High Court of KeralaWP(C)/5432/2015disposed of

Sivaraman v. Thrissur Dt.Co-Op.Bank Koratty Br.

2015-02-20Honourable Dr. Justice A.K.Jayasankaran Nambiar4 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR FRIDAY, THE 20TH DAY OF FEBRUARY 2015/1ST PHALGUNA, 1936 WP(C).No. 5432 of 2015 (D) --------------------------- PETITIONER :

------------------ SIVARAMAN, AGED 62 YEARS, S/O.MANI, THANDENGATTIL HOUSE, KATTAPURAM DESOM, MURINGOOR THEKKUMMURI VILLAGE, MUKUNDAPURAM TALUK, THRISSUR DISTRICT.

BY ADV. SMT.M.R.REENA RESPONDENTS :

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

1. THE BRANCH MANAGER, THRISSUR DT. CO-OPERATIVE BANK LTD., KORATTY BRANCH, THRISSUR DISTRICT-680 022.

2. THE AUTHORIZED OFFICER, THE THRISSUR DT. CO-OPERATIVE BANK LTD., HEAD OFFICE SAHAKARANA SAPTHADHI MANDIRAM, TUDA ROAD KOVILAKATHUPADAM, THIRUVAMBADY P.O., THRISSUR-680 022. BY SRI.C.A.MAJEED, SC, THRISSUR DISTRICT CO.OP. BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20-02-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

WP(C).No. 5432 of 2015 (D) --------------------------- APPENDIX PETITIONER(S)' EXHIBITS ------------------------------------- EXT P1 :

TRUE COPY OF THE PASS BOOK OF THE PETITIONER. EXT P2 :

THE TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE RESPONDENTS DATED 04-02-2015.

EXT P3 :

THE TRUE COPY OF THE REPRESENTATION DATED 06-02-2015 SENT BY THE PETITIONER.

RESPONDENT(S)' EXHIBITS :

NIL.

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

A.K.JAYASANKARAN NAMBIAR, J.

................................................. W.P.(C) No. 5432 of 2015 (D) ............................................... Dated this the 20th day of February, 2015

JUDGMENT

The petitioner, who had availed of a loan from the respondent Bank, defaulted in re-payment 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', against the petitioner. Ext.P2 is the possession notice, issued by the respondent to the petitioner in that regard. In the writ petition, the petitioner impugns the steps initiated by the respondent Bank for recovery of the loan amounts.

2. I have heard Smt.M.R.Reena, learned counsel for the petitioner and Sri.C.A.Majeed, learned Standing counsel appearing for the respondents.

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 overdue amount 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 overdue amount in respect of the

W.P.(C) No. 5432 of 2015 (D) loan from the petitioner to the respondent Bank is stated to be an amount of Rs.70,384/- together with accrued interest. Accordingly, if the petitioner remits the amount of Rs.70,384/- together with accrued interest in four equal and successive monthly installments commencing from 10.03.2015, and continues to pay the regular monthly installments as per the original loan schedule, then, the recovery steps initiated against him pursuant to Ext.P2 notice, 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 benefits 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/20/02/