Kerala High Court
Bindu C.T vs The Authorised Officer on 27 June, 2014
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
THURSDAY, THE 16TH DAY OF OCTOBER 2014/24TH ASWINA, 1936
WP(C).No. 26980 of 2014 (V)
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PETITIONER :
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1. BINDU C.T., AGED 41 YEARS,
D/O.THANKAMONY, T.C.NO.5/95, NEAR G H S AMBALAMUKKU
PEROORKADA, THIRUVANANTHAPURAM-695005.
BY ADVS.SRI.P.SREEKUMAR
SRI.SOORAJ T. ELENJICKAL
SRI.B.PRASANTH
RESPONDENT(S):
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1. THE AUTHORISED OFFICER
STATE BANK OF TRAVANCORE, PEROORKADA BRANCH,
THIRUVANANTHAPURAM - 695 005.
2. THE CHIEF MANAGER,
STATE BANK OF TRAVANCORE, PEROORKADA BRANCH
THIRUVANANTHAPURAM-695 005.
R1 & R2 BY ADV. SRI.R.S.KALKURA, SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 16-10-2014, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
Mn
...2/-
WP(C).No. 26980 of 2014 (V)
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APPENDIX
PETITIONERS' EXHIBITS :
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EXT.P1 COPY OF THE NOTICE DATED 27.6.2014 ISSUED BY THE IST
RESPONDENT.
EXT.P2 COPIES OF THE PAYMENT SLIP IN RESPECT TO THE PAYMENTS MADE
ON 28.8.2014.
EXT.P3 COPY OF POSSESSION NOTICE DATED 18.9.2014 ISSUED BY THE IST
RESPONDENT.
RESPONDENT(S)' EXHIBITS : NIL
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//TRUE COPY//
P.A. TO JUDGE
Mn
P.R. RAMACHANDRA MENON, J.
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W.P(C). No. 26980 of 2014
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Dated this the 16th day of October, 2014
J U D G M E N T
The petitioner availed a housing loan (No. 57006305277) in 2005 for a sum of `5 lakhs and a mid term loan (67068538409) for business purpose on the strength of security interest created over the property in question. Since the repayment could not be effected as scheduled, the Bank proceeded with steps under the SARFAESI Act, which made the petitioners to approach this Court by filing this writ petition.
2. The learned counsel appearing for the respondent Bank submits that, the housing loan has already been regularised. But the outstanding liability in respect of the Term loan, as on date, is Rs.14,63,729/- (Rupees fourteen lakh sixty three thousand seven hundred and twenty nine only) and the tenure is over.
3. The learned counsel for the petitioner submits that, the default was never wilful, but because of some unforeseen circumstances and that steps are being taken, to have the 'entire liability' cleared, for which some breathing time is sought for. WP(c). No. 26980 of 2014 2
After hearing both the sides, the petitioner is directed to satisfy the 'entire amount' by way of 'eight' equal monthly instalments, the first of it shall be effected on or before the 7th of November, 2014, followed by similar installments, to be effected on or before the 7th of the succeeding months. Subject to this, the recovery proceedings shall be kept in abeyance, for the time being. It is made clear that, if any single default is committed with regard to the satisfaction of the 'liability' as above it will be open for the respondent Bank to proceed with further steps for realization of the entire amount in lump, by pursuing such steps from the stage where it stands now.
The writ petition is disposed of.
Sd/-
P.R. RAMACHANDRA MENON, JUDGE.
Pn