High Court of KeralaWP(C)/7447/2015disposed of

E.Nazarudeen v. Authorized Officer

2015-03-17Honourable Dr. Justice A.K.Jayasankaran Nambiar4 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR TUESDAY, THE 17TH DAY OF MARCH 2015/26TH PHALGUNA, 1936 WP(C).No. 7447 of 2015 (E) --------------------------- PETITIONER(S):

-------------------------- E.NAZARUDEEN, S/O.IBRAHIM PILLAI, KOCHUKIZHAKKETHIL, KAYAMKULAM P.O., ALAPPUZHA DISTRICT.

BY ADVS.SRI.A.AHZAR SRI.S.KABEER RESPONDENT(S):

---------------------------- AUTHORIZED OFFICER, KERALA STATE CO-OPERATIVE BANK, REGIONAL OFFICE, ANANDI BUILDING, PULLEPPADY JN. ERNAKULAM - 682 035.

R BY SRI.GEORGE POONTHOTTAM, SC, KERALA STATE CO.OP BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17-03-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

W.P.(C).NO.7447/2015 APPENDIX PETITIONER'S EXHIBITS:

EXT.P1: COPY OF THE STATEMENT OF ACCOUNT IS FROM 19.12.2013 TO 7.3.2015. EXT.P2: COPY OF THE DISCHARGE SUMMERY.

EXT.P3: COPY OF THE NOTICE DATED 4.2.2015 ISSUED BY THE RESPONDENT. RESPONDENTS EXHIBITS: NIL.

//TRUE COPY// P.S. TO JUDGE

A.K.JAYASANKARAN NAMBIAR, J.

------------------------------- W.P.(C).NO.7447 OF 2015 (E) ----------------------------------- Dated this the 17th 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.P3 is the sale notice issued to the petitioner. 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 of the petitioner is to permit him to remit the balance amounts

W.P.(C).No.7447/2015 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 overdue amount, in respect of the loan, is stated to be Rs.2,27,800/- together with accrued interest. Accordingly, if the petitioner pays the above amount of Rs.2,27,800/- together with accrued interest in five equal and successive monthly installments commencing from 30.3.2015, and continues to keep up the regular installment payments as per the original loan schedule, 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