Varghese P.J v. Kottayam District Co-Operative Bank
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. 38283 of 2015 (I) ---------------------------- PETITIONER :
---------------------- VARGHESE P.J., AGED 50, S/O. P.M. JOSEPH PLAMMOOTTIL, ETTUMANOOR KOTTAYAM DISTRICT.
BY ADVS.SRI.R.SURAJ KUMAR SRI.SUNIL J. CHAKKALACKAL SMT.V.BEENA SMT.DEEPA V.
RESPONDENT(S) :
----------------------------
1. THE KOTTAYAM DISTRICT CO-OPERATIVE BANK REPRESENTED BY ITS GENERAL MANAGER DISTRICT BANK BUILDING, CENTRAL JUNCTION KOTTAYAM, PIN - 686 001.
2.
THE AUTORIZED OFFICER THE KOTTAYAM DISTRICT CO-OPERATIVE BANK P.B. NO. 140, DISTRICT BANK BUILDING, CENTRAL JUNCTION KOTTAYAM, PIN - 686 001.
3. THE BRANCH MANAGER KOTTAYAM DISTRICT CO-OPERATIVE BANK ETTUMANOOR, KOTTAYAM DISTRICT - 686 001.
R1 TO R3 BY ADV. SRI.SUNIL CYRIAC, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17-12-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
Mn ...2/-
WP(C).No. 38283 of 2015 (I) APPENDIX PETITIONER'S EXHIBITS :
EXT.P1 : COPY OF THE RELEVANT PAGE OF THE PASSBOOK DATED NIL. EXT.P2 COPY OF THE NOTICE DATED 18.9.2014.
EXT.P3 COPY OF THE NOTICE DATED 16.11.2015.
EXT.P4 COPY OF THE REPRESENTATION DATED 4.12.2015.
RESPONDENT'S EXHIBITS : NIL //TRUE COPY// P.A. TO JUDGE Mn
A.K.JAYASANKARAN NAMBIAR, J.
............................................................. W.P.(C).No.38283 of 2015 ............................................................. Dated this the 17th day of December, 2015
J U D G M E N T
The petitioner, who had availed of 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.P3 is the sale 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 prayer of the petitioner is to permit him to remit the balance
-2W.P.(C). No.38283 of 2015 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.9,11,439/- together with accrued interest. Accordingly, if the petitioner remits the aforesaid amount of Rs.9,11,439/- together with accrued interest in ten equal and successive monthly installments commencing from 28.12.2015, 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 a period of two weeks from today, provide the petitioner with an up-to-date 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/17.12.15
-3W.P.(C). No.38283 of 2015