Radhika Shaji v. The Authorised Officer

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR THURSDAY, THE 3RD DAY OF DECEMBER 2015/12TH AGRAHAYANA, 1937 WP(C).No. 36542 of 2015 (P) ---------------------------------------- PETITIONER(S):

----------------------- RADHIKA SHAJI, AGED 33 YEARS, S.R. BHAVAN, POTTACHIRA, PARANDODE P.O., TRIVANDRUM.

BY ADV. SRI.M.R.SARIN RESPONDENT(S):

------------------------- THE AUTHORISED OFFICER, THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK, HEAD OFFICE, TRIVANDRUM-695 001.

BY ADV. SRI.T.R.HARIKUMAR, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03-12-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: msv/

WP(C).No. 36542 of 2015 (P) ---------------------------------------- APPENDIX PETITIONER(S)' EXHIBITS ------------------------------------- EXT.P1: THE TRUE COPY OF THE DEMAND NOTICE ISSUED BY THE RESPONDENT. RESPONDENT(S)' EXHIBITS:

----------------------------------------- NIL //TRUE COPY// P.S.TO JUDGE Msv/

A.K.JAYASANKARAN NAMBIAR, J.

- - - - - - - - - - - - - - - - - - - - - - - - - - W.P.(C) No.36542 of 2015 - - - - - - - - - - - - - - - - - - - - - - - - - - Dated this the 3rd 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.P1 is the S.13(2) 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 her to remit the balance amounts outstanding to the bank in easy installments. Taking into

W.P.(c).No.36542 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.1,22,000/- together with accrued interest. Accordingly, if the petitioner remits the aforesaid amount of Rs.1,22,000/- together with accrued interest in eight 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 her 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, she will lose the benefit of this judgment and the respondent bank will be free to continue the recovery proceedings against her from the stage at which they presently stand. Sd/- A.K.JAYASANKARAN NAMBIAR JUDGE sm/