High Court of KeralaWP(C)/33701/2014disposed of

Babu T.K. v. Federal Bank Ltd.

2015-07-15Honourable Mr. Justice A.Muhamed Mustaque3 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.MUHAMED MUSTAQUE WEDNESDAY, THE 15TH DAY OF JULY 2015/24TH ASHADHA, 1937 WP(C).No. 33701 of 2014 (K) ---------------------------- PETITIONER(S):

-------------------------- BABU T.K., S/O.KUMARAN, AGED 51 YEARS, R/AT THAZHATHUVEETTIL HOUSE, ADIMALI POST, MANNAMKANDOM VILLAGE, IDUKKI DISTRICT.

BY ADV. SRI.S.JIJI.

RESPONDENT(S):

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

1. FEDERAL BANK LTD., MUNNAR BRANCH, P.B.NO.15, G.H. ROAD, MUNNAR, IDUKKI DISTRICT - 685 612, REPRESENTED BY ITS MANAGER.

2. THE AUTHORISED OFFICER UNDER SARFAESI ACT, (CHIEF MANAGER), FEDERAL BANK LTD, KALLARKUTTY ROAD, ADIMALY, IDUKKI -685 561.

BY ADVS. SRI.A.ANTONY, SC, SMT.LEELAMMA ANTONY.

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15-07-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

rs.

WP(C).No. 33701 of 2014 (K) APPENDIX PETITIONER'S EXHIBITS:- EXT.P-1:

TRUE COPY OF THE NOTICE DATED 12.02.2014 ISSUED BY THE 2ND RESPONDENT.

EXT.P-2:

TRUE COPY OF THE CHALAN DATED 12.06.2014 ISSUED BY THE 1ST RESPONDENT.

EXT.P-3:

TRUE COPY OF THE NOTICE DATED 19.11.2014 ISSUED BY THE 2ND RESPONDENT.

RESPONDENT'S EXHIBITS:- NIL.

//TRUE COPY// P.A. TO JUDGE rs.

A.MUHAMED MUSTAQUE, J.

------------------------------------ W.P.(C).No.33701 of 2014 ----------------------------------- Dated this the 15th day of July, 2015

J U D G M E N T

The petitioner, a farmer, availed a Kisan Credit facility from the respondent Bank. On account of default in repaying the same, the Bank initiated 'SARFAESI' proceedings. The secured asset is a residential building.

2. This Court passed an interim order on 15.12.2014 directing the petitioner to deposit an amount of 50,000/- within two weeks. ₹ It appears that, the petitioner has not deposited the amount.

3. The learned Standing Counsel for the Bank submits that, the total liability is around 2,00,000/-.

₹

4. Considering the facts and circumstances, I am of the view that, if the petitioner deposits the amount of 50,000/- (Rupees Fifty ₹ thousand only) as ordered by this Court, on or before 31.07.2015, the petitioner shall be permitted to discharge the entire liability in ten equal monthly installments starting from the succeeding month onwards. If the petitioner commits default in honoring any one of the conditions stipulated above, the Bank is free to proceed against the petitioner.

This writ petition is disposed of as above.

Sd/- A.MUHAMED MUSTAQUE, JUDGE.