High Court of KeralaWP(C)/26440/2015disposed of

Abdul Salam K.K. v. Allahabad Bank

2015-10-13Honourable Dr. Justice A.K.Jayasankaran Nambiar5 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR TUESDAY, THE 13TH DAY OF OCTOBER 2015/21ST ASWINA, 1937 WP(C).No. 26440 of 2015 (D) ---------------------------- PETITIONER :

----------------------- ABDUL SALAM K.K., S/O. KADARKUNJU AGED 38 YEARS, HOUSE NO 433-A, KALAPURAKKAL HOUSE, VELLATTUMPADAM, THRIKKAKARA P.O, KAKKANAD, ERNAKULAM -682 021 BY ADVS.SMT.M.R.REENA SRIP.S.SUJETH RESPONDENT(S):

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1. THE BRANCH MANAGER, ALLAHABAD BANK ERNAKULAM BRANCH, SABU & CYPRIAN BUILDING, R MADHAVAN NAIR BUILDING, OPP. DOLPHIN CLUB, KOCHI -682 016

2. THE CHIEF MANAGER/AUTHORIZED OFFICER, ALLAHABAD BANK ERNAKULAM BRANCH, SABU & CYPRIAN BUILDING, R MADHAVAN NAIR BUILDING, OPP. DOLPHIN CLUB, KOCHI -682 016 R1 & R2 BY ADV. SRI.K.P.RAMACHANDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13-10-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

sts

WP(C).No. 26440 of 2015 (D) ------------------------------------------ APPENDIX PETITIONER(S)' EXHIBITS ------------------------------------- EXT.P1 THE TRUE COPY OF THE STATEMENT OF ACCOUNTS DATED FROM 03-03-2007 TO 11-08-2015 EXT.P2 THE TRUE COPY OF THE POSSESSION NOTICE DATED 28-07-2015 EXT.P3 TRUE COPY OF THE REPRESENTATION DATED 05-08-2015 RESPONDENT(S)' EXHIBITS ----------------------------------------- EXT.R2(A) TRUE COPY OF THE REGISTERED LETTER DATED 27/11/2007 SENT BY THE BANK TO THE PETITIONER.

EXT.R2(B) TRUE COPY OF THE LETTER DATED 30/01/2009 SENT BY THE BANK TO THE PETITIONER, RE-FIXING/ RESCHEDULING THE INSTALLMENTS AS RS.10,500/- EXT.R2(C) COPY OF THE LETTER DATED 06/08/2010 SENT BY THE BANK TO THE PETITIONER.

EXT.R2(D) COPY OF THE LETTER DATED 10/12/2011 SENT BY THE BANK TO THE PETITIONER.

EXT.R2(E) COPY OF THE FINAL NOTICE DATED 14/12/2011 SENT BY THE BANK TO THE PETITIONER.

EXT.R2(F) COPY OF THE REGISTERED LAWYER NOTICE DATED 17/08/2012 SENT BY THE BANK TO THE PETITIONER.

EXT.R2(G) COPY OF THE NOTICE DATED 04/05/2015 ISSUED UNDER SECTION 13

(2) OF THE SARFAESI ACT TO THE PETITIONER.

EXT.R2(H) COPY OF THE MASTER CIRCULAR DATED 01/07/2014 OF THE RESERVE BANK OF INDIA EXT.R2(I) COPY OF THE RECOVERY MANAGEMENT POLICY (ONLY RELEVANT PAGES AND PORTIONS) OF THE RESPONDENT BANK DATED 17/04/2015.

/TRUE COPY/ P.A.TO JUDGE sts

A.K.JAYASANKARAN NAMBIAR, J.

............................................................. ............................................................. Dated this the 13th day of October, 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 possession notice. 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 for the respondent bank.

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 respondent 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 overdue amount in respect of the loan availed by the petitioner is stated to be Rs.4,81,500/- together with accrued interest. Accordingly, if the petitioner pays the aforesaid amount of Rs.4,81,500/- together with accrued interest in ten equal and successive monthly instalments commencing from 01.11.2015, and continues to keep up the regular instalments as per the original loan schedule, the recovery steps initiated against the petitioner by the respondent bank 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/13.10.15