High Court of KeralaWP(C)/13182/2015disposed of

T.V.Thankachan v. The Kottayam Co-Operative Urban Bank Ltd

2015-11-16Honourable Dr. Justice A.K.Jayasankaran Nambiar4 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR MONDAY, THE 16TH DAY OF NOVEMBER 2015/25TH KARTHIKA, 1937 WP(C).No. 13182 of 2015 (W) ------------------------------------------- PETITIONER(S) :

------------------------- T.V.THANKACHAN, AGED 54 YEARS, S/O.VARKEY, THURUTHUMALIYIL VEEDU, ATHIRAMPUZHA POST, ATHIRAMPUZHA VILLAGE, KOTTAYAM DISTRICT, PIN- 686 562 BY ADVS.SRI.K.J.MOHAMMED ANZAR SRI.A.D.SURESH BABU RESPONDENT(S) :

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

1. THE KOTTAYAM CO-OPERATIVE URBAN BANK LTD. NO.421, GANDHI NAGAR BRANCH, KOTTAYAM, REPRESENTED BY ITS SECRETARY, GANDHI NAGAR, KOTTAYAM DISTRICT, PIN- 686 562.

2. THE AUTHORISED OFFICER, KOTTAYAM CO-OPERATIVE URBAN BANK LTD. NO.421, GANDHI NAGAR BRANCH, KOTTAYAM, REPRESENTED BY ITS SECRETARY, GANDHI NAGAR, KOTTAYAM DISTRICT, PIN- 686 562.

BY ADV. SRI.SURIN GEORGE IYPE, S.C THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 16-11-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

Msd.

WP(C).No. 13182 of 2015 (W) ------------------------------------------ APPENDIX PETITIONER(S)' EXHIBITS :

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

TRUE COPY OF THE NOTICE NO.2105/9/2/12 DATED 09/02/2012 ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER. EXT.P2:

TRUE COPY OF THE NOTICE DATED 10/04/2015 ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER.

EXT.P3:

A TRUE COPY OF THE DISCHARGE CERTIFICATE ISSUED TO THE PETITIONER FROM MEDICAL COLLEGE HOSPITAL , KOTTAYAM.

RESPONDENT(S)' EXHIBITS :

------------------------------------------- NIL //TRUE COPY// P.A.TO JUDGE.

Msd.

A.K.JAYASANKARAN NAMBIAR, J.

- - - - - - - - - - - - - - - - - - - - - - - - - - W.P.(C) No. 13182 of 2015 - - - - - - - - - - - - - - - - - - - - - - - - - - Dated this the 16th day of November 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(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.

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

W.P.(c).No.13182 of 2015 : 2 :

account the plea of financial hardship raised by the petitioner, I dispose the writ petition with the following directions:- (i)The total outstanding amount, in respect of the loan as on today, is stated to be Rs.7,06,347/- together with accrued interest. Accordingly, if the petitioner remits the aforesaid amount of Rs.7,06,347/- together with accrued interest in twelve equal and successive monthly installments commencing from 30.11.2015, 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 sm/