Ramsheena U., v. State Bank of India Represented by Its Branch Manager
SARFAESI recovery – vehicle loan default – borrower sought permission to clear liability in installments – outstanding of Rs.23,67,650/- as on 28-03-2025 admitted by bank
Case brief
What is this about?
Kerala High Court, Ernakulam; W.P (C) No.13055/2025; decided 02.04.2025 by GOPINATH P., J.; borrower Ramsheena U. v. State Bank of India, Manjeri Town Branch and Authorised Officer; vehicle loan default; proceedings under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; repayment of outstanding Rs.23,67,650/- in twelve equated monthly instalments; first instalment on or before 30-04-2025; coercive proceedings kept in abeyance; default clause permitting bank to proceed in accordance with law; Advocate Commissioner notice dated 17/03/2025 (Exhibit P1); writ petition disposed of.
What did the court decide?
Direction to the respondent bank to accept repayment of Rs.23,67,650/- along with interest, bank charges and costs in twelve (12) equated monthly instalments, the first on or before 30-04-2025 and subsequent instalments on or before the last working day of each succeeding month; all coercive proceedings kept in abeyance to enable repayment; on default of any one instalment the bank may proceed in accordance with law.