Prasanth K.T. v. The Tirur Urban Co-Operative Bank Ltd. F.1616
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR WEDNESDAY, THE 23RD DAY OF SEPTEMBER 2015/1ST ASWINA, 1937 WP(C).NO. 28929 OF 2015 (M) ---------------------------- PETITIONER(S):
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1. PRASANTH K.T., AGED 42 YEARS S/O.AYYAPPU KARIYAM THIRUTHI HOUSE PADINHAREKKARA POST MALAPPURAM DISTRICT, PIN-676562
2. SANDHYA, AGED 40 YEARS W/O.PRASANTH KARIYAM THIRUTHI HOUSE PADINHAREKKARA POST MALAPPURAM DISTRICT, PIN-676562 BY ADV. SRI.E.C.BINEESH RESPONDENT(S):
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1. THE TIRUR URBAN CO-OPERATIVE BANK LTD. F.1616 TIRUR, MALAPPURAM, REPRESENTED BY KRISHNAN.E, ASSISTANT GENERAL MANAGER IN CHARGE/ AUTHORISED OFFICER PIN-676 562
2. THE SECRETARY, THE TIRUR URBAN CO-OPERATIVE BANK LTD. F.1616 TIRUR, MALAPPURAM DISTRICT PIN-676 562 BY SRI.M.SASEENDRAN,SC, URBAN CO.OP.BANK,TIRUR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23-09-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C).NO. 28929 OF 2015 (M) APPENDIX PETITIONER'S EXHIBITS:
EXT.P1: TRUE COPY OF THE PETITION FILED BY THE RESPONDENT BANK BEFORE THE HON'BLE CHIEF JUDICIAL MAGISTRATE COURT, MANJERI ON 20.08.2015 EXT.P2: TRUE COPY OF THE NOTICE ISSUED AGAINST THE 1ST PETITIONER EXT.P3: TRUE COPY OF THE NOTICE ISSUED AGAINST THE 2ND PETITIONER RESPONDENTS' EXHIBITS: NIL //TRUE COPY// P A TO JUDGE
A.K.JAYASANKARAN NAMBIAR, J.
............................................................. ............................................................. Dated this the 23rd day of September, 2015 J U D G M E N T The petitioners, 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. Exts.P2 and P3 are the notices issued by the petitioners from the Court of Chief Judicial Magistrate. In the writ petition, the petitioners impugn 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 petitioners 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 petitioners is to permit them to remit the balance amounts outstanding to the bank in easy instalments. Taking into account the
plea of financial hardship raised by the petitioners, I dispose the writ petition with the following directions:- (i) The total overdue amount in respect of the loan availed by the petitioners are stated to be Rs.1,23,032/- together with accrued interest. Accordingly, if the petitioners pay the aforesaid amount of Rs.1,23,032/- together with accrued interest in five equal and successive monthly instalments commencing from 15.10.2015, and continues to keep up the regular instalments as per the original loan schedule, the recovery steps initiated against the petitioners by the respondent bank shall be kept in abeyance.
(ii) It is made clear that, if the petitioners 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