Jomy Thomas v. The Federal Bank Limited

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR TUESDAY, THE 3RD DAY OF NOVEMBER 2015/12TH KARTHIKA, 1937 WP(C).No. 30664 of 2015 (G) -------------------------------------------- PETITIONER(S) :

-------------------------- JOMY THOMAS, AGED 50 YEARS, S/O.LATE JOSEPH, C.C 59/2104, T.A.BEERANKUNJU ROAD, KOCHI- 682 018.

BY ADV. SRI.TOM K.THOMAS RESPONDENT(S) :

----------------------------

1. THE FEDERAL BANK LIMITED, KAKKANAD BRANCH, SEAPORT AIRPORT ROAD, KOCHI- 682 030, REPRESENTED BY ITS CHIEF MANAGER.

2. THE AUTHORISED OFFICER, FEDERAL BANK LIMITED, KAKKANAD BRANCH, SEAPORT AIRPORT ROAD, KOCHI- 682 030.

BY ADVS. SRI.A.ANTONY SMT.LEELAMMA ANTONY THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03-11-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

Msd.

WP(C).No. 30664 of 2015 (G) ------------------------------------------ APPENDIX PETITIONER(S)' EXHIBITS :

---------------------------------------- EXHIBIT P1:

TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 23-09-2015.

RESPONDENT(S)' EXHIBITS :

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

Msd.

A.K.JAYASANKARAN NAMBIAR, J.

=========================================== W.P.(C). No. 30664 of 2015 ===================================================== Dated this the 3rd day of November, 2015

JUDGMENT

The petitioner, who had availed 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 issued to the petitioner under the SARFAESI Act. 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 installments. Taking into account the plea of financial hardship raised by the petitioner, I dispose the writ petition with the following directions:-

-2W.P.(C). No. 30664 of 2015 (i) The total overdue amount, in respect of the loan, is stated to be Rs.4,03,220/- together with accrued interest. Accordingly, if the petitioner remits the aforesaid amount of Rs.4,03,220/- together with accrued interest in twelve equal and successive monthly installments commencing from 30.11.2015, then the recovery steps initiated against him 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 installments, 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.

Sd/- A.K.JAYASANKARAN NAMBIAR JUDGE das /03.11.15