Kerala High Court
V.K.Ravi vs The Kuttiady Co-Operative Urban Bank on 15 January, 2015
Author: A.M.Shaffique
Bench: A.M.Shaffique
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR.JUSTICE A.M.SHAFFIQUE
WEDNESDAY, THE 8TH DAY OF JUNE 2016/18TH JYAISHTA, 1938
WP(C).No. 8190 of 2016 (W)
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PETITIONER(S):
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V.K.RAVI, AGED 50 YEARS,
S/O.CHATHU, VATTAKKANDI HOUSE, CHATHANKODUNADU PO,
THOTTIPALAM, KOZHIKKODE DISTRICT, PIN 673 513.
BY ADVS.SRI.K.J.MANU RAJ
SRI. VIMESH K.P.
RESPONDENT(S):
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1. THE KUTTIADY CO-OPERATIVE URBAN BANK
LTD. NO.D .2650, REPRESENTED BY ITS MANAGER,
P.O.KUTTIADY, KOZHIKKODE DISTRICT 673 508.
2. THE AUTHORIZED OFFICER,
THE KUTTIADY CO-OPERATIVE URBAN BANK LTD. NO.2650,
P.O.KUTTIADY, KOZHIKKODE DISTRICT 673 508.
BY ADV. SRI.S.K.SAJU
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 08-06-2016, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
msv/
WP(C).No. 8190 of 2016 (W)
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APPENDIX
PETITIONER(S)' EXHIBITS
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P1- A TRUE OCPY OF THE 13(2) NOTICE ISSUED BY THE 2ND RESPONDENT
TO THE PETITIONER DATED 15.1.2015
P2- A TRUE COPY OF THE TENDER CUM AUCTION SALE NOTICE
DATED 7.8.2015 ISSUED BY THE 2ND RESPONDENT
P3- A TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE
COMMISSIONER DATED 16.2.2016
RESPONDENT(S)' EXHIBITS:
NIL
//TRUE COPY//
P.S.TO JUDGE
Msv/
A.M. SHAFFIQUE, J.
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W.P.(C) No. 8190 of 2016
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Dated this the 8th day of June, 2016
JUDGMENT
Petitioner has approached this Court being faced with the proceedings initiated by the respondent Bank under the SARFAESI Act.
2. Petitioner had taken an agricultural loan for Rs.5,00,000/-. The petitioner could not repay the monthly instalments in time on account of certain financial difficulties. In the meantime, proceedings had been taken by the respondent Bank under the SARFAESI Act.
3. Learned counsel for the petitioner submits that the petitioner is ready and willing to pay the outstanding dues in instalments and will also pay the regular instalments, if some time is granted.
4. Learned counsel for the respondent Bank submits that the overdue amount would come to Rs.3,33,330/-.
5. Having regard to the fact that the petitioner had W.P.(C) No. 8190 of 2016 -2- expressed the willingness to repay the amount in instalments, I am of the view that some indulgence can be shown to the petitioner.
Accordingly, this writ petition is disposed of as under:
(i) The petitioner shall pay the overdue amount of Rs.3,33,330/- (Rupees three lakhs thirty three thousand three hundred and thirty only) with accrued interest in eight equal monthly instalments starting from 8/07/2016.
(ii) In addition to payment of the aforesaid amount, petitioner shall also remit the monthly instalments as per the agreed terms.
(iii) If there is default in payment of any of the aforesaid amounts, it shall be open for the respondent Bank to take such steps in accordance with law.
Sd/-
A.M. SHAFFIQUE JUDGE W.P.(C) No. 8190 of 2016 -3- Scl/8.06.2016