High Court of KeralaWP(C)/18708/2015disposed of

Rajesh M.M v. M/S. Catholic Syrian Bank Ltd

2015-06-23Honourable Mr. Justice A.Muhamed Mustaque4 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.MUHAMED MUSTAQUE TUESDAY, THE 23RD DAY OF JUNE 2015/2ND ASHADHA, 1937 WP(C).No. 18708 of 2015 (K) ---------------------------- PETITIONER :

----------------------- RAJESH M.M., AGED 35 YEARS, S/O.UNNI NAIR, PARTNER, M/S.BOSCO CERAMICS, R/AT MULLOLIMALAYIL HOUSE, THURUTHIYADU P.O., BALUSSERY, KOZHIKODE DIST-673 612.

BY ADVS.SRI.P.S.SREEDHARAN PILLAI SRI.T.K.SANDEEP SRI.ARJUN SREEDHAR SRI.ARUN KRISHNA DHAN SRI.JOSEPH GEORGE(MULLAKKARIYIL) RESPONDENT :

-------------------------- M/S. CATHOLIC SYRIAN BANK LTD., REPRESENTED BY ITS AUTHORIZED OFFICER, MALAPARAMBA BRANCH, ZONAL OFFICE, ALPHONSA BUILDING, ARAYEDATHUPALAM JUNCTION, INDIRA GANDHI ROAD, KOZHIKODE-673 004.

BY SRI.R.S.KALKURA,SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23-06-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

sts

WP(C).No. 18708 of 2015 (K) ------------------------------------------- APPENDIX PETITIONER(S)' EXHIBITS ------------------------------------- EXT.P1.

A TRUE COPY OF THE NOTICE DATED 16/7/2014 ISSUED UNDER SECTION 13(2) OF SARFAESI ACT.

EXT.P2.

A TRUE COPY OF THE POSSESSION NOTICE DATED 24/12/2014 ISSUED BY THE RESPONDENT BANK EXT.P3.

A TRUE COPY OF THE JUDGMENT DATED 6/2/2015 IN WPC NO.2822/2015 PASSED BY THIS HON'BLE COURT.

EXT.P4.

TRUE COPY OF THE SALE NOTICE PUBLISHED IN MALAYALA MANORAMA DAILY DATED 29/1/2015.

RESPONDENT(S)' EXHIBITS:

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

A. MUHAMED MUSTAQUE, J.

-------------------------------------------- W.P.(C). No. 18708 of 2015 ------------------------------------------- Dated this the 23rd day of June, 2015

J U D G M E N T

The petitioner is the owner of the secured asset which was given for availing loan for the partnership firm. Consequent upon initiation of SARFAESI proceedings, another partner of the firm approached this Court by way of writ petition as WP(C) No.2822/2015. This Court permitted to pay the amount of `5 lakhs in two instalments and thereafter entire balance in 10 equal monthly instalments. It appears that none of the instalments have been paid as per the directions of this Court. 2.

The petitioner submits that he was abroad and the secured asset being a residential building belongs to him, he is prepared to discharge the entire liability.

Learned counsel for the Bank submits that, the petitioner is not entitled for any concession as this Court already directed the partner to discharge the liability by way of instalments and consequent to the default, the Bank is at liberty to proceed against the petitioner.

WP(c). No.18708 of 2015 4.

The secured asset being a residential building of the petitioner, I am of the view that, some breathing time shall be given to the petitioner to discharge the entire liability. Accordingly, following directions are issued; (i) The petitioner shall deposit `5,00,000/- in two equal monthly instalments starting from 10.07.2015.

(ii) If the petitioner deposits the amount as above, the petitioner should be given a further period of three months to wipe off the entire liability.

The writ petition is disposed of.

Sd/- A. MUHAMED MUSTAQUE, JUDGE.