High Court of KeralaWP(C)/39301/2015disposed of

Kunhimoideen v. The Authorized Officer

2015-12-22Honourable Dr. Justice A.K.Jayasankaran Nambiar4 pages

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. 39301 of 2015 (K) ---------------------------- PETITIONER:

----------- KUNHIMOIDEEN AGED 52 YEARS S/O.KUNHI KAMMU, THOZHUKKATT HOUSE, KUTTIPPURAM MALAPPURAM DISTRICT 679571 BY ADVS.SRI.K.M.JAMALUDHEEN SMT.LATHA PRABHAKARAN SRI.K.ABDUL HAKEEM RESPONDENTS:

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1. THE AUTHORIZED OFFICER MALAPPURAM DISTRICT CO-OPERATIVE BANK LIMITED HEAD OFFICE, UP HILL, MALAPPURAM 676505

2. MALAPPURAM DISTRICT CO-OPERATIVE BANK LIMITED BRANCH OFFICE, KUTTIPURAM, MALAPPURAM 679571 REPRESENTED BY ITS BRANCH MANAGER BY SRI.E.S.M.KABEER,SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22-12-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

WP(C).No. 39301 of 2015 (K) ---------------------------- APPENDIX PETITIONER'S EXHIBITS --------------------- P1: TRUE PHOTOCOPY OF NOTICE UNDER SECTION 13(2) SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT P2: TRUE PHOTOCOPY OF POSSESSION NOTICE RESPONDENTS' EXHIBITS : NIL --------------------- //TRUE COPY// P.A.TO JUDGE sm

A.K.JAYASANKARAN NAMBIAR, J.

- - - - - - - - - - - - - - - - - - - - - - - - - - W.P.(C) No. 39301 of 2015 - - - - - - - - - - - - - - - - - - - - - - - - - - Dated this the 22nd 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.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.

I have heard the learned counsel appearing on behalf of the petitioner as also the learned Standing Counsel appearing on behalf of the respondents.

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.39301 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.6,61,747/- together with accrued interest. Accordingly, if the petitioner remits the aforesaid amount of Rs.6,61,747/- together with accrued interest and other charges in ten equal and successive monthly installments commencing from 05.01.2016, and continues to keep up the regular installment payments 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 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.