Venugopalan K.V v. Kerala Gramin Bank

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR TUESDAY, THE 22ND DAY OF DECEMBER 2015/1ST POUSHA, 1937 WP(C).No. 35532 of 2015 (N) ------------------------------------------- PETITIONER(S) :

-------------------------- VENUGOPALAN K.V, AGED 52 YEARS, S/O.RAMA KUURUP, RESHNA NIVAS, KARTIKULAM, KATTIKULAM P.O., MANANTHAVADY, WYNADU DISTRICT - 670 646.

BY ADV. SRI.JOHN JOSEPH(ROY) RESPONDENT(S) :

---------------------------- KERALA GRAMIN BANK, REPRESENTED BY THE AUTHORISED OFFICER, HEAD OFFICE, MALAPURAM - 676 505.

BY ADV. SRI.DEVAN RAMACHANDRAN, SC, KERALA GRAMIN BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22-12-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

Msd.

WP(C).No. 35532 of 2015 (N) ----------------------------------------- APPENDIX PETITIONER(S)' EXHIBITS :

---------------------------------------- EXHIBIT P1: TRUE COPY OF THE POSSESSION NOTICE DATED 07.10.2015 OF RESPONDENT SHOWING THE OUTSTANDING AMOUNT.

RESPONDENT(S)' EXHIBITS :

------------------------------------------- NIL //TRUE COPY// P.A.TO JUDGE.

Msd.

A.K.JAYASANKARAN NAMBIAR, J.

............................................................. W.P.(C).No.35532 of 2015 ............................................................. Dated this the 22nd day of December, 2015

J U D G M E N T

The petitioner, who had availed of 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.P1 is the possession notice. 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

-2W.P.(C). No.35532 of 2015 prayer 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 loan availed by the petitioner, is stated to be Rs.2,70,000/- together with accrued interest. Accordingly, if the petitioner pays the aforesaid amount of Rs.2,70,000/- together with accrued interest in ten equal and successive monthly installments commencing from 05.01.2016, and continues to keep up the regular installments as per the original loan schedule, then further proceedings for recovery 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. (iii) The respondent bank shall, within a period of two weeks from today, provide the petitioner with an up-todate statement of accounts so as to enable the petitioner to discharge the liability in accordance with the directions of this judgment.

A.K.JAYASANKARAN NAMBIAR JUDGE mns/22.12.15

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