Kerala High Court
P.D.Thomas vs State Bank Of Travancore
Author: K.Vinod Chandran
Bench: K.Vinod Chandran
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR.JUSTICE K.VINOD CHANDRAN
TUESDAY, THE 3RD DAY OF JUNE 2014/13TH JYAISHTA, 1936
WP(C).No. 13342 of 2014 (P)
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PETITIONER(S):
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P.D.THOMAS, AGED 51 YEARS,
S/O.DEVASSY, PORATHOORU HOUSE, OLARIKKARA P.O,
THRISSUR DISTRICT.
BY ADVS.SRI.P.SANTHOSH (PODUVAL)
SMT.R.RAJITHA
SRI.K.D.SREEVISAKH
RESPONDENT(S):
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1. STATE BANK OF TRAVANCORE,
CHALAKKUDY BRANCH REPRESENTED BY ITS CHIEF MANAGER,
KALLELY ESTATE, CHALAKKUDY P.O,
THRISSUR DISTRICT - 680 307.
2. AUTHORISED OFFICER,
E.THAMBAN NAIR, AGED 57 YEARS, S/O.K.KRISHNAN NAIR,
STATE BANK OF TRAVANCORE, CHALAKKUDY BRANCH,
THRISSUR DISTRICT. 680 001.
BY ADVS. SRI.T.SETHUMADHAVAN (SR.)
SRI.PUSHPARAJAN KODOTH
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 03-06-2014, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
PJ
WP(C).No. 13342 of 2014 (P)
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APPENDIX
PETITIONER(S)' EXHIBITS
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EXHIBIT P1. COPY OF THE PARTITION DEED NO.2150/94 DATED 13.04.94 OF
AYYANTHOLE SRO.
EXHIBIT P2. COPY OF THE SANCTION LETTER DATED 16.11.10 ISSUED BY THE IST
RESPONDENT.
EXHIBIT P3. COPY OF THE NOTICE DATED 10.01.13 ISSUED TO THE PETITIONER
AND THE FIRM UNDER SECTION 13(2) OF SARFAESI ACT BY THE 2ND
RESPONDENT.
EXHIBIT P4. COPY OF THE APPLICATION FOR REGULARISATION OF LOAN DATED
26.02.13.
EXHIBIT P5. COPY OF THE NOTICE DATED 10.07.13 ISSUED TO THE PETITIONER
UNDER SECTION 13(2) OF SARFAESI ACT ISSUED BY THE 2ND
RESPONDENT TO THE PETITIONER.
EXHIBIT P6. COPY OF THE NOTICE DATED 10.07.13 ISSUED TO M/S. HYPET
PLASTICS UNDER SECTION 13(2) OF SARFESI ACT BY THE 2ND
RESPONDENT.
EXHIBIT P7. COPY OF THE POSSESSION NOTICE ISSUED BY 2ND RESPONDENT
DATED 18.10.13.
EXHIBIT P8. COPY OF THE APPLICATION FOR REGULARISATION OF LOAN DATED
24.10.13.
EXHIBIT P9. COPY OF THE PETITION FILED BY THE 2ND RESPONDENT IN CMP
1783/14 ON THE FILES OF CHIEF JUDICIAL MAGISTRATE THRISSUR,
DATED 21.03.14.
EXHIBIT P10. COPY OF THE ACCOUNT STATEMENT OF ACCOUNT NO.67134208217
DATED 22.04.14.
EXHIBIT P11. COPY OF THE ACCOUNT STATEMENT OF ACCOUNT NO.671 34205953
DATED 22.04.14.
RESPONDENT(S)' EXHIBITS
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NIL.
/ TRUE COPY /
P.S. TO JUDGE
PJ
K.VINOD CHANDRAN, J
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W.P.(C).No. 13342 of 2014
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Dated 3rd June, 2014
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JUDGMENT
The petitioner has availed of a term loan as also a Cash Credit facility from the respondent Bank. The term loan, which was granted for a period of 65 months, has been grossly defaulted and the learned counsel for the respondent Bank submits that there is more than Rs.1,40,000/- due in the said loan. As far as the Cash Credit loan is concerned, the limit was Rs.50 Lakhs. Petitioner had twice exceeded such limit and the Bank had regularized the same on the petitioner paying the amounts to bring the loan within the limit of Cash Credit facility granted. However, now again, the limit has been exceeded and the Bank has submitted that the previous conduct of the petitioner does not warrant further extension of the Cash Credit facility. In such circumstances, WP(C).13342/14 2 petitioner would have to necessarily satisfy the entire loan amount, however within a specific period.
2. It is also brought to the notice of this Court by the learned counsel appearing for the respondent Bank that possession notice was taken out on 10.04.2014 and that when the Bank had attempted valuation of the property with the help of the Village Officer petitioner had approached the authorities and has obtained a stay of the proceedings on condition of the petitioner depositing an amount of Rs.5 Lakhs within 31.05.2014. The same was not complied with, is the contention of the respondent Bank. In such circumstances, if the petitioner pays an amount of Rs.10 Lakhs within three weeks from today, there shall be a stay of the proceedings initiated by the respondent Bank. However, petitioner would be liable to make the balance WP(C).13342/14 3 payment in eight monthly instalments starting from 24.07.2014. On the petitioner remitting Rs.10 Lakhs as aforesaid, Bank shall furnish a statement showing the amount due as on 30.06.2014. The first instalment shall commence from 24.07.2014 and shall be made on all 24th of the succeeding seven months. If two consecutive defaults are committed, Bank shall be entitled to revive the recovery proceedings stayed by this Court. On the condition being complied with, necessarily, the recovery proceedings will have to be closed.
Writ petition disposed of.
Sd/-
K.VINOD CHANDRAN, Judge Mrcs