Kerala High Court
Shyam Devdas vs The Chief Manager
Author: P.R.Ramachandra Menon
Bench: P.R.Ramachandra Menon
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR.JUSTICE P.R.RAMACHANDRA MENON
MONDAY, THE 23RD DAY OF JULY 2012/1ST SRAVANA 1934
WP(C).No. 15799 of 2012 (Y)
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PETITIONER:
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SHYAM DEVDAS,
S/O. DEVDAS,AGED 29,
SHYAM NIVAS, PERUNNA EAST VILLAGE,
CHANGANASSERY.
BY ADV. SRI.LIJI.J.VADAKEDOM.
RESPONDENTS:
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1. THE CHIEF MANAGER,
STATE BANK OF TRAVANCORE, CHANGANASSERY MAIN BRANCH,
CHANGANASSERY.P.O., KOTTAYAM DISTRICT - 686 101.
2. BRANCH MANAGER,
STATE BANK OF TRAVANCORE, CHANGANASSERY BRANCH,
CHANGANASSERY.P.O, KOTTAYAM DISTRICT-686 101.
BY ADV. SRI. K.S. DILEEP.S.C.
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 23-07-2012, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
W.P.(C).NO.15799/2012-Y:
APPENDIX
PETITIONER'S EXHIBITS:
EXT.P.1: COPY OF THE NOTICE DTD. 09/05/2012 ISSUED BY THE R.1. UNDER
SECTION 13 (4) OF THE SECURITIZATION ACT TO THE PETITIONER
DTD. 09/05/2012.
RESPONDENTS' EXHIBITS:
//TRUE COPY//
P.A. TO JUDGE.
Prv.
P.R. RAMACHANDRA MENON J.
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W.P. (C) No. 15799 of 2012
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Dated, this the 23rd day of July, 2012
JUDGMENT
The petitioner availed a vehicle loan from the second respondent Bank hypothicating the concerned vehicle, which is an 'Innova car', besides the security given by way of immovable property belonging to the petitioner's father. Because of some unforeseen circumstances, the repayments could not be effected on time, which made the respondent Bank to proceed with further steps under the SARFAESI Act, whereby the physical possession of the car has taken over. This made the petitioner to approach this Court by filing the present writ petition.
2. The learned counsel for the respondent Bank, submits, on instructions that, as on date, an amount of nearly Rupees Ten lakhs is due in respect of the loan transaction, out of which Rupees Eight lakhs constitutes 'overdue' amount in respect of the defaulted EMIs. Unless and W.P.(C) No. 15799 of 2012 : 2 : until the petitioner satisfies the entire overdue amount, the vehicle is not liable to be released to the petitioner, as there is no other security.
3. The learned counsel for the petitioner submits that, at the time of availing the vehicle loan, the property belonging to the father of the petitioner was shown as security, which was already given in connection with another loan. But when the father also turned to be a defaulter and the Bank proceeded with steps under the SARFAESI Act, the father of the petitioner approached the DRT by filing SA 568 of 2011, which is still pending.
4. Considering the facts and circumstances, this Court finds it fit and proper to permit the petitioner to clear the entire liability by way of reasonable installments. Accordingly, the petitioner is directed to clear the entire outstanding liability by way of 'six' equal monthly installments; the first of which shall be effected on before the 15th of August, 2012; to be followed by similar installments to be effected on or before the 15th of the succeeding months. Subject to this, the recovery proceedings stated as being W.P.(C) No. 15799 of 2012 : 3 : pursued against the petitioner shall be kept in abeyance for the time being. It is made clear that, if the petitioner commits any default in remitting the installments as above, the respondent Bank will be at liberty to proceed with further steps for realization of the entire amount in lump, from the stage where it stands now.
5. After hearing the submission made by the learned counsel for the petitioner for causing the vehicle to be released, it is open for the petitioner to approach the respondent Bank by furnishing adequate security by way of immovable properties, on which event, the same shall be considered in accordance with law. Release of the vehicle shall be caused to be made forthwith, if the security is acceptable to the Bank.
The Writ Petition is disposed of.
Sd/-
P. R. RAMACHANDRA MENON, (JUDGE) kmd