Raju.O.R. v. The Branch Manager, Canara Bank
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR MONDAY, THE 16TH DAY OF NOVEMBER 2015/25TH KARTHIKA, 1937 WP(C).No. 34466 of 2015 (G) ------------------------------------------- PETITIONER(S) :
------------------------- RAJU.O.R., AGED 51 YEARS, S/O.RAMAN, OLIYAKUNNEL, PALAPPUZHA DESOM, PALAPPUZHA VILLAGE, KARIMPANA P.O., ERNAKULAM DISTRICT- 686 662.
BY ADVS.SMT.M.R.REENA SRIP.S.SUJETH RESPONDENT(S) :
----------------------------
1. THE BRANCH MANAGER, CANARA , KOOTHATTUKULAM BRANCH, ERNAKULAM- 696 671.
2. THE CHIEF MANAGER/AUTHORIZED OFFICER, CANARA BANK, MUVATTUPUZHA, ERNAKULAM DISTRICT, PIN- 696 661.
BY ADV. SRI.PAULY MATHEW MURICKEN, S.C THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16-11-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
Msd.
WP(C).No. 34466 of 2015 (G) ------------------------------------------- APPENDIX PETITIONER(S)' EXHIBITS :
----------------------------------------- EXHIBIT P1: THE TRUE COPY OF E-AUCTION NOTICE DATED 15.10.2015. EXHIBIT P2: TRUE COPY OF THE REPRESENTATION DATED 20-10-2015. RESPONDENT(S)' EXHIBITS :
------------------------------------------- NIL //TRUE COPY// P.S.TO JUDGE.
Msd.
A.K.JAYASANKARAN NAMBIAR, J.
------------------------------- W.P.(C).NO.34466 OF 2015 (G) ----------------------------------- Dated this the 16th day of November, 2015
J U D G M E N T
The petitioner, 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. Ext.P1 is the copy of the E-Auction notice notice issued to the petitioner. 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 for the petitioner as also the learned Standing counsel appearing for the respondent bank.
On a consideration of the facts and circumstances of the case and the submissions made across the bar, I note that the sole prayer
W.P.(C).No.34466/2015 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:- (i) The total overdue amount, in respect of the loan availed by the petitioner, is stated to be Rs.1,68,935/- together with accrued interest. Accordingly, if the petitioner pays the said amount of Rs.1,68,935/- together with accrued interest in ten 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 further proceedings initiated against him by the respondent bank shall be kept in abeyance.
(ii) It is further 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.
A.K.JAYASANKARAN NAMBIAR JUDGE prp/16/11/15