Full Judgment
IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT: THE HONOURABLE MR.JUSTICE P.R.RAMACHANDRA MENON TUESDAY,THE28H DAY OF JANUARY20148TH MAGHA, 1935 WP(C).No. 2661 of 2014 (G) --------------------------- PETITIONER: ------------------- PRASEEDA K.G., AGED34YEARS, W/O. SHAJAN GEORGE, KUNNEL HOUSE, POONJAR P.O. ERATTUPETTA, KOTTAYAM DIST, PIN-686581. BY ADV. SRI.SAIGI JACOB PALATTY RESPONDENT(S): ---------------------------- 1. THE AUTHORISED OFFICER KOTTAYAM DISTRICT CO-OPERATIVE BANK LTD. DISTRICT CO-OPERATIVE BANK BUILDING, P.O.BOX NO. 40 KOTTAYAM, PIN-686601.
2. THE BRANCH MANAGER KOTTAYAM DISTRICT CO-OPERATIVE BANK LTD. ERATTUPETTA, MAIN BRANCH, ERATTUPETTA, PIN-686010. R1 BY SRI.SUNIL CYRIAC,SC, DIST.CO-OP,BANK,KTM THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON2801-2014, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 2661 of 2014 (G) --------------------------- APPENDIX PETITIONER(S)' EXHIBITS ------------------------------------- EXHIBIT P1- TRUE PHOTOCOPY OF THE DISCHARGE SUMMERY OF THE PETITIONER'S HUSBAND. EXHIBIT P2- TRUE PHOTOCOPY OF THE SALE NOTICE UNDER SECTION134) ISSUED BY THE1T RESPONDENT. RESPONDENTS EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE SKV P.R. RAMACHANDRA MENON J.
~~~~~~~~~~~~~~~~~~~~~~ W.P.(C) No. 2661 of 2014 ~~~~~~~~~~~~~~~~~~~~~ Dated, this the 28th day of January, 2014 JUDGMENT
The petitioner availed a personal loan of Rupees One lakh from the respondent Bank. Because of some adverse circumstances, the repayment could not be effected on time, as scheduled, this made the petitioner a defaulter and the Bank proceeded with steps under the SARFAESI Act, which in turn is intercepted by way of this writ petition.
2. The learned counsel for the petitioner submits that the default was never wilful, but because of some frustrating pecuniary circumstances, particularly in the context of suffering serious accident, whereby the petitioner came to be laid up for more than nine months. It is stated that the petitioner does not intend to dispute the liability, simultaneously pointing out that, there is absolutely no challenge whatsoever with regard to the rights and liberties of the Bank to proceed with steps under the SARFAESI Act. The only prayer now pressed before this Court is to grant some breathing time to clear the entire liability by way of reasonable installments. W.P.(C) No. 2661 of 2014 :
2. :
3. Heard the learned standing counsel for the respondent Bank as well, who points out that outstanding liability as on date is Rs. 1.62 lakhs; out of which a sum of Rs. 1,20,500/- is in respect of defaulted installments.
4. After hearing both the sides, the petitioner is permitted to clear entire liability by way of 'ten' equal monthly installments; the first of which shall be effected on or before the last working day of February, 2014; to be followed by similar installments to be effected on or before the last working day of the succeeding months. Subject to this, the recovery proceedings stated as being pursued against the petitioner shall be kept in abeyance for the time being. It is made clear that, if the petitioner commits any default in remitting the installments as above, the respondent Bank will be at liberty to proceed with further steps for realization of the entire amount in lump, from the stage where it stands now. The Writ Petition is disposed of. Sd/- P. R. RAMACHANDRA MENON, (JUDGE) kmd