IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
WEDNESDAY, THE 10TH DAY OF AUGUST 2022 / 19TH SRAVANA, 1944
WP(C) NO. 6096 OF 2022
PETITIONER:
1 SANTHOSH K.L
AGED 47 YEARS
S/O KUMARAN, MANEKATTIL HOUSE, THIRUVANKULAM
P.O.THIRUVANKULAM VILLAGE,
ERNAKULAAM DISTRICT, PIN-682 305.
BY ADVS.
T.K.VIPINDAS
K.V.SREE VINAYAKAN
RESPONDENTS:
1 AUTHORISED OFFICER
THE PEOPLES URBAN CO-OPERATIVE BANK LTD NO 51,
HEAD OFFICE, THRIPUNITHURA, PIN-682 301.
2 THE PEOPLES URBAN CO-OPERATIVE BANK LTD NO 51,
THIRUVANKULAM BRANCH, TRIPUNITHURA,
ERNAKULAM PIN-682 301,
REPRESENTED BY ITS MANAGER
BY ADV DEVAPRASANTH.P.J.
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
10.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WPC NO.6096 OF 2022
2
JUDGMENT
Dated this the 10th day of August, 2022 The petitioner has approached this Court being aggrieved by the proceedings initiated under the provisions of SAFAESI Act, 2002 to recover possession of the property which was mortgaged by the petitioner for availing certain credit facilities from the respondent bank. It is not in dispute before me that following default committed by the petitioner, the property of the petitioner was brought to sale. Since there was no bidder, the property was purchased by the bank on 20.03.2021 and the asset is now a non banking asset of the respondent bank. The learned counsel appearing for the petitioner states that the petitioner may be given a reasonable opportunity to clear the liability.
2. The learned counsel appearing for the respondent bank states that the dues as on date is Rs.10,43,172/- (Rupees Ten lakh forty three thousand one hundred seventy two only). If the entire liability is cleared in reasonable installments, the respondent bank WPC NO.6096 OF 2022 3 will have no objection in re-conveying the property to the petitioner, provided the petitioner also meets the costs necessary for the same.
Having regard to the facts and circumstances and considering the submissions by both sides as above, this writ petition is disposed of directing that if the petitioner remits a sum of Rs.10,43,172/- (Rupees Ten lakh forty three thousand one hundred seventy two only) in 15 equal monthly installments starting from 31.08.2022 together with any accrued interest/costs, further proceedings to recover the possession of the property from the petitioner shall be kept in abeyance. On the petitioner discharging the entire liability as above, the property in question, which is now a non banking asset of the bank shall be re-conveyed to the petitioner. The petitioner shall meet the expenses necessary for the same.
Sd/-
GOPINATH P.
JUDGE SKP/10-8 WPC NO.6096 OF 2022 4 APPENDIX OF WP(C) 6096/2022 PETITIONER'S EXHIBITS EXHIBIT P1 THE TRUE COPY OF THE NOTICE DATED 28.12.2018 ISSUED BY THE 1ST RESPONDENT AS PER SECTION 13 (2) OF THE SARFAEST ACT EXHIBIT P2 THE TRUE COPY OF THE NOTICE ISSUED BY ADVOCATE COMMISSIONER DATED 8.2.2022 RESPONDENTS' EXHIBITS: NIL TRUE COPY P.A.TO JUDGE