Sreeramachandran v. Irinjalakuda Town Co-Op. Bank Nada Br.
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR WEDNESDAY, THE 4TH DAY OF NOVEMBER 2015/13TH KARTHIKA, 1937 WP(C).No. 33606 of 2015 (A) ---------------------------------------- PETITIONER(S):
----------------------- SREERAMACHANDRAN, AGED 43 YEARS, S/O.KUTTAPPAN, ADATHIPARAMBIL HOUSE, P.O.VELLANI, KARALAM VILLAGE, MUKUNDAPURAM TALUK, THRISSUR DISTRICT.
BY ADVS.SMT.M.R.REENA SRIP.S.SUJETH RESPONDENT(S):
-------------------------- 1.
THE BRANCH MANAGER, IRINJALAKUDA TOWN CO-OP. BANK LTD.NO.55, NADA BRANCH, IRINJALAKUDA, THRISSUR - 680 121. 2.
THE GENERAL MANAGER/AUTHORIZED OFFICER, IRINJALAKUDA TOWN CO-OPERATIVE BANK LTD.NO.55, HEAD OFFICE, TANA SOUTH, IRINJALAKUDA, PIN - 680 121.
BY ADV. SRI.DEVAPRASANTH P.J.
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04-11-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: msv/
WP(C).No. 33606 of 2015 (A) ---------------------------------------- APPENDIX PETITIONER(S)' EXHIBITS:
-------------------------------------- EXT.P1: TRUE COPY OF THE PASSBOOK OF THE PETITIONER. EXT.P2: THE TRUE COPY OF THE DEMAND NOTICE DTD.15.5.2015 AFFIXED BY THE RESPONDENTS DTD.17.7.2015.
EXT.P3: THE TRUE COPY OF THE REPRESENTATION DTD.10.9.2015 SENT BY THE PETITIONER.
RESPONDENT(S)' EXHIBITS:
----------------------------------------- NIL //TRUE COPY// P.S.TO JUDGE Msv/
A.K.JAYASANKARAN NAMBIAR, J.
- - - - - - - - - - - - - - - - - - - - - - - - - - W.P.(C) No.33606 of 2015 - - - - - - - - - - - - - - - - - - - - - - - - - - Dated this the 4th day of November 2015
JUDGMENT
The petitioner, who had availed a housing 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.P2 is the notice issued to the petitioner under Section 13(2) of the SARFAESI Act, by the respondent bank. 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
W.P.(c).No.33606 of 2015 : 2 :
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:- (i) The total overdue amount, in respect of the loan, is stated to be Rs.2,20,000/- together with accrued interest. Accordingly, if the petitioner remits the aforesaid amount of Rs.2,20,000/- together with accrued interest in eight equal and successive monthly installments, commencing from 30.11.2015, and continues to keep up the regular installment payments as per the original loan schedule, 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 sm/