Bineesh.R v. Chief Manager/Authorised Officer

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR WEDNESDAY, THE 4TH DAY OF MARCH 2015/13TH PHALGUNA, 1936 WP(C).No. 3830 of 2015 (C) --------------------------- PETITIONER(S):

-------------------------- BINEESH. R., ANAKUNNEL HOUSE, CHERUVALLY, KAYAMKULAM, ALAPPUZHA, PIN -690 502.

BY ADVS.SRI.C.M.NAZAR, SRI.MANSOOR.B.H.

RESPONDENT(S):

---------------------------- CHIEF MANAGER/AUTHORISED OFFICER, FEDERAL BANK LIMITED, CHENGANNUR BRANCH, CHENGANNUR, PIN- 689 121.

BY ADVS. SRI.A.ANTONY, SMT.LEELAMMA ANTONY.

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04-03-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

rs.

WP(C).No. 3830 of 2015 (C) APPENDIX PETITIONER'S EXHIBITS:- EXHIBIT P1:- A TRUE COPY OF THE NOTICE ISSUED BY THE FIRST RESPONDENT UNDER SEC 13(2) OF THE SARFAESI ACT DATED 19-11-2014. RESPONDENT'S EXHIBITS:- NIL.

//TRUE COPY// P.A. TO JUDGE rs.

A.K.JAYASANKARAN NAMBIAR, J.

............................................................. W.P.(C).No.3830 of 2015 ............................................................. Dated this the 4th day of March, 2015 J U D G M E N T The petitioner who had availed of three loans 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.P1 is the copy of the notice issued by the 1st respondent under Section 13(2) of the SARFAESI Act. 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.C.M.Nazar, the learned counsel for the petitioner and Sri.A.Antony, the learned Standing counsel appearing on behalf of the respondent.

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, is stated to be Rs.30,62,000/- together with accrued interest. Accordingly, if the petitioner pays the said amount of Rs.30,62,000/- together with accrued interest, in ten equal and successive monthly instalments commencing from 20.03.2015, the recovery steps initiated against the petitioner by the respondent Bank 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