Km Pareed v. State Bank Of India
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR TUESDAY, THE 7TH DAY OF APRIL 2015/17TH CHAITHRA, 1937 WP(C).No. 9006 of 2015 (A) --------------------------------------- PETITIONER(S) :
------------------------- K.M.PAREED, KIZHAKKANALY, NADAKAVU, MALAYIDANTHURUTHU P.O, SOUTH VAZHAKKULAM, ALUVA.
BY ADVS.SRI.P.S.SOMAN SMT.T.RADHAMANY RESPONDENT(S) :
----------------------------
1. STATE BANK OF INDIA, ASOKAPURAM BRANCH, ALUVA-683 101.
2. STATE BANK OF INDIA, RASMECCC, KAJAH COMPLEX, RAILWAY STATION ROAD, ALUVA- 683 101, REPRESENTED BY AUTHORIZED OFFICER. BY ADV. SRI.R.S.KALKURA, S.C THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07-04-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
Msd.
WP(C).No. 9006 of 2015 (A) --------------------------------------- APPENDIX PETITIONER(S)' EXHIBITS ------------------------------------- EXHIBIT P1:
TRUE COPY OF THE NOTICE DATED 31.12.2014 OF THE 2ND RESPONDENT.
EXHIBIT P2:
TRUE COPY OF THE STATEMENT OF ACCOUNTS DATED 05.03.2015 ISSUED BY THE 1ST RESPONDENT BANK.
RESPONDENT(S)' EXHIBITS ----------------------------------------- NIL //TRUE COPY// P.A.TO JUDGE.
Msd.
A.K.JAYASANKARAN NAMBIAR, J.
................................................. W.P.(C) No. 9006 of 2015 (A) ............................................... Dated this the 7th day of April, 2015
JUDGMENT
The petitioner, who had availed of an overdraft facility from the 1st respondent Bank, defaulted in repayment of the same. Consequently, the respondents initiated proceedings under the Securitisation and Reconstructions of Financial Assets and Enforcement of Security Interest Act, 2002, hereinafter referred to as the 'SARFAESI Act', against the petitioner. Ext.P1 is the notice issued under Section 13(2) of the SARFAESI Act to the petitioner in that regard In the writ petition, the petitioner impugns the steps initiated by the respondent for recovery of the loan amounts.
2. I have heard Sri.P.S.Soman Pulladan, the learned counsel for the petitioner and Sri.R.S.Kalkura, the learned Standing counsel appearing for the respondents.
3. On a consideration of the facts and circumstances of the case and also the submissions made across the Bar, I note that the sole prayer of the petitioner is to permit him to remit the total amount outstanding to the Bank in easy installments. Taking into account the plea of financial hardship raised by the petitioner, I
W.P.(C) No. 9006 of 2015 (A) dispose the writ petition with the following directions: i. The total amount outstanding from the petitioner to the respondent Bank under the overdraft account is stated to be Rs.2,99,031/- together with accrued interest. Accordingly, if the petitioner pays the said amount of Rs.2,99,031/- together with accrued interest, in ten equal and successive monthly instalments commencing from 30.04.2015, then, the recovery steps initiated against the petitioner for recovery of the amounts outstanding to the 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 AMV/07/04/