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High Court of KeralaWP(C)/8699/2015disposed of

A.A.Haneefa v. Standard Chartered Bank

2015-04-01Honourable Dr. Justice A.K.Jayasankaran Nambiar4 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR WEDNESDAY, THE 1ST DAY OF APRIL 2015/11TH CHAITHRA, 1937 WP(C).No. 8699 of 2015 (J) --------------------------- PETITIONER :

--------------------- A.A. HANEEFA S/O.LATE ALIYAR, VII/334/A, AIMANAKUDY HOUSE PATTIMATTOM P.O., ERNAKULAM - 683 562.

BY ADVS.SRI.BECHU KURIAN THOMAS SRI.RONY JOSE RESPONDENTS :

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

1. STANDARD CHARTERED BANK A BANKING COMPANY HAVING ITS PLACE OF BUSINESS INTER ALIA AT HDFC HOUSE M.G.ROAD, RAVIPURAM JUNCTION COCHIN - 682 015 REPRESENTED BY ITS AUTHORIZED OFFICER.

2. K.A. ABDUL AZEEZ S/O.ALIPILLA, KARUKUNNATH HOUSE, PERINGALA P.O. ERNAKULAM DISTRICT-683 565.

R1 BY ADV. SRI.B.S.SURESH KUMAR R2 BY ADVS. SRI.V.S.SHIRAZ BAVA SRI.JOJO GEORGE SRI.JOSEPH KURIAN VALLAMATTAM THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01-04-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

Mn ...2/-

WP(C).No. 8699 of 2015 (J) -------------------------------------- APPENDIX PETITIONERS' EXHIBITS :

------------------------------------- EXT.P1:

TRUE COPY OF THE DETAILS OF THE LOAN ACCOUNT NUMBER 47390786 IN THE NAME OF THE PETITIONER.

EXT.P2:

TRUE COPY OF THE NOTICE DATED 08/10/2014 ISSUED ON BEHALF OF THE 1ST RESPONDENT TO THE PETITIONER.

EXT.P3:

TRUE COPY OF THE LETTER ISSUED BY THE 1ST PETITIONER TO THE 1ST RESPONDENT.

EXT.P3(a):

TRUE COPY OF THE POSTAL RECEIPT DATED 06/01/2015. RESPONDENT(S)' EXHIBITS : NIL ------------------------------------------------------------ //TRUE COPY// P.A. TO JUDGE Mn

A.K.JAYASANKARAN NAMBIAR, J.

=========================================== W.P.(C). No. 8699 of 2015 ===================================================== Dated this the 1st day of April, 2015

JUDGMENT

The petitioner, who had availed 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. 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 on behalf of the petitioner as also the learned Standing Counsel appearing on behalf of the respondents.

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 installments. Taking into account the plea of financial hardship raised by the petitioner, I dispose the writ petition with the following directions:-

-2W.P.(C). No. 8699 of 2015 (i) The total outstanding amount, in respect of the loan, is stated to be Rs.96,40,980/-together with accrued interest. Accordingly, if the petitioner remits the aforesaid amount of Rs.96,40,980/- together with accrued interest in twelve equal and successive monthly installments commencing from 20.04.2015, then the recovery steps 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.

sd/- A.K.JAYASANKARAN NAMBIAR JUDGE das