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High Court of KeralaWP(C)/1227/2015disposed of

Binu O. v. The Authorised Officer

2015-01-14Honourable Dr. Justice A.K.Jayasankaran Nambiar5 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR WEDNESDAY, THE 14TH DAY OF JANUARY 2015/24TH POUSHA, 1936 WP(C).No. 1227 of 2015 (C) --------------------------- PETITIONER:

------------------ BINU O. AGED 38 YEARS S/O OONNOONNY, MULAMOOTTIL VEEDU, VENGOOR (PO) ELAMADU VILLAGE, AYUR, KOTTARAKARA TALUK KOLLAM DISTRICT BY ADV. SRI.K.V.ANIL KUMAR RESPONDENT(S):

----------------------------

1. THE AUTHORISED OFFICER HDFC BANK LTD, HDFC HOUSE, P.B. NO.2288 VAZHUTHACAD, THIRUVANANTHAPURAM, PIN- 695 010

2. THE MANAGER, HDFC BANK LTD, KOLLAM BRANCH, CHINNAKKADA KOLLAM, PIN- 691 001 BY ADV. SRI.K.K.CHANDRAN PILLAI (SR.) BY ADV. SMT.S.AMBILY THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14-01-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

WP(C).No. 1227 of 2015 (C) ------------------------------------- APPENDIX PETITIONER' EXHIBITS :

----------------------------------- EXHIBIT P1: A TRUE COPY OF THE NOTICE DATED 24.12.2014 ISSUED BY THE ADVOCATE COMMISSIONER IN C.M.P NO.9854 ON THE FILE OF THE CHIEF JUDICIAL MAGISTRATE COURT, KOLLAM.

RESPONDENT(S)' EXHIBITS : NIL --------------------------------------- // TRUE COPY\\ P.A TO JUDGE iap

A.K.JAYASANKARAN NAMBIAR, J.

------------------------------- ----------------------------------- Dated this the 14th day of January, 2015

J U D G M E N T

The petitioner, who had availed of a consumer loan of Rs.4.5 lakhs from the respondent bank in 2006, defaulted in repayment of the same. Consequently, the respondent bank initiated proceedings under the Securitisation and Reconstructions of Financial Assets and Enforcement of Security Interest Act, 2002, hereinafter referred to as the 'SARFAESI Act', to recover the loan amounts. Ext.P1 is the notice of the Advocate Commissioner appointed by the Chief Judicial Magistrate's Court to take possession of the secured assets. In the writ petition, the petitioner impugns the steps initiated by the respondent bank for recovery of the loan amounts.

2. I have heard Sri.K.V.Anil Kumar, the learned counsel appearing on behalf of the petitioner as also Smt.Ambily.S, the learned Standing counsel appearing on behalf of the respondents.

3. On a consideration of the facts and circumstances of the case and the submissions made across the bar, I note that the sole prayer of the petitioner is to permit him to remit the balance amounts outstanding to the bank in easy instalments. Taking into account the plea of financial hardship raised by the petitioner, I dispose the writ petition with the following directions:-

(i) The total overdue amount in respect of the loan is stated to be is Rs.1,21,574/-. Accordingly, if the petitioner pays the aforesaid amount of Rs..1,21,574/- together with accrued interest in five equal and successive monthly instalments commencing from 15th February, 2015, and continues to pay the regular instalments as per the original loan schedule, then the further proceedings for recovery of loan amounts from the petitioner shall be kept in abeyance.

(ii) It is made clear that if the petitioner commits a default in respect of any of the instalments, he will lose the benefit of this judgment and the respondent bank will be free to continue the recovery proceedings against him from the stage at which they presently stand.

A.K.JAYASANKARAN NAMBIAR JUDGE mns