Shaji P R v. The Authorized Officer, Trichur Urban Co-Operativfe Bank Ltd

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR WEDNESDAY, THE 23RD DAY OF DECEMBER 2015/2ND POUSHA, 1937 WP(C).No. 39561 of 2015 (U) ---------------------------- PETITIONER:

------------------- SHAJI P.R, S/O.RAGHAVAN, AGED 47 YEARS, PATHIYATH HOUSE, VADOOKKARA.P.O., KOORKANCHERRY, THRISSUR - 680 007.

BY ADVS.SRI.N.SASI SMT.T.M.BINITHA RESPONDENT:

--------------------- THE AUTHORIZED OFFICER, TRICHUR URBAN CO-OPERATIVFE BANK LTD., HEAD OFFICE, MISSION QUARTERS, THRISSUR - 680 001.

BY SRI.C.D.DILEEP,SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23-12-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

mbr/

WP(C).No. 39561 of 2015 (U) ---------------------------------------- APPENDIX PETITIONERS' EXHIBITS:

EXT. P1 :

TRUE COPY OF THE DEMAND NOTICE DATED 14.10.2015 ISSUED BY THE RESPONDENT TO THE PETITIONER.

RESPONDENTS' EXHIBITS:

NIL.

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

A.K.JAYASANKARAN NAMBIAR, J.

............................................................. W.P.(C).No.39561 of 2015 ............................................................. Dated this the 23rd 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.P1 is the notice issued under Section 13(2) of 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 for the petitioner and the learned Standing Counsel appearing on behalf of the respondent bank.

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

-2W.P.(C). No.39561 of 2015 prayer of the petitioner is to permit him to remit the balance amounts outstanding to the bank in easy instalments. 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, in respect of the loan is stated to be Rs.11,50,000/- together with accrued interest. Accordingly, if the petitioner pays the aforesaid amount of Rs.11,50,000/- together with accrued interest in ten equal and successive monthly instalments commencing from 05.01.2016, the recovery steps initiated against the petitioner 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 instalments, 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

-3W.P.(C). No.39561 of 2015 petitioner with an up-to-date statement of dues within ten days from today, so as to enable the petitioner to comply with the directions in this judgment.

A.K.JAYASANKARAN NAMBIAR JUDGE mns/23.12.15