Kerala High Court
Babu.C.G vs The South Indian Bank Ltd on 1 November, 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
WEDNESDAY, THE 29TH DAY OF NOVEMBER 2017/8TH AGRAHAYANA, 1939
WP(C).No. 35471 of 2017 (H)
----------------------------
PETITIONER :
---------------------
BABU.C.G,
AGED 56 YEARS, S/O. GANGADHARAN,
CHAMAKKAD HOUSE, VADAKKENCHERRY P.O.,
PALAKKAD.
BY ADV. SRI.V.A.JOHNSON (VARIKKAPPALLIL)
RESPONDENT(S):
----------------------------
1. THE SOUTH INDIAN BANK LTD.,
REGIONAL OFFICE THRISSUR,
ROUND SOUTH, THRISSUR, PIN-680 001
REP. BY ITS AUTHORIZED OFFICER.
2. THE MANAGER,
SOUTH INDIAN BANK,
PLATINUM JUBILEE BUILDING,
GROUDN FLOOR, CIVIL LANE,
AYYANTHOLE, THRISSUR, PIN-680 031
R1 & R2 BY SRI.K.K.CHANDRAN PILLAI,SENIOR ADVOCATE
SRI.K.K.JOHN,SC,
SMT.S.AMBILY
SMT. ELSA DENNY PINDIS
SMT.NAMITHA NAMBIAR
SRI.MANU SRINATH
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 29-11-2017, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
sts
WP(C).No. 35471 of 2017 (H)
----------------------------------------
APPENDIX
PETITIONER(S)' EXHIBITS
----------------------------------------
EXHIBIT P1: TRUE COPY OF THE STATEMENT OF A/C 0007652000001723 FOR THE
PERIOD FROM 01.04.2017 TO 06.10.2017
EXHIBIT P2: TRUE COPY OF THE STATEMENT OF A/O 0007083000000404 FOR THE
PERIOD FROM 01.04.2017
EXHIBIT P3: TRUE COPY OF THE POSSESSION NOTICE DATED 01.11.2017 ISSUED
BY THE 1ST RESPONDENT BANK AGAINST PROPERTY IN RE. SY
NO.200/6 IN KANNAMBRA-II VILLAGE, ALATHUR TALUK OF PALAKKAD
DISTRICT
EXHIBIT P4: TRUE COPY OF THE POSSESSION NOTICE DATED 01.11.2017 ISSUED
BY THE 1ST RESPONDENT AGAINST PROPERTY IN RE.SY.NO.47/6 OF
VADAKKENCHERRY -1 VILLAGE, AALTHUR TALUK OF PALAKKAD
DISTRICT
RESPONDENT(S)' EXHIBITS: NIL
-------------------------------------------
/TRUE COPY/
P.A.TO JUDGE
sts
A.K.JAYASANKARAN NAMBIAR, J.
...................................................................
W.P.(C).No.35471 Of 2017 (H)
.....................................................................
Dated this the 29th day of November, 2017
JUDGMENT
The petitioner, who had availed two loans 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. Exts.P3 and P4 are the possession notices. In the writ petition, the petitioner impugns the steps initiated by the respondent bank for recovery of the loan amounts.
2. I have heard the learned counsel for the petitioner and the learned Standing Counsel appearing on behalf of the respondent bank.
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 petitioner is to permit him to remit the balance W.P.(C).No.35471 Of 2017 (H) 2 amounts outstanding to the bank in easy instalments. Taking into account the plea of financial hardship raised by the petitioner, I dispose the writ petition with the following directions:-
(i) The total amount outstanding from the petitioner to the respondent bank, is stated to be Rs.7,18,00,000/-.
Accordingly, if the petitioner pays the aforesaid amount of Rs.7,18,00,000/- together with accrued interest and other charges in 15 equal and successive monthly instalments commencing from 11.12.2017, the recovery steps initiated against the petitioner by the respondent bank shall be kept in abeyance.
(ii) It is made clear that, if the petitioner commits a default in respect of any of the instalments, he will lose the benefit of this judgment and the respondent bank will be free to continue the recovery proceedings against him from the stage at which they presently stand.
(iii) The respondent bank shall furnish the petitioner with an up-to-date statement, of the dues position together with interest, within ten days from today so as to enable the petitioner to discharge the liability in accordance with the directions in this judgment.
Sd/-
A.K.JAYASANKARAN NAMBIAR JUDGE mns/29.11.17 W.P.(C).No.35471 Of 2017 (H) 3