Babu K.A v. The Thrichur Urban Co-Operative Bank Ltd.
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR FRIDAY, THE 6TH DAY OF MARCH 2015/15TH PHALGUNA, 1936 WP(C).No. 7233 of 2015 (D) --------------------------- PETITIONER :
--------------------- BABU K.A., S/O.AYYAPANKUTTY, KUNDANATTIL HOUSE, MAJOR SEMINARY ROAD AYYAPNAKKAVU.P.O., THRISSUR-680 751.
BY ADV. SRI.LINDONS C. DAVIS RESPONDENT(S) :
----------------------------
1. THE TRICHUR URBAN CO-OPERATIVE BANK LTD.
REPRESENTED BY ITS MANAGEWR, MISSION QUARTERS THRISSUR-680 001.
2. THE AUTHORIZED OFFICER, THE TRICHUR URBAN CO-OPERATIVE BANK LTD MISSION QUARTERS, THRISSUR-680 001.
3. THE MANANGER, THE TRICHUR URBAN CO-OPERATIVE BANK LTD PARAVATTANI BRANCH, THRISSUR-680 005.
R1 TO R3 BY ADV. SRI.C.D.DILEEP, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06-03-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
Mn ...2/-
WP(C).No. 7233 of 2015 (D) -------------------------------------- APPENDIX PETITIONERS' EXHIBITS :
------------------------------------- EXT. P1TRUE COPY OF SALE NOTICE DATED 21-01-2015 ISSUED BY THE AUTHORIZED OFFICER OF THE TRICHUR URBAN CO-OPERATIVE BANK, THRISSUR.
EXT. P2TRUE COPY OF SALE NOTIFICATION DATED 02-03-2015 PUBLISHED IN MATHRUBHUMI DAILY DATED 03-03-2015.
RESPONDENT(S)' EXHIBITS : NIL -------------------------------------------------------- //TRUE COPY// P.A. TO JUDGE Mn
A.K.JAYASANKARAN NAMBIAR, J.
............................................................. ............................................................. Dated this the 6th 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 sale notice issued by the authorised officer of the respondent bank. 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.Lindons.C.Davis, the learned counsel appearing on behalf of the petitioner as also Sri.C.D.Dileep, 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.2,50,000/- together with accrued interest. Accordingly, if the petitioner pays the aforesaid amount of Rs.2,50,000/- together with accrued interest in six 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