Abheesh Vijayan v. State Bank Of India

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR THURSDAY, THE 17TH DAY OF DECEMBER 2015/26TH AGRAHAYANA, 1937 WP(C).No. 38144 of 2015 (P) --------------------------------------- PETITIONER(S):

---------------------- ABHEESH VIJAYAN, AGED 27 YEARS, S/O VIJAYAN C., RESIDING AT 133A(2/144), V.R.SADANAM, MEENANKAL, P.O., VIA ARYANAD, THIRUVANANTHAPURAM-695 542.

BY ADV. SRI.A.B.MOHANAKUMAR RESPONDENT(S):

-------------------------- STATE BANK OF INDIA, RETAIL ASSETS CENTRAL PROCESSION CENTRE (RACPC), LMS COMPOUND, THIRUVANANTHAPURAM-695 033, REPRESENTED BY THE AUTHORISED OFFICER.

BY ADV. SRI.R.S.KALKURA, SC, SBI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17-12-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: msv/

WP(C).No. 38144 of 2015 (P) ---------------------------------------- APPENDIX PETITIONER(S)' EXHIBITS ------------------------------------- EXHIBIT P1: TRUE COPY OF THE SALE NOTICE DATED 27.10.2015 TO THE PETITIONER U/S 13(4) OF THE SARFAESI ACT.

RESPONDENT(S)' EXHIBITS:

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

A.K.JAYASANKARAN NAMBIAR, J.

=========================================== W.P.(C). No. 38144 of 2015 ===================================================== Dated this the 17th day of December, 2015

JUDGMENT

The petitioner, who is the beneficiary of an educational loan availed 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 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 account the plea of financial hardship raised by the petitioner, I

-2W.P.(C). No. 38144 of 2015 dispose the writ petition with the following directions:- (i) The total overdue amount, in respect of the loan, is stated to be Rs.7,09,889/- together with accrued interest. Accordingly, if the petitioner remits the aforesaid amount of Rs.7,09,889/- together with accrued interest in twelve equal and successive monthly installments commencing from 15.01.2016, and continues to keep up the regular installments 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.

(iii) The respondent bank shall, within ten days from today, provide the petitioner with an upto-date statement of accounts so as to enable the petitioner to discharge the liability in accordance with the directions of this judgment.

Sd/- A.K.JAYASANKARAN NAMBIAR JUDGE das /17.12.15