High Court of KeralaWP(C)/35563/2014disposed of

James Chethalan v. Federal Bank

2015-01-14Honourable Dr. Justice A.K.Jayasankaran Nambiar5 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR WEDNESDAY, THE 14TH DAY OF JANUARY 2015/24TH POUSHA, 1936 WP(C).No. 35563 of 2014 (U) ---------------------------- PETITIONER:

------------------ JAMES CHETHALAN AGED 47 YEARS S/O.LATE C.A.YOHANNAN NOW RESIDING AT CHETHALAN HOUSE, ELINJIPRA P.O. CHALAKUDY, THRISSUR DISTRICT-680721.

BY ADV. SRI.A.C.DEVY RESPONDENT(S):

-------------------------- FEDERAL BANK SOUTH JUNCTION, CHALAKUDY THRISSUR DISTRICT-680307 REPRESENTED BY ITS AUTHORIZED OFFICER CHIEF MANAGER & BRANCH HEAD.

BY ADV. SRI.A.ANTONY BY ADV. SMT.LEELAMMA ANTONY THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14-01-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

WP(C).No. 35563 of 2014 (U) ----------------------------------------- APPENDIX PETITIONER'S EXHIBITS:

EXHIBIT P1 : THE TRUE COPY OF THE PAGES PASS BOOK OF FEDERAL BANK EXHIBIT P2 : A TRUE COPY OF THE NOTICE DATED 18.12.2014 RESPONDENT'S EXHIBTIS : NIL // TRUE COPY\\ P.A. TO JUDGE iap

A.K.JAYASANKARAN NAMBIAR, J.

------------------------------- ----------------------------------- Dated this the 14th day of January, 2015

J U D G M E N T

The petitioner, who had availed of a housing loan from the respondent bank in 2008, 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 copy of the notice issued under Section 13(4) of 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 Sri.A.C.Devy, the learned counsel appearing on behalf of the petitioner as also Sri.A.Antony, the learned Standing counsel appearing on behalf of the respondent bank.

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 instalments. Taking into account the plea of financial hardship raised by the petitioner, I dispose the writ petition with the following directions:-

(i) The total amount in respect of the loan is stated to be an amount of Rs.1,56,184/-. Accordingly, if the petitioner pays the aforesaid amount of Rs.1,56,184/- together with accrued interest in three equal and successive monthly instalments commencing from 31.01.2015, and continues to pay the instalments as per the original loan schedule, then the further proceedings for recovery of loan amounts from the petitioner shall be kept in abeyance. (ii) It is made clear that if the petitioner commits a default in respect of any of the instalments, 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 mns