N C Sadasisha Prasad v. Canara Bank

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR TUESDAY, THE 17TH DAY OF NOVEMBER 2015/26TH KARTHIKA, 1937 WP(C).No. 34393 of 2015 (Y) --------------------------------------- PETITIONER(S):

---------------------- N C SADASISHA PRASAD, S/O.NESAN, RESIDING AT CHRIS COTTAGE, VAZHUTHOOR, NEYYATTINKARA, THIRUVANANTHAPURAM.

BY ADVS.SRI.P.R.VENKETESH SRI.G.KEERTHIVAS RESPONDENT(S):

------------------------- 1.

CANARA BANK, REPRESENTED BY ITS AUTHORISED OFFICER, NEYYATTINKARA, THIRUVANANTHAPURAM-695121.

2.

CANARA BANK, REPRESENTED BY ITS BRANCH MANAGER, NEYYATTINKARA, THIRUVANANTHAPURAM-695121.

BY SRI.K.S.DILIP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17-11-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

PJ

WP(C).No. 34393 of 2015 (Y) --------------------------------------- APPENDIX PETITIONER(S) EXHIBITS ------------------------------------ EXHIBIT P1:

TRUE COPY OF THE POSSESSION NOTICE DATED 26/6/15 ISSUED TO THE PETITIONER FROM THE RESPONDENT EXHIBIT P2:

TRUE COPY OF THE DEMAND LETTER DATED 24/4/15 ISSUED TO THE PETITIONER FROM THE RESPONDENT EXHIBIT P3:

TRUE COPY OF THE REPLY SUBMITTED BY THE PETITIONER DATED 9/7/15 BEFORE THE R1 EXHIBIT P4:

TRUE COPY OF THE NOTICE DATED 6/10/15 ISSUED TO THE PETITIONER FROM THE BANK EXHIBIT P5:

TRUE COPY OF THE AUCTION NOTICE PUBLISHED IN THE MATHRUBHUMI DAILY DATED 17/10/15.

RESPONDENTS' EXHIBITS ------------------------------------- NIL.

/ TRUE COPY / P.S. TO JUDGE PJ

A.K.JAYASANKARAN NAMBIAR, J.

- - - - - - - - - - - - - - - - - - - - - - - - - - W.P.(C) No.34393 of 2015 - - - - - - - - - - - - - - - - - - - - - - - - - - Dated this the 17th 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.P5 is the auction notice issued to the petitioner 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 amounts outstanding to the bank in easy installments. Taking into

W.P.(c).No.34393 of 2015 : 2 :

account the plea of financial hardship raised by the petitioner, I dispose the writ petition with the following directions:- (i) The total outstanding amount, in respect of the loan, as on today is stated to be Rs.30,93,991/- together with accrued interest. Accordingly, if the petitioner remits the aforesaid amount of Rs.30,93,991/- together with accrued interest in nine equal and successive monthly installments, commencing from 21.12.2015, 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 sm/