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High Court of KeralaWP(C)/15555/2015disposed of

Bineed Karunan v. The Chief Manager, State Bank Of Travancore

2015-06-02Honourable Mr. Justice A.Muhamed Mustaque4 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.MUHAMED MUSTAQUE TUESDAY, THE 2ND DAY OF JUNE 2015/12TH JYAISHTA, 1937 WP(C).No. 15555 of 2015 (T) ---------------------------- PETITIONER(S):

-------------- BINEED KARUNAN, AGED 44 YEARS S/O.LATE KARUNAN, EDAMANAPPATTU HOUSE, MUTHOLY PULIYANNOOR POST, KOTTAYAM DISTRICT. 686 573. BY ADVS.SRI.JAI GEORGE SMT.DAISY A.PHILIPOSE RESPONDENT(S):

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

1. THE CHIEF MANAGER, STATE BANK OF TRAVANCORE PALA 686 375.

2. THE MANAGER STATE BANK OF TRAVANCORE, MAIN ROAD, PALA BRANCH 686 575.

BY SRI.R.S.KALKURA, SC, SBT THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02-06-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

WP(C).No. 15555 of 2015 (T) ---------------------------- APPENDIX PETITIONER(S)' EXHIBITS ----------------------- EXHIBIT P1.

COPY OF THE JUDGMENT DATED 17.10.2013 IN WPC NO.25233/13.

EXHIBIT P2.

COPY OF THE NOTICE DATED 30.1.15 ISSUED TO THE PETITIONER UNDER SECTION 13(2) OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002.

EXHIBIT P3.

COPY OF THE NOTICE DATED 7.4.15 ISSUED UNDER SECTION 13(4) OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT 2002.

EXHIBIT P4.

TRUE COPY OF THE STATEMENT OF ACCOUNT OF THE PETITIONER IN RESPECT OF THE ACCOUNT NO:67154565162 DATED 25.5.2015 FOR THE PERIOD OF 1.1.2011 TO 15.5.2015 RESPONDENT(S)' EXHIBITS : NIL ----------------------- /TRUE COPY/ P. A. TO JUDGE Pn

A. MUHAMED MUSTAQUE, J.

-------------------------------------------- W.P. (C). No. 15555 of 2015 ------------------------------------------- Dated this the 2nd day of June, 2015

J U D G M E N T

The petitioner impugns the SARFAESI proceedings. The petitioner availed a term loan of `25,00,000/- and defaulted repayment of the loan amount. When the respondent Bank initiated proceeding under the SARFAESI Act in the year 2013, the petitioner approached this Court by filing WP(C) No.25233/2013. This Court permitted the petitioner to clear the overdue and on clearing the overdue the Bank was directed to regularise the loan account. It appears that the petitioner cleared the overdue and regularised the loan account. However, the petitioner further defaulted repayment of the amount, which resulted initiation of SARFAESI proceedings. The only request made by the learned counsel for the petitioner is that, he needs six months time to pay the entire liability with the Bank.

2.

The learned counsel for the Bank opposes the prayer of the petitioner. Considering the facts and circumstance, the petitioner is granted three months time to pay the entire liability starting from 15.06.2015. If the petitioner commits any default in payment of the entire liability, the Bank is at liberty

W.P. (C). No. 15555 of 2015 to proceed against the petitioner for realization of the entire amount, by pursuing such steps from the stage where it stands now.

The writ petition is disposed of.

Sd/- A. MUHAMED MUSTAQUE, JUDGE.

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