Samuel Y v. The Branch Manager
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR WEDNESDAY, THE 2ND DAY OF DECEMBER 2015/11TH AGRAHAYANA, 1937 WP(C).No. 36386 of 2015 (W) ---------------------------- PETITIONER:
------------------- SAMUEL Y, AGED 55, S/O.YOHANNAN, ERYANOODU, KAPPIKADU, POOVACHAL, THIRUVANANTHAPURAM.
BY ADVS.SRI.NAGARAJ NARAYANAN SRI.SAIJO HASSAN SRI.BENOJ C AUGUSTIN SRI.PRATHAP PILLAI SRI.VISHNU BHUVANENDRAN RESPONDENT(S):
--------------------------
1. THE BRANCH MANAGER, KERALA STATE CO-OPERATIVE BANK, KARAMANA,THIRUVANANTHAPURAM - 695 006.
2. REGIONAL MANAGER, KERALA STATE CO-OPERATIVE BANK LTD, REGIONAL OFFICE, STATE CO-OPERATIVE BANK BUILDING, OVER BRIDGE JUNCTION, THIRUVANANTHAPURAM - 695 001.
BY SRI.GEORGE POONTHOTTAM, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02-12-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
mbr/
WP(C).No. 36386 of 2015 (W) --------------------------------------- APPENDIX PETITIONER(S)' EXHIBITS :
------------------------------------- P1:
TRUE COPY OF THE RECEIPT ISSUED BY THE RESPONDENTS. P2:
TRUE COPY OF THE NOTICE ISSUED BY THE RESPONDENTS. RESPONDENT(S)' EXHIBITS:
NIL --------------------------------------- //TRUE COPY// P.S. TO JUDGE mbr/
A.K.JAYASANKARAN NAMBIAR, J.
- - - - - - - - - - - - - - - - - - - - - - - - - - W.P.(C) No.36386 of 2015 - - - - - - - - - - - - - - - - - - - - - - - - - - Dated this the 2nd day of December 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.P2 is the sale notice issued to the petitioner under 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 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.36386 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 overdue amount, in respect of the loan, is stated to be Rs.1,37,903/- together with accrued interest. Accordingly, if the petitioner remits the aforesaid amount of Rs.1,37,903/- together with accrued interest in three equal and successive monthly installments commencing from 21.12.2015, 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/