High Court of KeralaWP(C)/24952/2015disposed of

Sakeer Hussain v. The Bank Of India

2015-09-14Honourable Dr. Justice A.K.Jayasankaran Nambiar5 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR MONDAY, THE 14TH DAY OF SEPTEMBER 2015/23RD BHADRA, 1937 WP(C).No. 24952 of 2015 (T) ---------------------------- PETITIONER(S):

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1. SAKEER HUSSAIN A., PROP.M/S.A.S.FURNITURE, AYSHA MANZIL, ALIYIRAKKOM CHILAKOOR, SAKTHIKULANGARA, VARKALA THIRUVANANTHAPURAM DT., PIN-695141.

2. SHAMNA P.

W/O.SAKEER HUSSAIN, AYSHA MANZIL, ALIYIRAKKOM CHILAKOOR, SAKTHIKULANGARA, VARKALA THIRUVANANTHAPURAM DT., PIN-695141.

BY ADVS.SRI.M.R.RAJESH SMT.E.S.SANDHYA RESPONDENT(S):

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1. THE BANK OF INDIA REPRESENTED BY THE BRANCH MANAGER, VARKALA BRANCH PANKAJ PLAZA, TEMPLE ROAD, VARKALA P.O.-695141.

2. THE AUTHORIZED OFFICER/CHIEF MANAGER THE BANK OF INDIA, KERALA ZONAL OFFICE, KALOOR TOWERS KALOOR, ERNAKULAM-682017 BY SRI.M.DINESH THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 14-09-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

WP(C).No. 24952 of 2015 (T) APPENDIX PETITIONER'S EXHIBITS:

EXT.P1: A TRUE COPY OF THE E-AUCTION NOTICE NO.KZO/RD/2015-16/102 DATED 08.07.2015 DATED 08.07.2015 ISSUED BY THE 2ND RESPONDENT RESPONDENTS' EXHIBITS: NIL //TRUE COPY// P A TO JUDGE

A.K.JAYASANKARAN NAMBIAR, J.

------------------------------- ----------------------------------- Dated this the 14th day of September, 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.P1 is the E-Auction notice issued by the 2nd respondent. 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 appearing on behalf of the respondents.

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, is stated to be Rs.8,58,000/- together with interest from 01.10.2014. Accordingly, if the petitioner pays the aforesaid amount of Rs.8,58,000/- together with interest from 01.10.2014, in 10 equal and successive monthly instalments commencing from 15.10.2015, then the further proceedings for recovery of loan amounts from the petitioner 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