Seena S vs the Authorized Officer Under Securitization Act

Seena S vs The Authorized Officer Under Securitization Act

Type Court Judgment Court Kerala Decided Nov 01, 2023

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https://sooperkanoon.com/case/1401987

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Citation: sooperkanoon.com/1401987
Court: Kerala High Court
Judge: Honourable Mr.Justice N.Nagaresh
Decided On: Nov 01, 2023
Case Number: WP(C)/35853/2023

Parties & Advocates

Appellant / Petitioner

Seena S

Respondent

The Authorized Officer Under Securitization Act

Excerpt

.....at: chaithram, jayachandran babu road, mavinmoodu, kallambalam p.o., chemmaruthy village, by advs. r.rajesh (varkala) manu ramachandran t.s.sarath m.kiranlal sameer m nair sailakshmi menon respondents: 1 the authorized officer under securitization act state bank of india, sarb, thiruvananthapuram, situated at: lms compound, vikas bhavan p.o.,thiruvananthpuram, pin - 695 033. 2 branch manager state bank of india, kallambalam branch, kollam, pin - 695 605. 3 anal kumar aged 56 years, residing at: chaithram, jayachandran babu road, mavinmoodu, kallambalam p.o., chemmaruthy village, by adv jithesh menon-standing counsel this writ petition (civil) having come up for admission on 01.11.2023, the court on the same day delivered the following: :2:judgmentdated this the 1st day of november, 2023 the petitioner is the guarantor for a suvidha loan availed by the 3rd respondent. when the loan repayment fell into arrears, the respondent-bank initiated coercive proceedings against the petitioner, the petitioner being a guarantor.2. the possession of the property of the petitioner isscheduled to be taken over on 03.11.2023. the petitioner has therefore approached this court seeking to direct the respondents to consider ext.p3 representation for one time settlement offer and seeking an interim relief to stay all further proceedings pursuant to ext.p2 notice.3. when this writ petition came up for hearing today,the standing counsel representing respondents 1 and 2 submitted that the bank is now offering one time settlement under the rinn samadhan scheme and the petitioner can :3: approach the bank. if the petitioner makes an offer, the respondent-bank will indeed consider the same as per the provisions of the scheme. in the circumstances, the writ petition is disposed of permitting the petitioner to make offer of one time settlement by 02.11.2023. if the petitioner makes such offer, the respondent-bank will take appropriate decision thereon expeditiously. depending upon the.....

Full Judgment

IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT THE HONOURABLE MR.JUSTICE N.NAGARESH WEDNESDAY, THE 1ST DAY OF NOVEMBER 2023 / 10TH KARTHIKA, 1945 WP(C) NO. 35853 OF 2023 PETITIONER: SEENA S AGED 49 YEARS, W/O ANAL KUMAR; RESIDING AT: CHAITHRAM, JAYACHANDRAN BABU ROAD, MAVINMOODU, KALLAMBALAM P.O., CHEMMARUTHY VILLAGE, BY ADVS. R.RAJESH (VARKALA) MANU RAMACHANDRAN T.S.SARATH M.KIRANLAL SAMEER M NAIR SAILAKSHMI MENON RESPONDENTS: 1 THE AUTHORIZED OFFICER UNDER SECURITIZATION ACT STATE BANK OF INDIA, SARB, THIRUVANANTHAPURAM, SITUATED AT: LMS COMPOUND, VIKAS BHAVAN P.O.,THIRUVANANTHPURAM, PIN - 695 033. 2 BRANCH MANAGER STATE BANK OF INDIA, KALLAMBALAM BRANCH, KOLLAM, PIN - 695 605. 3 ANAL KUMAR AGED 56 YEARS, RESIDING AT: CHAITHRAM, JAYACHANDRAN BABU ROAD, MAVINMOODU, KALLAMBALAM P.O., CHEMMARUTHY VILLAGE, BY ADV JITHESH MENON-STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01.11.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: :2:

JUDGMENT

Dated this the 1st day of November, 2023 The petitioner is the guarantor for a Suvidha loan availed by the 3rd respondent. When the loan repayment fell into arrears, the respondent-Bank initiated coercive proceedings against the petitioner, the petitioner being a guarantor.

2. The possession of the property of the petitioner is

scheduled to be taken over on 03.11.2023. The petitioner has therefore approached this Court seeking to direct the respondents to consider Ext.P3 representation for One Time Settlement Offer and seeking an interim relief to stay all further proceedings pursuant to Ext.P2 notice.

3. When this writ petition came up for hearing today,

the Standing Counsel representing respondents 1 and 2 submitted that the Bank is now offering One Time Settlement under the Rinn Samadhan Scheme and the petitioner can :3: approach the Bank. If the petitioner makes an offer, the respondent-Bank will indeed consider the same as per the provisions of the Scheme. In the circumstances, the writ petition is disposed of permitting the petitioner to make offer of One Time Settlement by 02.11.2023. If the petitioner makes such offer, the respondent-Bank will take appropriate decision thereon expeditiously. Depending upon the circumstances of the case, the respondent-Bank may defer taking over possession of the property of the petitioner. Sd/- N. NAGARESH JUDGE AMR :4: APPENDIX OF WP(C) 35853/2023 PETITIONER'S EXHIBITS Exhibit P1 A TRUE COPY OF 3RD RESPONDENT'S ACCOUNT STATEMENT IN LOAN ACCOUNT NO. 67300909507 WITH RESPONDENT BANK. Exhibit P2 A TRUE COPY OF THE ABOVEMENTIONED NOTICE ISSUED TO PETITIONER. Exhibit P3 A TRUE COPY OF THE REPRESENTATION DATED 26.10.2023 MADE BY PETITIONER TO RESPONDENT BANK.

Same Court & Year Kerala · 2023 Same Parties Seena S vs The Authorized Officer Under Securitization Act Same Judge Honourable Mr.Justice N.Nagaresh