High Court of KeralaWP(C)/22017/2015disposed of

Jayan v. Vijaya Bank

2015-07-22Honourable Mr. Justice A.Muhamed Mustaque4 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.MUHAMED MUSTAQUE WEDNESDAY, THE 22ND DAY OF JULY 2015/31ST ASHADHA, 1937 WP(C).No. 22017 of 2015 (B) ---------------------------- PETITIONER(S):

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1. JAYAN K., S/O.SANKARA GUPTHAN, KOOTHUPARAMBIL HOUSE, PALODE P.O. MANNARKKAD, PALAKKAD DISTRICT.

2. SATHI K.

W/O.JAYAN, KOOTHUPARAMBIL HOUSE, PALODE P.O.

MANNARKKAD, PALAKKAD DISTRICT.

BY ADV. SRI.P.JAYARAM RESPONDENT(S):

---------------------------- VIJAYA BANK, EMIRATES TOWER, MANNARKKAD ROAD, CHETHALLUR P.O. KARINKALLATHANI, PALAKKAD DISTRICT PIN-678583 REPRESENTED BY ITS BRANCH MANAGER. BY SMT.LATHA KRISHNAN, SC.

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22-07-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: vmr.

WP(C).No. 22017 of 2015 (B) ---------------------------- APPENDIX PETITIONER(S)' EXHIBITS ------------------------------------- EXT.P1 : TRUE COPY OF THE LETTER DT.25-8-2014 ISSUED TO THE PETITIONERS BY RESPONDENT BANK.

EXT.P2 : TRUE COPY OF THE NOTICE DT.17-12-2014 ISSUED TO THE PETITIONERS BY RESPONDENT BANK UNDER SEC.13(2) OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002.

EXT.P3 : TRUE COPY OF THE REPRESENTATION DT.31-1-2015 SUBMITTED BEFORE RESPONDENT BANK BY PETITIONERS.

EXT.P4 : TRUE COPY OF THE REPRESENTATION DT.15-5-2015 SUBMITTED BY THE PETITIONERS BEFORE THE RESPONDENT BANK.

EXT.P5 : TRUE COPY OF THE NOTICE DT.14-7-2015 ISSUED TO THE PETITIONERS BY ADV.COMMR.APPOINTED IN CMP 3202/2015 ON THE FILES OF CHIEF JUDICIAL MAGISTRATE, PALAKKAD.

RESPONDENT(S)' EXHIBITS :

NIL.

--------------------------------------- /TRUE COPY/ P.S.TO JUDGE vmr.

A.MUHAMED MUSTAQUE, J.

------------------------------------ W.P.(C).No.22017 of 2015 ----------------------------------- Dated this the 22nd day of July, 2015

J U D G M E N T

The first petitioner availed a cash credit facility from the respondent Bank. On account of default in repaying the loan amount, the Bank initiated 'SARFAESI' proceedings. The same is under challenge in this writ petition.

2. The petitioners submit that, they may be given installment facility to clear the entire liability.

3. The learned Standing Counsel for the Bank submits that, the total liability of the petitioners is around 12 lakhs and that, the ₹ Bank is not willing to renew the cash credit facility to the petitioners. Considering the facts and circumstances, this writ petition is disposed of with the following directions :

1. The petitioners shall deposit an amount of 1,00,000/- ₹ (Rupees One lakh only) within one month from today.

2. Thereafter, the petitioners shall remit an amount of 50,000/- (Rupees Fifty thousand only) continuously for ₹ eight months starting from the next month onwards.

3. Thereafter, in the succeeding month, the petitioners shall discharge the balance liability in lumpsum.

4. All coercive proceedings against the petitioners shall be deferred in tune with the above directions.

W.P.(C).No.22017 of 2015

5. If the petitioners fail to comply with any of the conditions stipulated above, the Bank is free to proceed against the petitioners.

Sd/- A.MUHAMED MUSTAQUE, JUDGE.