IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
TUESDAY, THE 31ST DAY OF MAY 2022 / 10TH JYAISHTA, 1944
WP(C) NO. 17356 OF 2022
PETITIONER:
BINSON CYRIAC,AGED 43 YEARS
THAZHATHUPARATHATTEL HOUSE, VAZHITHALA P.O, MANAKKAD,,
PIN - 685583
BY ADVS.
P.PARVATHY
ELDHO.N.MONCY
RESPONDENT:
UNION BANK OF INDIA
REGIONAL OFFICE KOTTAYAM, III FLOOR, AMALA TOWERS,
ADICHIRA JUNCTION, KOTTAYAM, KERALA
REPRESENTED BY ITS AUTHORISED OFFICER, PIN - 686630
OTHER PRESENT:
SRI. A.S.P. KURUP (SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
31.05.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P.(C)No.17356/2022 2
JUDGMENT
This writ petition has been filed challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as the Securitsation Act) initiated at the instance of the respondent Bank. Ext.P1 is a notice issued under Section 13 (2) of the Securitisation Act and Ext.P2 is a notice issued by the Advocate Commissioner, who was appointed at the instance of the Bank, under Section 14 of the Securitisation Act, for taking physical possession of the mortgaged property of the petitioner.
2. The learned counsel appearing for the petitioner submits that the petitioner had obtained a cash credit loan from the respondent Bank for the purposes of agricultural activities and due to unavoidable circumstances, the petitioner could not repay the amount in time. It is submitted that the mortgaged property is the only residential house of the petitioner and if possession of the said property is taken under Ext.P2, the petitioner and his family will be thrown to the streets. It is submitted that if sufficient instalment facility is granted, the petitioner will clear off the liability.
3. The learned Standing Counsel appearing for the respondent Bank points out the facts and circumstances of the case and states that the petitioner had defaulted repayment of amounts under the facility extended to him and the account has been classified as 'NPA' as early as on 9.10.2021. It is submitted that while the respondent Bank has no objection in reasonable W.P.(C)No.17356/2022 3 instalments being granted to clear off the liability, such instalments cannot extend beyond ten monthly instalments.
4. The learned counsel for the petitioner submits that the petitioner may be permitted to repay the amount by granting more time.
Having heard the learned counsel for the petitioner and the learned Standing Counsel for the Bank, this writ petition will stand disposed of directing that, the petitioner shall clear off the liability with the 1 st respondent in twelve (12) equal monthly instalments the first of which shall be payable on or before 30.6.2022. The subsequent instalments shall be paid before the end of every succeeding month. If any default is committed by the petitioner, it will be open to the respondent Bank to proceed against the petitioner, in accordance with law. The petitioner shall also discharge any additional interest liability and costs which may be demanded by the respondent bank. If the petitioner complies with the aforesaid conditions, all further proceedings under the Securitisation Act shall remain stayed.
Sd/-
GOPINATH P.
JUDGE acd W.P.(C)No.17356/2022 4 APPENDIX OF WP(C) 17356/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE DATED 17.11.2021 ISSUED UNDER SECTION 13(2) OF THE SARFAESI ACT BY THE RESPONDENT BANK Exhibit P2 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 20.05.2022