Writ petition against coercive SARFAESI recovery proceedings by a co-operative urban bank for a defaulted loan. The court permitted the petitioner to clear the outstanding amount in eight equal monthly installments; on default the bank may resume coercive proceedings.
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE N.NAGARESH
MONDAY, THE 12TH DAY OF FEBRUARY 2024 / 23RD MAGHA, 1945 WP(C) NO. 1387 OF 2024
PETITIONER:
ANUPAMA A, AGED 36 YEARS, W/O LALJI R., RESIDING AT INDU BHAVANAM, NADUVATH CHERI, CHAVARA SOUTH, THEKKUMBHAGOM P.O., KOLLAM, PIN – 691501
BY ADV S.SUJINI
RESPONDENTS:
THE AUTHORISED OFFICER, THE QUILON CO-OPERATIVE URBAN BANK LTD; NO.960, KOLLAM, PIN – 691001
BY ADV SRI.D.P.RENU
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12.02.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
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JUDGMENT
Dated this the 12th day of Februar y, 2024
The petitioner has approached this Court aggrieved by the coercive proceedings for recovery of financial advance made by the Quilon Co-operative Urban Bank Ltd. to the petitioner, invoking the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
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permit the petitioner to repay the overdue amounts in easy monthly installments, the Bank authorities were not yielding. The authorities, instead started coercive proceedings invoking the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and the Security Interest (Enforcement) Rules, 2002 and issued Ext.P3 notice.
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the Standing Counsel representing the Bank.
following directions:
(i) The petitioner shall remit the outstanding amount of ₹9,51,196/- in eight consecutive and equal monthly installments along with accruing interest and other Bank charges, if any. First of such installments shall be paid on or
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before 12.03.2024.
(ii) If the petitioner commits single default in making payments as directed above, the respondent will be at liberty to continue with the coercive proceedings against the petitioner in accordance with law.
(iv) If the petitioner makes payments as directed above, coercive proceedings, if any, against the petitioner shall stand deferred.
Sd/-
N. NAGARESH
JUDGE
SR
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APPENDIX OF WP(C) 1387/2024
PETITIONER'S EXHIBITS:
| Exhibit P1 | TRUE COPY 08.02.2018 |
OF THE ISSUED |
DE BY |
MAND NOTICE DATED THE RESPONDENT |
|---|---|---|---|---|
| Exhibit P2 | TRUE COPY | OF THE | NOT | ICE OF DEMAND U/S |
| 13 (2) OF | THE | SARF | EASI ACT , 2002 | |
| DATED 16 | .04.201 | 9 | ISSUED BY THE | |
| RESPONDENT | BANK | |||
| Exhibit P3 | TRUE COPY | OF THE | NOT | ICE ISSUED BY THE |
| ADVOCATE | COM | MIS | SIONER DATED |
|
| 13.12.2023 | APPOI | NTE | D BY THE CHIEF | |
| JUDICIAL M | AGISTRA | TE | COURT, KOLLAM IN | |
| MC NO. 171 | /20 TO | THE | PETITIONER. |
1 issue framed by the court
Whether the petitioner should be granted time to repay the overdue bank loan in installments instead of coercive SARFAESI recovery proceedings.
3 provisions across 2 enactments
ANUPAMA A
THE AUTHORISED OFFICER, THE QUILON CO-OPERATIVE URBAN BANK LTD
N. NAGARESH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
