Kerala High Court
Jimmy George Nedungadan vs Union Bank Of India on 1 June, 2017
Author: A.K.Jayasankaran Nambiar
Bench: A.K.Jayasankaran Nambiar
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR
FRIDAY, THE 9TH DAY OF JUNE 2017/19TH JYAISHTA, 1939
WP(C).No. 19176 of 2017 (V)
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PETITIONER(S):
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1. JIMMY GEORGE NEDUNGADAN,
S/O. GEORGE, NEDUNGADAN,
RESIDING AT FLAT NO.4-C1, TANZEEL EBONY,
CHEMBUMUKKU, KOCHI-682 020.
2. VINCY GEORGE,
W/O. JIMMY GEORGE, NEDUNGADAN,
RESIDING AT FLAT NO.4-C1, TANZEEL EBONY,
CHEMBUMUKKU, KOCHI-682 020.
BY ADV. SRI.T.O.XAVIER.
RESPONDENT(S):
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UNION BANK OF INDIA,
MAIN BRANCH, M.G. ROAD, ERNAKULAM,
REPRESENTED BY THE AUTHORIZED OFFICER &
SENIOR MANAGER, PIN-682 011.
BY SRI.A.S.P.KURUP, SC.
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 09-06-2017, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
rs.
WP(C).No. 19176 of 2017 (V)
APPENDIX
PETITIONER'S EXHIBITS:-
EXHIBIT P1- TRUE COPY OF THE POSSESSION NOTICE DATED 01/06/2017.
RESPONDENT'S EXHIBITS:- NIL.
//TRUE COPY//
P.S.TO JUDGE
rs.
A.K.JAYASANKARAN NAMBIAR, J.
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W.P.(C) No.19176 of 2017
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Dated this the 9th day of June, 2017
JUDGMENT
The petitioners, who had availed 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 possession notice issued to the petitioners under the SARFAESI Act. In the writ petition, the petitioners impugn the steps initiated by the respondent bank for recovery of the loan amounts.
2.I have heard the learned counsel appearing on behalf of the petitioners as also the learned Standing Counsel appearing on behalf of the respondents.
3.On a consideration of the facts and circumstances of the case and the submissions made across the bar, I note that the sole prayer of the petitioners is to permit them to remit the balance amounts outstanding to the bank in easy installments. Taking into account the plea of financial hardship raised by the petitioners, I dispose the writ petition with the following directions:- W.P.(c).No.19176 of 2017 : 2 :
(i) The total overdue amount, in respect of the loan availed by the petitioners, as on today, is stated to be Rs.8,00,000/-. Accordingly, if the petitioners pay the aforesaid amount of Rs.8,00,000/- together with accrued interest, in eight equal and successive monthly installments commencing from 26.06.2017, and continues to keep up the regular installment payments as per the original loan schedule, then the recovery steps initiated against them by the respondent bank shall be kept in abeyance.
(ii) It is made clear that if the petitioners commit a default in respect of any of the installments, they will lose the benefit of this judgment and the respondent bank will be free to continue the recovery proceedings against them from the stage at which they presently stand.
(iii)The respondent bank shall furnish the petitioners with an up-to-date statement, of the dues position together with interest, within 10 days from today so as to enable the petitioners to discharge their liability in accordance with the directions in this judgment.
Sd/-
A.K.JAYASANKARAN NAMBIAR JUDGE sm/