc as directed by the Reserve Bank of India, Central Government during the covid 19 pandemic period.

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(iii) Issue a writ of mandamus or any other appropriate writ or order or direction to the respondents to grant sufficient time and suitable instalments to the petitioners to clear the arrears of the loan.

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(iv) Issue a writ of mandamus or any other appropriate writ or order or direction to the respondents to reduce the interest to the maximum extent possible, under the circulars of the Reserve Bank of India, to clear the arrears of the loan amount.”

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Heard learned counsel for the petitioners and the learned

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Standing Counsel appearing for the respondent Bank.

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It is submitted by the learned Standing Counsel for the

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respondent Bank, on instructions, that the amount in arrears as on

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WP(C) NO.2313 OF 2023

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-: 4 :-

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today is Rs.18,98,375/-. It is also submitted that if the amount in arrears is paid off, the recovery proceedings pursuant to Exhibit P1 can be kept in abeyance.

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In the above view of the matter, there will be a direction to the respondents to permit the petitioner to pay off the amount remaining in arrears on the transactions between the petitioner and the respondents in 12 equal monthly instalments, the first of which shall commence on 8.5.2023. The rest of the instalments shall be paid on or before the 8^th of every succeeding month. If the petitioner is remitting the aforesaid instalments in time without any default, all recovery proceedings pursuant to Ext.P1 shall be kept in abeyance, so as to enable the petitioner to pay off the entire dues in monthly instalments, as directed above. However, it is made clear that if the petitioner commits default in payment of any one of the instalments, the benefit of this judgment will be lost automatically and the respondents can proceed with the recovery proceedings, in accordance with law.

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This writ petition is ordered accordingly.

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Sd/ANU SIVARAMAN JUDGE

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Jvt/12.4.2023

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WP(C) NO.2313 OF 2023

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APPENDIX OF WP(C) 2313/2023

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PETITIONER EXHIBITS

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Exhibit P1	TRUE COPY OF THE NOTICE DATED 11.01.2023 FROM THE STATE BANK OF INDIA, ASSET RECOVERY MANAGEMENT BRANCH ERNAKULAM
Exhibit P2	A TRUE COPY OF STATEMENTS OF ACCOUNTS OF ACCOUNT. NO. 32117189747
Exhibit P3	TRUE COPY OF THE LAWYER NOTICE DATED 26TH OCTOBER 2022
Exhibit P4	TRUE COPY OF THE REPLY NOTICE DATED 01.11.2022 ISSUED BY ADVOCATE M.R.MANIKANTAN
Exhibit P5	TRUE COPY OF THE NOTIFICATION DATED 27TH MARCH 2020 ISSUED BY THE RESERVE BANK OF INDIA

M/S Sree Agencies, v. the Chief Manager

Case brief

What is this about?

What did the court decide?

M/S Sree Agencies, v. the Chief Manager

Case brief

What is this about?

What did the court decide?

What the court decided

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