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High Court of KeralaWP(C)/8492/2015disposed of

P.Unnikrishnan v. Punjab National Bank Of India

2015-03-24Honourable 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 24TH DAY OF MARCH 2015/3RD CHAITHRA, 1937 WP(C).No. 8492 of 2015 (J) --------------------------- PETITIONER(S):

-------------------------- P.UNNIKRISHNAN, S/O.M.KRISHNAN NAIR, AGED 63 YEARS RESIDING AT HOUSE NO.36/376 (1), SREE VIHAR DR.P.A.KUTTY ROAD, OLAVAKKODE, PALAKKAD-678 002. BY ADVS.SRI.T.C.SURESH MENON SRI.P.S.APPU RESPONDENT(S):

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

1. PUNJAB NATIONAL BANK, CIRCLE OFFICE, KOZHIKODE-673 016 REPRESENTED BY ITS AUTHORISED OFFICER.

2. THE BRANCH MANAGER,PUNJAB NATIONAL BANK, KALPATHY, PALAKKAD-678 003.

R BY SRI.SANTHEEP ANKARATH, SC, PUNJAB NATIONAL BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 24-03-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

WP(C).No. 8492 of 2015 (J) --------------------------- APPENDIX PETITIONER(S)' EXHIBITS ------------------------------------- EXT.P1:TRUE COPY OF THE SALE NOTICE ISSUED BY THE 1ST RESPONDENT BANK DATED 23.07.2014.

RESPONDENT(S)' EXHIBITS:

NIL.

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

A.K.JAYASANKARAN NAMBIAR, J.

------------------------------- W.P.(C).NO.8492 OF 2015 (J) ----------------------------------- Dated this the 24th 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 SARFAESI Act, hereinafter referred to as the 'SARFAESI Act', to recover the loan amounts. Ext.P1 is the sale notice issued to the petitioner by 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 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.8492/2015 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 amount outstanding from the petitioner to the respondent bank, is stated to be Rs.8,59,276/- together with accrued interest. Accordingly, if the petitioner pays the said amount of Rs.8,59,276/- together with accrued interest in eight equal and successive installments commencing from 31.3.2015, 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