Muhammed M.P. v. The Malappuram District Co-Operative Bank Ltd.

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR TUESDAY, THE 19TH DAY OF MAY 2015/29TH VAISAKHA, 1937 WP(C).No. 14661 of 2015 (G) ---------------------------- PETITIONER :

----------------------- MUHAMMED M.P., AGED 58 YEARS, S/O. KUNHI MOIDEEN KUTTY, MELEPURATH HOUSE, ULLANAM P.O, MALAPPURAM-676 303 BY ADV. SRI.E.S.ASHRAF RESPONDENT(S):

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1. THE MALAPPURAM DISTRICT CO-OPERATIVE BANK LTD., REPRESENTED BY ITS GENERAL MANAGER, HEAD OFFICE, MALAPPURAM -676 505

2. THE AUTHORISED OFFICER(UNDER THE SARFAESI ACT), DEPUTY GENERAL MANAGER, THE MALAPPURAM DISTRICT CO-OPERATIVE BANK LTD, HEAD OFFICE, MALAPPURAM-676 505 BY SRI.ESM.KABEER THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19-05-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C).No. 14661 of 2015 (G) ------------------------------------------ APPENDIX PETITIONER(S)' EXHIBITS ------------------------------------- EXHBIIT P1 TRUE COPY OF THE RELEVANT PAGES OF THE LOAN PASS BOOK EXHBIIT P2TRUE COPY OF THE RECEIPTS ISSUED BY THE BANK EXHBITI P3TRUE COPY OF THE PROCEEDINGS DATED 21-10-2011 ISSUED BY THE DISTRICT COLLECTOR EXHBITI P4TRUE COPY OF THE REPRESENTATION SUBMITTED BY THE PETITIONER BEFORE THE DEBT RELIEF COMMISSION EXHBIIT P5TRUE COPY OF THE POSSESSION NOTICE DATED 04-08-2014 ISSUED BY THE 2ND RESPONDENT PUBLISHED IN CHANDRIKA NEWS DAILY DATED 10-08-2014 EXHBITI P6TRUE COPY OF THE NOTICE FOR CONDUCTING INSPECTION ISSUED BY THE ADVOCATE COMMISSIONER EXHBITI P7TRUE COPY OF THE REPRESENTATION SUBMITTED BEFORE THE PRESIDENT OF THE BANK RESPONDENT(S)' EXHIBITS:

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

A.K.JAYASANKARAN NAMBIAR, J.

............................................................. ............................................................. Dated this the 19th day of May, 2015 J U D G M E N T The petitioner, who had availed of 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.P5 is the possession notice issued by the 2nd respondent. Ext.P6 is the notice issued by the Advocate commissioner. 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 for the respondent bank.

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 instalments. Taking into account the plea of financial hardship raised by the petitioner, I

dispose the writ petition with the following directions:- (i) The total amount outstanding from the petitioner to the respondent bank as of today, is stated to be Rs.7,90,314/- together with accrued interest. Accordingly, if the petitioner pays the aforesaid amount of Rs.7,90,314/- together with accrued interest in 12 equal and successive monthly instalments commencing from 10.06.2015, the recovery steps initiated against the petitioner 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 instalments, 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. A.K.JAYASANKARAN NAMBIAR JUDGE mns