Praveen Kumar a., v. State Bank of India
Case brief
What is this about?
SARFAESI Act 2002 recovery proceedings; instalment facility granted by Kerala High Court; State Bank of India Karavaloor Branch and Authorised Officer, Kotarakkara; borrower Praveen Kumar A. (loan availed with mother); outstanding balance Rs.4,64,000/- as on 07.04.2025; repayment in twelve equated monthly instalments; first instalment on or before 05.05.2025; coercive proceedings kept in abeyance; default of any instalment revives bank's right to proceed under law; Exhibits P-1 notice dated 14.01.2025 and P-2 possession notice dated 03.04.2025; single judge Gopinath P.; writ petition disposed.
What did the court decide?
Direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.4,64,000/- (Rupees Four lakh and sixty four thousand only) along with accrued interest, cost and bank charges in twelve equated monthly instalments, the first on or before 05.05.2025 and subsequent instalments on or before the 5th day of each succeeding month; all coercive proceedings kept in abeyance; on default of any one instalment the bank may proceed in accordance with law.