Kerala High Court
Rajesh T.C vs The Authorized Officer on 13 December, 2016
Author: K.Vinod Chandran
Bench: K.Vinod Chandran
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR.JUSTICE K.VINOD CHANDRAN
WEDNESDAY, THE 1ST DAY OF FEBRUARY 2017/12TH MAGHA, 1938
WP(C).No. 3405 of 2017 (A)
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PETITIONER:
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RAJESH T.C,AGED 36 YEARS,
S/O CHANDRAN,
PROPRIETOR, M/S PAVAN DUTY PAID SHOP,
AFC BUILDING, ANCHERY CHIRA,
ANCHERY P.O, THRISSUR 680006.
BY ADV. SRI.PRAVEEN K. JOY
RESPONDENT(S):
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1. THE AUTHORIZED OFFICER,
STATE BANK OF TRAVANCORE,
SME BRANCH,
PATTURAICKAL, THRISSUR 680006.
2. STATE BANK OF TRAVANCORE,
PATTURAICKL, THRISSUR,
REP. BY CHIEF MANAGER 680006.
BY SRI. JAYESH MOHAN KUMAR, SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 01-02-2017, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
K.V.
WPC 3405 OF 2017:
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APPENDIX
PETITIONERS EXHIBITS:
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P1: TRUE PHOTOCOPY OF 13 (2) NOTICE DATED 13.12.2016.
P2: TRUE PHOTOCOPY OF THE APPLICATION FOR REGULARIZATION BEFORE THE
RESPONDENTS.
RESPONDENTS EXHIBITS: NIL
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/TRUE COPY/
P.A.TO JUDGE
K.V.
K. VINOD CHANDRAN, J.
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W.P.(C) No. 3405 of 2017 (A)
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Dated: 1st February, 2017
J U D G M E N T
The petitioner availed a cash credit, temporary overdraft and a term loan from the respondent Bank. On default being committed the respondent initiated proceedings under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ('SARFAESI' for short) against the property of the petitioner.
2. The liability and the default is admitted. Considering the facts of the case and the alleged impecunious circumstances of the petitioner, this writ petition is disposed of on the following terms as to the satisfaction of the cash credit and the temporary overdraft.
W.P.(C) No. 3405/2017 -2-
(i) The total defaulted arrears is said to be Rs.82,00,000/- in the cash credit and Rs.10,64,000/- in the temporary overdraft as on date.
(ii) The respondent shall grant fifteen monthly instalments for the payment of the arrears, starting from 01.03.2017.
(iii) Recovery proceedings shall be kept in abeyance on condition that the remittances as per this order are made without any default.
(iv) On the petitioner making two defaults in repaying the installments, the recovery steps initiated shall revive and continue.
(v) The respondent shall issue a statement of the future interest accrued on the defaulted arrears every three months and the same shall be paid along with the next month's instalment, as granted by this Court, and W.P.(C) No. 3405/2017 -3- after satisfaction of the arrears, as the 16th instalment.
(vi) On the petitioner satisfying the entire arrears, the recovery proceedings shall be unenforceable.
3. As far as the term loan is concerned, the writ petition is disposed of on the following terms:
(i) The total defaulted arrears is said to be Rs.5,81,000/- as on date.
(ii) The respondent shall grant fifteen monthly instalments for the payment of the arrears, starting from 01.03.2017, which shall be paid along with the regular EMIs, on the due dates.
(iii) Recovery proceedings shall be kept in abeyance on condition that the remittances as per this order are made without any default.
(iv) On the petitioner making two defaults in repaying either the instalments or the regular EMIs, the recovery steps initiated shall revive and continue. W.P.(C) No. 3405/2017 -4-
(v) The respondent shall issue a statement of the future interest accrued on the defaulted arrears every three months and the same shall be paid along with the next month's instalment, as granted by this Court, and after satisfaction of the arrears, as the 16th instalment.
(vi) On the petitioner satisfying the entire arrears, the recovery proceedings shall be unenforceable and the petitioner allowed regularisation by permitting EMI remittance as per the original agreement.
The Writ Petition is disposed of as above, making it clear that the respondent will be free to proceed with the recovery if the above conditions are not complied with.
Sd/-
K.VINOD CHANDRAN, JUDGE jjj 1/2/17