Rajesh v. The Nedumangadu Co-Op.Urban Bank Ltd.No.3193

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR WEDNESDAY, THE 11TH DAY OF FEBRUARY 2015/22ND MAGHA, 1936 WP(C).No. 2791 of 2015 (Y) --------------------------- PETITIONER :

----------------- RAJESH, AGED 35 YEARS, S/O VARGHESE, CHRIST BHAVAN, EDAMALA KARIPOOR P.O., NEDUMANGAD, THIRUVANANTHAPURAM BY ADVS.SRI.T.A.UNNIKRISHNAN SRI.P.BAJI RAVEENDRAN RESPONDENTS :

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1. THE NEDUMANGADU CO-OP.URBAN BANK LTD.NO.3193 REPRESENTED BY ITS MANAGER NEDUMANGADU P.O., THIRUVANANTHAPURAM PIN-695541

2. THE AUTHORIZED OFFICER, APPOINTED OFFICER, APPOINTED UNDER THE PROVISIONS OF THE SEURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS ENFORCEMNET OF SECURITY INTEREST ACT 2002 NEDUMANGAD URBAN CO-OPERATIVE BANK OFFICE, EDUMANGADU, THIRUVANANTHAPURAM, PIN-695 541 R1 & R2 BY ADVS. SRI.R.S.KALKURA SRI.M.S.KALESH SRI.HARISH GOPINATH SMT.R.BINDU SRI.GENS GEORGE ELAVINAMANNIL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11-02-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 2791 of 2015 (Y) --------------------------- APPENDIX PETITIONER(S)' EXHIBITS ------------------------------------- EXHIBIT P1:

TRUE COPY OF THE RELEVANT PAGE OF PASS BOOK WITH SB/ACCOUT NO. 10303 OF THE PETITIONER.

EXHIBIT P2:

TRUE COPY OF A NOTICE DATED 22/7/14 ISSUED TO THE ADVOCATE COMMISSIONER IN M.C. 694/14 RESPONDENT(S)' EXHIBITS :

NIL.

--------------------------------------- //TRUE COPY// P.A. TO JUDGE bp

A.K.JAYASANKARAN NAMBIAR, J.

........................................................ ......................................................... Dated this the 11th day of February, 2015

J U D G M E N T

The petitioner who had availed of a loan from the respondent bank, 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.P2 is the notice issued by the Advocate Commissioner. It is stated that thereafter the possession of the secured asset was taken over by the respondent bank. 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.T.A.Unnikrishnan, the learned counsel for the petitioner.

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 amount outstanding from the petitioner to the respondent bank, in respect of the loan is stated to be Rs.6,02,050/- together with accrued interest. Accordingly, if the petitioner pays the aforesaid amount of Rs.6,02,050/- together with accrued interest in ten equal and successive monthly instalments commencing from 28.02.2015, the further proceedings for recovery 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 currently stand.

iii. It is further clarified that, on the petitioner paying the third instalment as directed in this judgment, the respondent bank shall handover possession of the secured asset to the petitioner. A.K.JAYASANKARAN NAMBIAR JUDGE mns/