Selvaraj K.V v. The Kozhikode Distrct Co-Opertive Bank Ltd

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. 10812 of 2015 (B) ----------------------------------------- PETITIONER(S):

----------------------- SELVARAJ. K.V, AGED 51 YEARS S/O. VELAYUDHAN RUKKU NIVAS MEENCHANDA BY-PASS KALLAI.P.O KOZHIKODE - 673 003 BY ADVS.SRI.S.K.SAJU SRI.A.RANJITH NARAYANAN SMT.A.SIMI RESPONDENT(S):

-------------------------- THE KOZHIKODE DISTRCT CO-OPERTIVE BANK LTD HEAD OFFICE, P.BO.NO. 503 KALLAI ROAD CHALAPPURAM. P.O.

KOZHIKODE, 673002 REPRESENTEDE BY ITS MANAGER/ AUTHORIZED OFFICER R BY ADV. SRI.R.SUDHISH, SC, KOZHIKODE DIST.CO.OP. BANK, LTD. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01-04-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: AD/

WP(C).No. 10812 of 2015 (B) --------------------------------------- APPENDIX PETITIONER(S)' EXHIBITS ------------------------------------- EXHIBIT P1: TRUE COPY OF THE NOTICE DATED 22.9.2014 ISSUED BY THE RESPONDENT TO THE PETITIONER EXHIBIT P2: TRUE COPY OF THE NOTICE DATED 11.10.2014 ISSUED BY THE RESPONDENT TO THE PETITIONER EXHIBIT P3: TRUE COPY OF THE NOTICE DATED 26.12.2014 ISSUED BY THE RESPONDENT TO THE PETITIONER EXHIBIT P4: TRUE COPY OF THE RECEIPT DATED 8.01.2015 ISSUED BY THE RESPONDENT BANK TO THE PETITIONER.

RESPONDENT(S)' EXHIBITS ---------------------------------------- NIL //TRUE COPY// P.A. TO JUDGE AD/

A.K.JAYASANKARAN NAMBIAR, J.

=========================================== W.P.(C). No. 10812 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. Ext.P3 is the notice issued to the petitioner under Section 13(2) 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. 10812 of 2015 (i) The total overdue amount, in respect of the loan, is stated to be Rs.1,74,967/- together with accrued interest. Accordingly, if the petitioner remits the aforesaid amount of Rs.1,74,967/- together with accrued interest in eight equal and successive monthly installments commencing from 20.04.2015, 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