K.S.Suresh Pai vs. Authorised Officer
Held
The High Court directed the petitioner to repay the entire outstanding amount in ten equated successive monthly installments, commencing from April 5, 2021. The respondents were ordered to keep the coercive action under the SARFAESI Act in abeyance, with liberty to continue upon any single default.
Facts
The petitioner, K.S. Suresh Pai, defaulted on an overdraft facility from Kerala Gramin Bank, citing business setbacks due to demonetization, GST issues, COVID-19, and health problems. The bank initiated recovery action under the SARFAESI Act, issuing a possession notice for the outstanding amount of approximately Rs. 11.13 lakhs.
Key Issues
The primary issue was whether the High Court should grant an installment scheme for loan repayment to a defaulting borrower facing SARFAESI proceedings, considering the reasons for the business setback.
Sections Cited
None
AI-generated summary — verify with the full judgment below
IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE A.M.BADAR TUESDAY, THE 30TH DAY OF MARCH 2021 / 9TH CHAITHRA, 1943 WP(C).No.6847 OF 2021(E) PETITIONER/S: K.S.SURESH PAI, AGED 55 YEARS S/O SIVANANDA PAI, RESIDING AT KALAPPURAMBATH HOUSE, NEAR ANGADIKADAVU, ALANGAD P.O, ERNAKULAM DISTRICT-683511. BY ADVS. SRI.C.SIVADAS SRI.G.PADMARAJ RESPONDENT/S: 1 AUTHORISED OFFICER, KERALA GRAMIN BANK, REGIONAL OFFICE, ERNAKULAM, COASTAL TOWERS, NEAR SAMSKARA JUNCTION, PIPELINE ROAD, PALARIVATTOM, KOCHI-682025. 2 KERALA GRAMIN BANK, MULAMTHURUTHY BRANCH, PALAI BUILDINGS, MULAMTHURUTHY- 682314, ERNAKULAM DISTRICT. REPRESENTED BY ITS BRANCH MANAGER, SRI.SANTHOSH KUMAR, STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30.03.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C).No.6847 OF 2021 2 JUDGMENT Dated this the 30th day of March 2021
Heard both sides.
The petitioner had availed financial assistance in the form of Overdraft facility from the respondents. But it is alleged that the business of the petitioner suffered a set back because of demonetization, issues of GST, pandemic Covid-19, so also because o
The judgment continues below.
Read the full judgment
A free account opens 10 full GST judgments a month (one account works on both bharattax.net and this site). Re-reading one you have already opened does not count again.
The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.
Reproduced from the public record of the Kerala High Court. Verify against the court's own copy before relying on it. Income tax judgments are on bharattax.net.