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High Court of KeralaWP(C)/16962/2015disposed of

Ajas E.Nazeer v. Authorised Officer

2015-06-08Honourable Mr. Justice A.Muhamed Mustaque4 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.MUHAMED MUSTAQUE MONDAY, THE 8TH DAY OF JUNE 2015/18TH JYAISHTA, 1937 WP(C).No. 16962 of 2015 (U) ---------------------------- PETITIONER :

--------------------- AJAS E.NAZEER, AGED 24 YEARS S/O.E.U.NAZEER, EDATHUMKUNNEL HOUSE, ATTAPALLAM KUMALY - 685 509.

BY ADV. SRI.VINOD KUMAR.C RESPONDENT(S) :

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

1. AUTHORISED OFFICER CENTRAL BANK OF INDIA, REGIONAL OFFICE, ERNAKULAM METRO PALACE, OPP. ERNAKULAM TOWN RAILWAY STATION - 682 011.

2. CENTRAL BANK OF INDIA KUMALY BRANCH, REP. BY ITS MANAGER IDUKKI DISTRICT - 685 509.

R1 & R2 BY ADV. SRI.DEVAN RAMACHANDRAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08-06-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

Mn ...2/-

WP(C).No. 16962 of 2015 (U) ---------------------------------------- APPENDIX PETITIONERS' EXHIBITS :

------------------------------------- EXT. P1 - TRUE COPY OF THE NOTICE DATED 10.10.2014.

EXT. P2 - TRUE COPY OF THE POSSESSION NOTICE DATED 20.02.2015. RESPONDENT(S)' EXHIBITS : NIL ----------------------------------------------------------- //TRUE COPY// P.A. TO JUDGE Mn

A.MUHAMED MUSTAQUE, J.

******************************************************* W.P.(C) No.16962 of 2015 ******************************************************* Dated this the 8th day of June, 2015

JUDGMENT

The petitioner availed a term loan. The period of the term loan is not over. However, on account of default in repaying the loan amount, the Bank initiated SARFAESI proceedings. The petitioner submits before this Court that he is prepared to clear the overdue amount and the Bank may be directed to regularise the account.

2.

The learned counsel for the Bank submits that overdue amount is around Rs.5 lakhs and the total liability is around Rs.16.5 lakhs.

Considering the facts and circumstances, this writ petition is disposed of with the following directions:

1.

The petitioner shall remit Rs.1,00,000/- within one month from today.

2.

Thereafter, the balance overdue amount shall be discharged in six monthly instalments along with regular EMI.

W.P.(C) No.16962 of 2015 2 3.

If the petitioner clears the entire overdue amount within the time indicated as above, the petitioner's account shall be regularised.

4.

However, if the petitioner commits default in repaying the overdue amount or regular EMI for consecutive two months, the Bank is at liberty to proceed against the petitioner in accordance with law.

Sd/- A.MUHAMED MUSTAQUE, JUDGE ln