PUSHPA NANDAKUMAR v. THE MUVATTUPUZHA ARBAN CO OPERATIVE BANK,
Court: High Court of Kerala
Bench: HONOURABLE DR. JUSTICE A.K.JAYASANKARAN NAMBIAR
Judgment date:
Case summary
High Court of Kerala judgment dated 2020-12-07. PUSHPA NANDAKUMAR v. THE MUVATTUPUZHA ARBAN CO OPERATIVE BANK,. Read the judgment and case details on...
Judgment text
IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE A. K. JAYASANKARAN NAMBIAR MONDAY, THE 07TH DAY OF DECEMBER 2020 / 16TH AGRAHAYANA, 1942 WP(C). No. 27138 OF 2020(N) PETITIONER: PUSHPA NANDAKUMAR AGED 55 YEARS KARAMADTHI HOUSE, MEKADAMBU P. O. , MUVATTUPZHA-682 316 BY ADVS. SRI. L. RAM MOHAN SRI. M. AUBREY ABRAHAM ISAAC RESPONDENTS: 1 THE MUVATTUPUZHA ARBAN CO OPERATIVE BANK, REPRESENTED BY ITS AUTHORISED OFFICER-686 073 2 THE AUTHORISED OFFICER, MUVATTUPUZHA ARBAN CO-OPERATIVE BANK,REPRESENTED BY ITS AUTHORISED OFFICER-686 673 BY ADV. SRI. SAJEEV KUMAR K GOPAL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07. 12. 2020, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C). No. 27138 OF 2020(N) 2 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. The learned Standing counsel for the respondent bank would submit that the loan period has already expired and the total amount outstanding from the petitioner, who is a guarantor, as of today is Rs. 27,61,140/-. 2. I have heard the learned counsel for the petitioner and the learned Standing Counsel appearing on behalf of the respondent bank. 3. On a consideration of the facts and circumstances of the case and the submissions made across the bar, and taking note of the plea of financial hardship raised by the petitioner, I dispose the writ petition with the following directions:- (i) If the petitioner pays the said amount of WP(C). No. 27138 OF 2020(N) 3 Rs.
27,61,140/- together with accrued interest till the date of payment in 10 equal and successive monthly installments commencing from 21. 12. 2020, then further proceedings for recovery as against the petitioner shall be kept in abeyance. (ii) It is made clear that, if the petitioner commits a default in respect of any of the installments, she will lose the benefit of this judgment and the respondent bank will be free to continue the recovery proceedings against her from the stage at which they presently stand. (iii) It is further made clear that inasmuch as it is in exceptional cases that this Court would grant the reliefs aforementioned, no further petition for modification/extension of time will be entertained. Sd/- A. K. JAYASANKARAN NAMBIAR JUDGE mns/07. 12. 2020 WP(C). No. 27138 OF 2020(N) 4 APPENDIX PETITIONERS EXHIBITS EXHIBIT -P1 TRUE COPY OF THE NOTICE DATED 27. 10. 2020 RESPONDENTS EXHIBITS:NIL //TRUE COPY// P. A TO JUDGE
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