Pushpan v. The Authorised Officer

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR TUESDAY, THE 22ND DAY OF DECEMBER 2015/1ST POUSHA, 1937 WP(C).No. 39119 of 2015 (L) ---------------------------- PETITIONER(S):

-------------------------- PUSHPAN, AGED 51 YEARS, S/O. VISHAMBARAN, 'CATS-EYE', SEA VIEW WARD, ALAPPUZHA-688 012.

BY ADVS. SRI.P.SHANES METHAR, SRI.BENSON J LAWRANCE.

RESPONDENT(S):

----------------------------

1. THE AUTHORISED OFFICER, THE CANARA BANK, B.J. ROAD BRANCH, ALAPPUZHA - 688 026.

2. CANARA BANK, B.J. ROAD BRANCH, ALAPPUZHA - 688 026, REPRESENTED BY ITS BRANCH MANAGER.

BY ADV. SRI.PAULY MATHEW MURICKEN, SC.

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22-12-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

rs.

WP(C).No. 39119 of 2015 (L) APPENDIX PETITIONER'S EXHIBITS:- P1 - TRUE COPY OF THE NOTICE DATED 07.09.2015 ISSUED BY THE 1ST RESPONDENT.

P2 - TRUE COPY OF THE NOTICE DATED 24.11.2015 ISSUED BY THE 1ST RESPONDENT.

P3 - TRUE COPY OF THE NOTICE DATED 01.12.2015 ISSUED BY 1ST RESPONDENT SEEKING VACANT POSSESSION OF THE PETITIONER'S RESIDENTIAL BUILDING.

RESPONDENT'S EXHIBITS:- NIL.

//TRUE COPY// P.S. TO JUDGE rs.

A.K.JAYASANKARAN NAMBIAR, J.

------------------------------- W.P.(C).NO.39119 OF 2015 (L) ----------------------------------- Dated this the 22nd day of December, 2015

J U D G M E N T

The petitioner, who had availed of a housing 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 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 for the petitioner as also the learned Standing counsel appearing for the respondent bank.

On a consideration of the facts and circumstances of the case and the submissions made across the bar, I note that the sole prayer

W.P.(C).No.39119/2015 of the petitioner is to permit him to remit the balance amounts outstanding to the respondent 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 amount outstanding from the petitioner to the respondent bank, is stated to be Rs.7,38,423/- together with accrued interest. Accordingly, if the petitioner pays the said amount of Rs.7,38,423/- together with accrued interest in six equal and successive monthly installments commencing from 5.1.2016, then the further proceedings for recovery initiated against him by the respondent bank shall be kept in abeyance.

(ii) It is further 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 together with interest within ten days from today so as to enable the petitioner to discharge his

W.P.(C).No.39119/2015 liability in accordance with the directions in this judgment.

A.K.JAYASANKARAN NAMBIAR JUDGE prp/22/12/15