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High Court of KeralaWP(C)/4345/2015disposed of

Shafi v. The Malappuram District Co-Operative Bank Ltd

2015-02-11Honourable Dr. Justice A.K.Jayasankaran Nambiar4 pages

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. 4345 of 2015 (P) --------------------------- PETITIONER(S):

-------------- SHAFI, S/O.ALAVIKUTTY, KOZHIPARAMBATH HOUSE, PARAMBIL PEEDIKA P.O., MALAPPURAM DISTRICT.

BY ADVS.SRI.BABU S. NAIR SRI.K.RAKESH.

RESPONDENT(S):

------------- THE MALAPPURAM DISTRICT CO-OPERATIVE BANK LTD., MALAPPURAM, REPRESENTED BY ITS GENERAL MANAGER (AUTHORISED OFFICER). HEAD OFFICE, UPHILL, MALAPPURAM PIN - 676 505.

BY SRI.ESM.KABEER, S.C.

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11-02-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

rvs.

WP(C).No. 4345 of 2015 (P) APPENDIX PETITIONER(S)' EXHIBITS :

---------------------- EXT.P1: TRUE COPY OF THE PETITION FILED BY THE RESPONDENT BEFORE THE CHIEF JUDICIAL MAGISTRATE, MANJERI AS CMP NO. 2919/2014.

RESPONDENT(S)' EXHIBITS :

----------------------- NIL.

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

A.K.JAYASANKARAN NAMBIAR, J.

................................................. W.P.(C) No.4345 of 2015 (P) ............................................... Dated this the 11th day of February, 2015

JUDGMENT

The petitioner and his wife who had availed of a loan from the respondent Bank, defaulted in re-payment of the same. When the petitioner became a defaulter, 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', against the petitioner. In the writ petition, the petitioner impugns the steps initiated by the respondent Bank for recovery of the loan amounts.

2. Heard Sri.Babu S.Nair, the learned counsel appearing for the petitioner, Sri.ESM Kabeer, learned Standing counsel appearing for the respondent.

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

W.P.(C) No.4345 of 2015 (P) (i) The total amount outstanding from the petitioner to the respondent bank is stated to be Rs.3,36,787/- together with accrued interest. Accordingly, if the petitioner remits an amount of Rs.3,36,787/- together with accrued interest in eight equal and successive monthly installments commencing from 28.02.2015, then, the recovery steps initiated against the petitioner for recovery of the amounts outstanding to the Bank shall be kept in abeyance.

(ii) It is made clear that, if the petitioner commits a default in respect of any of the installments, 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.

Sd/- A.K.JAYASANKARAN NAMBIAR JUDGE AMV/11/02/