Kerala High Court
K.V.Kasmin vs Idbi Bank Ltd on 6 June, 2017
Author: K.Vinod Chandran
Bench: K.Vinod Chandran
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR.JUSTICE K.VINOD CHANDRAN
FRIDAY, THE 25TH DAY OF AUGUST 2017/3RD BHADRA, 1939
WP(C).No. 27870 of 2017 (G)
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PETITIONER:
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K.V.KASMIN
KUNNEL PARAMBIL,
722/7 VAIKOM KOTTAYAM,
PRESENTLY RESIDING AT IA,
SIVASHAKTHI APARTMENTS,
OPPOSITE PADMA GRADENS,
SANSKRIT COLLEGE ROAD,
THRIPUNITHURA.
BY ADVS.SRI.K.M.ANEESH
SRI.K.SANTHOSH KUMAR (KALIYANAM)
SRI.ADARSH KUMAR
SRI.BIJU VARGHESE ABRAHAM
SRI.DILEEP CHANDRAN
RESPONDENT(S):
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1. IDBI BANK LTD
RETAIL ASSET CENTRE,
2ND FLOOR, IDBI BUILDING,
PANAMPALLY NAGAR,
ERNAKULAM, PIN - 682 036,
REPRESENTED BY ITS AUTHORISED OFFICER
2. THE AUTHORISED OFFICER
IDBI BANK LIMITED,
RETAIL ASSET CENTRE,
2ND FLOOR,IDBI BUILDING,
PANAMPALLY NAGAR,
ERNAKULAM PIN - 682 036.
BY ADV. SRI.P.PAULOCHAN ANTONY
THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON
25-08-2017, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C).No. 27870 of 2017 (G)
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APPENDIX
PETITIONER(S)' EXHIBITS
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EXHIBIT P1 THE TRUE COPY OF THE NOTICE DATED 06-06-2017
ISSUED BY THE RESPONDENTS.
EXHIBIT P2 THE TRUE COPY OF THE REPLY DATED 22-06-2017 GIVEN
BY THE PETITIONER.
EXHIBIT P3 TRUE COPY OF THE NOTICE ISSUED UNDER SECTION 13(2)
OF THE SARFEASI ACT DATED 17-07-2017.
RESPONDENT(S)' EXHIBITS: NIL
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//TRUE COPY//
PA TO JUDGE
rk
K. VINOD CHANDRAN, J
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W.P(C) No. 27870 of 2017 G
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Dated this the 25th day of August, 2017
J U D G M E N T
Petitioner has approached this Court being faced with proceedings initiated by the respondent Bank under the SARFAESI Act.
2. Petitioner had availed a housing loan from the respondent Bank in the year 2010. He could not repay the monthly installments in the loan in time on account of certain financial difficulties. The learned Counsel for the petitioner submits that the petitioner is ready and willing to pay the outstanding dues in installments and will also pay the regular monthly installments, if some time is granted. W.P.(C) No. 27870/2017 -2-
3. According to the respondent Bank the defaulted amounts would come to Rs.1,53,221/- as on today.
4. Having regard to the fact that the petitioner has expressed willingness to repay the amount in installments, I am of the view that some indulgence can be shown to the petitioner and the following directions are issued.
(i) The petitioner shall pay the overdue amount of Rs.1,53,221/- in six equal monthly installments starting from 25.09.2017 and continued on the 25th of every succeeding month, with regular payment of EMIs on the due dates and the accrued interest in every three months.
(iii) Recovery shall be stayed on the installments being regularly paid and on two defaults, it shall be resumed. If the arrears are paid up and so are the EMIs satisfied, then the W.P.(C) No. 27870/2017 -3- account shall be regularised and the petitioner is permitted to satisfy the loan as per the original agreement.
The writ petition would stand disposed of.
Sd/-
(K. VINOD CHANDRAN, JUDGE)
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P.A to Judge