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. 24143 OF 2021
PETITIONER:
ASHOKKUMAR .P
AGED 60 YEARS, S/O.PADMANABHAN NAIR,
NEDUMPILLIL, KRISHNAKRIPA, (POOVASSERIYIL),
NEAR MOOPPIL BRIDGE, THODUPUZHA, IDUKKI DISTRICT
BY ADVS.
K.MOHANAKANNAN
H.PRAVEEN (KOTTARAKARA)
RESPONDENT:
1 THODUPUZHA URBAN CO-OPERATIVE BANK LTD.
NO.394, P.O THODUPUZHA, URBAN BANK ROAD,
IDUKKI DISTRICT, PIN-685582
REPRESENTED BY ITS AUTHORIZED OFFICER, SEBASTIAN MATHEW
THE SECRETARY,
THODUPUZHA URBAN CO-OPERATIVE BANK LIMITED, NO.394,
2 THODUPUZHA P.O., URBAN BANK ROAD, THODUPUZHA,
IDUKKI DISTRICT, PIN-686 585
BY ADVS.
ATHUL SHAJI
SAJEEV KUMAR K.GOPAL
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.24143 of 2021 2
JUDGMENT
The petitioner has approached this Court challenging proceedings initiated against the petitioner by the 1 st respondent Bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (also known as SARFAESI Act). By order dated 05-11-2021 this Court had stayed the proceedings against the petitioner. Thereafter, by order dated 07-03-2022, the interim order was extended on condition that the petitioner pays a sum of Rs.10,00,000/- (Rupees Ten Lakhs only) on or before 13-03-2022. Today, when the matter is taken up for consideration, it is the submission of the learned Counsel for the petitioner is that the petitioner has complied with a condition imposed by the Court through order dated 07-03-2022. This is not disputed by the learned counsel appearing for the 1st respondent bank.
2. The learned counsel appearing for the petitioner submits that the total balance outstanding in the account as on 15-02-2021, is Rs.88,70,000/- (Rupees Eighty Eight Lakhs W.P.(C) No.24143 of 2021 3 Seventy Thousand Only). It is submitted that considering the payment of Rs.10,00,000/- (Rupees Ten Lakhs) the amount will be approximately Rupees Seventy Eight and odd Lakhs.
3. The learned counsel appearing for the 1 st respondent bank submits that the interest would have accrued on the outstanding amount and the exact amount outstanding as on date has not been ascertained.
4. The learned counsel appearing for the petitioner submits that the petitioner is willing to clear off the entire liability if suitable installment facilities given to him.
5. The learned counsel appearing for the 1 st respondent bank does not object to this request of the learned counsel for the petitioner.
6. This Writ Petition will therefore stand disposed of directing that the petitioner pays the entire loan liability in 12 equal monthly installments, first of which is payable on or before 15-06-2022. Further proceedings initiated against the petitioner under the provisions SARFAESI Act shall be kept in abeyance. If the petitioner fails to pay any of the aforesaid installments, the 1st respondent bank will be free to continue W.P.(C) No.24143 of 2021 4 with the proceedings initiated against the petitioner. It is made clear that all subsequent installments shall be paid on or before the 15th of the succeeding months. On clearing the entire liability the documents pertaining to the mortgaged property shall be released to the petitioner.
Sd/-
GOPINATH P.
JUDGE ats W.P.(C) No.24143 of 2021 5 APPENDIX OF WP(C) 24143/2022 PETITIONER EXHIBITS Exhibit P1 A TRUE PHOTOCOPY OF THE NOTICE U/S.13(2) OF SARFAESI ACT ISSUED BANK TO THE PETITIONER ON 13-01-2020..
Exhibit P2 CERTIFIED COPY OF THE PROMISSORY NOTE PRODUCED BY THE BANK BEFORE THE CHIEF JUDICIAL MAGISTRATE COURT, THODUPUZHA DATED 28-03-2019 Exhibit P3 TRUE COPY OF THE LICENCE OF THE RESPONDENT BANK Exhibit P4 TRUE COPY OF THE NOTICE UNDER RULE 8(1) of the SECURITY INTEREST ENFORCEMENT RULES, ON 27-07-2021 Exhibit P5 TRUE COPY OF THE APPLICATION FILED BY THE RESPONDENT BANK BEFORE THE CHIEF JUDICIAL MAGISTRATE COURT, THODUPUZHA DATE 02-02- 2021 Exhibit P6 TRUE COPY OF THE SA No.244/2021 WITH PETITION FOR STAY Exhibit P7 TRUE COPY OF THE I.A.1276/2021 IN SA 244/2021 OF THE DEBT RECOVERY TRIBUNAL, ERNAKULAM Exhibit P8 TRUE COPY OF THE AUCTION NOTICE PUBLISHED BY THE RESPONDENT BANK DATED 12-10-2021