Abdulla V.P v. The Authorised Officer, Meenachil East Urban Co-Op.Bank Ltd

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR TUESDAY, THE 10TH DAY OF MARCH 2015/19TH PHALGUNA, 1936 WP(C).No. 4750 of 2015 (P) ------------------------------------- PETITIONER(S):

---------------------- ABDULLA V.P., VALIAPARAMPIL, ERATTUPETTA, ARUVITURA P.O., KOTTAYAM DISTRICT.

BY ADVS.SRI.H.HAMZA RAWTHER SRI.V.K.PEERMOHAMED KHAN RESPONDENT(S):

------------------------- THE AUTHORISED OFFICER, CHIEF ACCOUNTANT/MANAGER, MEENACHIL EAST URBAN CO-OP.BANK LTD. NO. 4266, POONJAR THEKKEKARA P.O., KOTTAYAM DISTRICT - 686 582.

BY ADVS. SRI.SHAJI THOMAS, SC SRI.BINU PAUL SRI.T.V.VINU THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10-03-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: msv/

WP(C).No. 4750 of 2015 (P) ------------------------------------- APPENDIX PETITIONER(S)' EXHIBITS ------------------------------------- EXT. P1 - TRUE COPY OF THE DEMAND NOTICE ISSUED BY THE RESPONDENT UNDER SECTRION 13(2) OF THE SARFEASI ACT.

EXT. P2 - TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER. RESPONDENT(S)' EXHIBITS:

----------------------------------------- NIL //TRUE COPY// P.S.TO JUDGE Msv/

A.K.JAYASANKARAN NAMBIAR, J.

------------------------------- W.P.(C).NO.4750 OF 2015 (P) ----------------------------------- Dated this the 10th day of March, 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.P1 is the notice issued to the petitioner under Section 13(2) of the SARFAESI Act and Ext.P2 is the notice issued by the Advocate Commissioner pursuant to the direction issued by the Chief Judicial Magistrate Court, Kottayam. In the writ petition, the petitioner impugns the steps initiated by the respondent bank for recovery of the loan amounts.

2. I have heard the learned counsel appearing for the petitioner as also the learned Standing counsel appearing for the respondent bank.

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

W.P.(C).No.4750/2015 of the petitioner is to permit him to remit the balance amounts 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:- (i) The total amount outstanding from the petitioner to the respondent bank, is stated to be Rs.8,04,000/- together with accrued interest. Accordingly, if the petitioner pays the above amount of Rs.8,04,000/- together with accrued interest in twelve equal and successive monthly installments commencing from 25.3.2015, then the further proceedings initiated against him 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 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.

A.K.JAYASANKARAN NAMBIAR JUDGE prp