Suresh Babu v. The Thrissur District Co. Operative Bank Ltd.
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. 9296 of 2015 (J) ------------------------------------ PETITIONER(S):
---------------------- SURESH BABU, AGED 51, S/O.RAMAKRISHNAN, MADATHINGAL HOUSE, KANNIKULANGARA, PUTHENCHIRA VILLAGE, MUKUNDAPURAM TALUK, THRISSUR DISTRICT.
BY ADVS.SRI.G.SREEKUMAR (CHELUR) SRI.N.L.BITTO RESPONDENT(S):
------------------------- 1.
THE THRISSUR DISTRICT CO. OPERATIVE BANK LTD., VELLANAGALLORE BRANCH, REPRESENTED BY ITS MANAGER, VELLANGALLORE, THRISSUR DISTRICT - 680 001. 2.
THE THRISSUR DISTRICT CO. OPERATIVE BANK, REPRESENTED BY ITS AUTHORISED OFFICER, HEAD OFFICE, SAHAKARANA SATHABDHI MANDIRAM, TUDA ROAD, KOVILAKATHUMPADAM, THIRUVAMBADI P.O., THRISSUR DISTRICT - 680 001.
BY ADVS. SRI.C.A. MAJEED SRI.K.M.V. PANDALIA, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 24-03-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: msv/
WP(C).No. 9296 of 2015 (J) ------------------------------------ APPENDIX PETITIONER(S)' EXHIBITS:
-------------------------------------- EXT. P1: A TRUE COPY OF THE NOTICE OF POSSESSION ISSUED BY 2ND RESPONDENT DTD.3.2.2015.
RESPONDENT(S)' EXHIBITS:
----------------------------------------- NIL //TRUE COPY// P.S.TO JUDGE Msv/
A.K.JAYASANKARAN NAMBIAR, J.
=========================================== W.P.(C). No. 9296 of 2015 ===================================================== Dated this the 24th day of March, 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. Ext.P1 is the notice issued to the petitioner under Section 13(4) of the SARFAESI Act. 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. 9296 of 2015 (i) The total overdue amount, in respect of the loan, is stated to be Rs.4,21,963/- together with accrued interest. Accordingly, if the petitioner remits the aforesaid amount of Rs.4,21,963/- together with accrued interest in five equal and successive monthly installments commencing from 10.04.2015, and continues to keep up the regular installment payments as per the original loan schedule, 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