P.K.Sathyan vs The Dhanalaxmi Bank Limited on 12 August, 2016

[Cites 1, Cited by 1]

Kerala High Court

P.K.Sathyan vs The Dhanalaxmi Bank Limited on 12 August, 2016

Bench: A.M.Shaffique

        

 
IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                        PRESENT:

                    THE HONOURABLE MR.JUSTICE A.M.SHAFFIQUE

          THURSDAY, THE 22ND DAY OF SEPTEMBER 2016/31ST BHADRA, 1938H

                              WP(C).No. 30868 of 2016 (G)
                                  ----------------------------




PETITIONER(S):
-------------

          P.K.SATHYAN
           AGED 41 YEARS, S/O. KUNJIRAMAN,
           PAYETH THAZHAKUNI, EDACHERY P.O,
           VATAKARA, KOZHIKODE DISTRICT - 673 502.


                 BY ADV. SRI.K.K.JAYARAJ NAMBIAR




RESPONDENT(S):
--------------

          THE DHANALAXMI BANK LIMITED
          VATAKARA BRANCH, REPRESENTED BY ITS CHIEF MANAGER
          AND AUTHORISED OFFICER, VATAKARA,
           KOZHIKODE DISTRICT - 673 101.


                  BY ADV. SRI.C.K.KARUNAKARAN
                          SRI.C.K.KARUNAKARAN,SC,DHANALAKSHMI BANK

            THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22-09-
2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

WP(C).No. 30868 of 2016 (G)
----------------------------

                                  APPENDIX

PETITIONER(S)' EXHIBITS
-----------------------
P1        TRUE COPY OF THE RECEIPT DATED 12.8.2016 ISSUED BY THE RESPONDENT
BANK FOR RS.50,000/-

P2       TRUE COPY OF THE REQUEST DATED 08.9.2016 FOR ISSUING STATEMENT OF
ACCOUNTS AND FOR REGULARIZATION OF THE LOAN ACCOUNT SUBMITTED BY
THE PETITIONER.




RESPONDENT(S)' EXHIBITS: NIL
-----------------------




                                                      // TRUE COPY //




                                                        PA TO JUDGE




sab



                     A.M. SHAFFIQUE, J.
               -------------------------------------
                  W.P.(C) No. 30868 of 2016
               --------------------------------------
          Dated this the 22nd day of September, 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 a housing loan for 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. Having regard to the fact that the petitioner had expressed the willingness to repay the amount in instalments, W.P.(C) No. 30868 of 2016 -2- 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 with accrued interest in ten equal monthly instalments starting from 01/11/2016.

(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 Scl/22.09.2016

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