High Court of KeralaWP(C)/6181/2015disposed of

Aneesh Kumar v. Authorised Officer, Indusind Bank Ltd.

2015-03-23Honourable Dr. Justice A.K.Jayasankaran Nambiar5 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR THURSDAY, THE 5TH DAY OF MARCH 2015/14TH PHALGUNA, 1936 WP(C).No. 6181 of 2015 (W) ---------------------------------------- PETITIONER(S):

---------------------- ANEESH KUMAR, S/O.APPUKUTTAN NAIR, PRADEEP VILASAM, MADAPPALLY P.O., CHANGANACHERRY, KOTTAYAM.

BY ADV. SRI.MANSOOR.B.H.

RESPONDENT(S):

------------------------- AUTHORISED OFFICER, INDUSIND BANK LTD., RAMABHAVAN, NO.XXVI, NEAR PARUTHELI PALAM, EDAPALLY, KOCHI-682024. BY ADVS. SRI.G.HARIHARAN SRI.PRAVEEN.H.

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05-03-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

WP(C).No. 6181 of 2015 (W) ---------------------------------------- APPENDIX PETITIONERS' EXHIBITS ----------------------------------- P1:

A COPY OF THE STATEMENT OF ACCOUNTS RELATING TO THE LOAN ACCOUNT , ISSUED BY THE RESPONDENT P2:

A COPY OF THE ORDER DATED 4/2/15 IN CMP.243/15 OF CHIEF JUDICIAL MAGISTRATE COURT, KOTTAYAM.

RESPONDENTS' EXHIBITS ------------------------------------- NIL..

/ TRUE COPY / P.S. TO JUDGE PJ

A.K.JAYASANKARAN NAMBIAR, J.

............................................................. ............................................................. Dated this the 5th 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.P2 is the copy of the order of Chief Judicial Magistrate, 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 Sri.B.H.Mansoor, the learned counsel appearing on behalf of the petitioner as also Sri.G.Hariharan, the learned Standing counsel 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 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 overdue amount in respect of the loan availed by the petitioner is stated to be Rs.2,10,000/- together with accrued interest. Accordingly, if the petitioner pays the aforesaid amount of Rs.2,10,000/- together with accrued interest in three equal and successive monthly instalments commencing from 20.03.2015, and continues to keep up the regular instalments as per the original loan schedule, 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