IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
FRIDAY, THE 26TH DAY OF AUGUST 2022 / 4TH BHADRA, 1944
WP(C) NO. 27700 OF 2022
PETITIONER:
RAJENDRA KUMAR M
AGED 58 YEARS, S.O V.MADHAVAN PILLA,
T.C.9.2545, JANVILLA LANE, SASTHAMANGALAM,
THIRUVANANTHAPURAM, KERALA - 695 010.
BY ADVS.
G.RANJU MOHAN
M.SANTHI (K/868/2011)
RESPONDENT:
AUTHORIZED OFFICER,
THE TRIVANDRUM CO-OPERATIVE URBAN BANK LTD-1959
VATTIYOORKAVU BRANCH, THIRUVANANTHAPURAM,
KERALA-695 001.
OTHER PRESENT:
ADV. NISHA GEORGE (SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
26.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 27700 OF 2022 2
JUDGMENT
The petitioner had earlier approached this Court being aggrieved by the proceedings initiated against the petitioner under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) to recover amounts due under a business loan availed by the petitioner from the respondent bank. This Court through Ext.P1 judgment had permitted the petitioner to settle the liability by paying off the overdue amount in 12 monthly installments. That judgment was in the month of March 2022. It is submitted that the petitioner paid the installments as directed in the judgment till the month of June 2022 and could not pay further installments on account of severe financial crunch. It is submitted that the petitioner has now been served with Ext.P5 notice issued by the Advocate Commissioner appointed by the Chief Judicial Magistrate Court, Thiruvananthapuram under Section 14 of the SARFAESI Act for taking physical possession of the secured asset. It is submitted that the petitioner has filed Ext.P6 representation before the respondent Bank for restructuring the loan facility.
WP(C) NO. 27700 OF 2022 3
2. Having regard to the facts and circumstances of the case and after hearing the learned counsel appearing for the respondent Bank, who states that the present overdue amount is Rs.3,61,429/- (Rupees Three Lakhs Sixty One Thousand Four Hundred and Twenty Nine Only), this writ petition will stand disposed of directing the competent authority of the respondent Bank to consider and pass orders on Ext.P6 representation for restructuring, within a period ofS one month from the date of receipt of a certified copy of this judgment. The taking of physical possession of the secured asset shall be deferred till orders are passed on Ext.P6, on condition that the petitioner remits a sum of Rs.1.25 Lakhs towards the loan liability within a period of two weeks from today.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE ats WP(C) NO. 27700 OF 2022 4 APPENDIX OF WP(C) 27700/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE JUDGMENT IN W.P.
(C).NO.7333/2022.
Exhibit P2 TRUE COPY OF THE RECEIPT OF PAYMENT BY THE PETITIONER IN THE MONTH OF MARCH, 2022. Exhibit P3 TRUE COPY OF THE RECEIPT OF PAYMENT BY THE PETITIONER IN THE MONTH OF APRIL, 2022. Exhibit P4 TRUE COPY OF THE RECEIPT OF PAYMENT BY THE PETITIONER IN THE MONTH OF MAY, 2022.
Exhibit P5 TRUE COPY OF THE ADVOCATE COMMISSIONER NOTICE DATED 10-08-2022.
Exhibit P6 TRUE COPY OF THE REPRESENTATION SUBMITTED BY THE PETITIONER BEFORE THE RESPONDENT BANK DATED 22-08-2022.