Kerala High Court
Nisha C.M vs State Bank Of India on 18 July, 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 13TH DAY OF OCTOBER 2017/21ST ASWINA, 1939
WP(C).No. 32278 of 2017 (H)
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PETITIONER :
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NISHA C.M,
NIDUMBRAKANDIYIL HOUSE,
PURAMERI P.O., CALICUT.
BY ADV. SMT.VIJAYAKUMARI
RESPONDENTS:
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1. STATE BANK OF INDIA,
REPD BY ITS MANAGER, KALLACHI BRANCH,
EM ARCADE, NADAPURAM MAIN ROAD,
KOZHIKODE.
2. AUTHORISED OFFICER,
STATE BANK OF INDIA,
KALLACHI BRANCH, EM ARCADE,
NADAPURAM MAIN ROAD, KOZHIKODE.
R1 & R2 BY SMT.BINDUMOL JOSEPH, SC
SRI.B.S.SYAMANTHAK, SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 13-10-2017, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
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WP(C).No. 32278 of 2017 (H)
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APPENDIX
PETITIONER(S)' EXHIBITS
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EXHIBIT P1. COPY OF SEC.13(2) NOTICE DATED 18/07/2017 ISSUED BY THE
RESPONDENT, DATED 18/07/17.
RESPONDENT(S)' EXHIBITS: NIL
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/TRUE COPY/
P.A.TO JUDGE
sts
A.K.JAYASANKARAN NAMBIAR, J.
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W.P.(C) No.32278 of 2017 (H)
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Dated this the 13th day of October, 2017
JUDGMENT
The petitioner, 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 notice issued to the petitioner under Section 13(2) of the SARFAESI Act. 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 appearing on behalf of the petitioner and 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 petitioner is to permit him to remit the balance -2- W.P.(C). No. 32278 of 2017 amounts outstanding to the bank in easy installments. Taking into account the plea of financial hardship raised by the petitioner, I dispose the writ petition with the following directions:-
(i) The total overdue amount, in respect of the loan availed by the petitioner is stated to be Rs.3,55,628/-. Accordingly, if the petitioner remits the aforesaid amount of Rs.3,55,628/- together with accrued interest and other charges in 12 equal and successive monthly installments commencing from 23.10.2017, and continues to keep up the regular installment payments as per the original loan schedule, then the recovery steps initiated against him 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 installments, 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 10 days from today, so as to enable the petitioner to discharge his liability in accordance with the directions in this judgment.
Sd/-
A.K.JAYASANKARAN NAMBIAR JUDGE nkr/13.10.2017