High Court of KeralaWP(C)/12575/2014disposed of

James Johnson v. Authorised Officer

2015-08-18Honourable Mr. Justice A.Muhamed Mustaque4 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.MUHAMED MUSTAQUE TUESDAY, THE 18TH DAY OF AUGUST 2015/27TH SRAVANA, 1937 WP(C).No. 12575 of 2014 (V) ---------------------------- PETITIONER :

----------------- JAMES JOHNSON, TC-44/477, ST.XAVIOUS NAGAR, VALIATHURA VALLAKKADAVU P.O., TRIVANDRUM - 695 008.

BY ADVS.SRI.H.HAMZA ROWTHER SRI.V.K.PEERMOHAMED KHAN RESPONDENT :

--------------------- AUTHORISED OFFICER, AXIS BANK, KILLI TOWERS, KILLIPALAM NR PRS HOSPITAL, KARAMANA, TRIVANDRUM - 6595 002.

R1 BY ADV. SRI.JAWAHAR JOSE THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 18-08-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

WP(C).No. 12575 of 2014 (V) ---------------------------- APPENDIX PETITIONER(S)' EXHIBITS ------------------------------------- EXT.P1:

TRUE COPY OF THE POSSESSION NOTICE ISSUED UNDER SECTION 13(4)OF THE SARFEASI ACT.

RESPONDENT(S)' EXHIBITS :

NIL.

//TRUE COPY// P.A. TO JUDGE bp

A. MUHAMED MUSTAQUE, J ----------------------------------------------------- W.P.(C).No. 12575 of 2014 ----------------------------------------------------- Dated this the 18th day of August, 2015

JUDGMENT

The petitioner challenging SARFAESI proceedings has approached this Court.

2. The learned counsel for the petitioner submits that the petitioner is prepared to clear the overdue amount and the Bank may be directed to regularise the account.

3. The learned counsel for the Bank submits that the total overdue amount is Rs.6,37,000/-.

4. This Court granted an interim order of stay on 16.08.2014 on condition that the petitioner deposits an amount of Rs.3 lakhs. The petitioner has not remitted the amount so far. He has paid only Rs.1 lakh.

5. Considering the facts and circumstances, the following directions are issued :

i) The petitioner shall remit Rs.3 lakhs on or before 15.09.2015.

ii) The petitioner shall be permitted to clear the balance overdue amount in four equal monthly instalments along with regular EMI from the succeeding month onwards.

W.P.(C).No. 12575 of 2014 -2iii) If the petitioner clears the amount as above, the Bank shall regularise the loan account.

iv) While working out the overdue amount, the amount already paid shall be reckoned.

v) If the petitioner fails to pay the amount, the Bank is free to proceed against the petitioner in accordance with law.

The writ petition is disposed of as above. No costs. Sd/- A. MUHAMED MUSTAQUE, JUDGE bpr