Abdul Salam P.K v. State Bank Of India
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR FRIDAY, THE 18TH DAY OF DECEMBER 2015/27TH AGRAHAYANA, 1937 WP(C).No. 37402 of 2015 (A) ---------------------------- PETITIONER :
--------------------- ABDUL SALAM P.K., PULAYAKALATHIL HOUSE, KARKIDAMKUNNU P.O.
ALANALLUR VIA., PALAKKAD.
BY ADV. SRI.RAJESH NAMBIAR RESPONDENT(S) :
----------------------------
1. THE STATE BANK OF INDIA EDATHUNATTUKARA BRANCH REPRESENTED BY ITS AUTHORISED OFFICER REGIONAL BUSINESS OFFICE, PALAKKAD-678 001.
2. THE DISTRICT COLLECTOR CIVIL STATION, PLAKKAD-678 001.
3. THE VILLAGE OFFICER ALANALLUR-II VILLAGE, MANNARKKAD TALUK PALAKKAD, PIN-678 002.
R1 BY ADV. SRI.R.S.KALKURA, SC R2 & R3 BY GOVT. PLEADER SRI. R. RANJITH THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18-12-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
Mn ...2/-
WP(C).No. 37402 of 2015 (A) --------------------------------------- APPENDIX PETITIONERS' EXHIBITS :
------------------------------------- EXT.P1.
TRUE COPY OF THE POSSESSION NOTICE DATED 20/11/2015 RESPONDENT(S)' EXHIBITS : NIL ----------------------------------------------------------- //TRUE COPY// P.A. TO JUDGE Mn
A.K.JAYASANKARAN NAMBIAR, J.
- - - - - - - - - - - - - - - - - - - - - - - - - - W.P.(C) No.37402 of 2015 - - - - - - - - - - - - - - - - - - - - - - - - - - Dated this the 18th day of December 2015
JUDGMENT
The petitioner, who had availed a cash credit facility 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 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. 37402 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 outstanding amount, in respect of the loan, is stated to be Rs.21,46,845/- together with accrued interest. Accordingly, if the petitioner remits the aforesaid amount of Rs.21,46,845/- together with accrued interest in ten equal and successive monthly installments commencing from 05.01.2016, 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. (iii) The respondent bank shall furnish the petitioner with an up-to-date statement of the dues position, within 10 days from today, so as to enable the petitioner to effect repayment as per the directions in this judgment. Sd/- A.K.JAYASANKARAN NAMBIAR JUDGE sm/