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WP(C) No.16477 of 2023
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE C.S.DIAS
TUESDAY, THE 13TH DAY OF JUNE 2023 / 23RD JYAISHTA, 1945
WP(C) NO. 16477 OF 2023
PETITIONER/S:
MILI MOL , AGED 45 YEARS
D/O. M.V. SUKUMARAN, RESIDING AT: MANNUPPATTU
AMBADIYIL, PARIYARAM P.O, KOZHENCHERRY TALUK,
PATHANAMTHITTA DISTRICT- 689643 (NOW RESIDING AT
HOLTSBILLE, NEW YORK, USA) REPRESENTED BY HER
FATHER/POWER OF ATTORNEY HOLDER, MR.M.V.SUKUMARAN,
AGED 75, S/O.NEELAKANDAN, MANNUPPATTU AMBADIYIL,
PARIYARAM P.O, KOZHENCHERRY TALUK, PATHANAMTHITTA
DISTRICT- 689643
BY ADV V.PHILIP MATHEWS
RESPONDENT/S:
1 THE AUTHORISED OFFICER,
STATE BANK OF INDIA,STRESSED ASSETS RECOVERY
BRANCH,7TH FLOOR,VANKARATH TOWERS,PALARIVATTOM BYE
PASS JUNCTION,ERNAKULAM, PIN - 682024
2 STATE BANK OF INDIA,
SB COLLEGE BRANCH,CHANGANACHERRY, KOTTAYAM
DISTRICT- REPRESENTED BY ITS BRANCH MANAGER., PIN -
686101
BY ADV SHRI.JAWAHAR JOSE
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 13.06.2023, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
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WP(C) No.16477 of 2023
C.S DIAS,J.
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WP(C) No.16477 of 2023
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Dated this the 13th day of June, 2023 .
JUDGMENT
The writ petition is filed to direct the respondents to permit the petitioner to pay off the outstanding amount in equated monthly instalments.
2. The petitioner's case is that she and her former husband had availed a housing loan from the second respondent - Bank - by creating an equitable mortgage. Due to unforeseen circumstances, they could not pay the instalments on time. The respondents have initiated proceedings against the secured asset under the Securitization and Reconstruction of Financial Assets and Enforcement of 3 WP(C) No.16477 of 2023 Security Interest Act (in short, 'Act'). The petitioner is prepared to pay off the outstanding amount in equated monthly instalments. Hence, the writ petition.
3. Heard; Sri.V.Philip Mathew, the learned counsel appearing for the petitioner and Sri.Jawahar Jose, the learned counsel appearing for the respondents.
4. Sri.Jawahar Jose, on instructions, submitted that, as on 13.6.2023, the outstanding amount is Rs.22,96,251/-. The respondents are willing to permit the petitioner to pay off the outstanding amount in ten equated monthly instalments. The said submission is recorded.
5. The learned counsel appearing for the petitioner submitted that the petitioner may be granted 4 WP(C) No.16477 of 2023 at least twelve equated monthly instalments to pay off the outstanding amount.
6. Having considered the pleadings and materials on record and the submission made by the learned counsel appearing for the parties, to provide the petitioner one last opportunity to pay off the loan amount, I am inclined to exercise the powers of this Court under Article 226 of the Constitution of India and dispose of the writ petition.
Resultantly, I dispose of the writ petition in the following manner:
(i) The respondents are directed to defer further coercive proceedings pursuant to Exts P2 and P3 to enable the petitioner to pay the outstanding amount in instalments.
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(ii) The petitioner is permitted to pay the outstanding amount as stated above with future interest and cost to the second respondent - Bank - in twelve equated monthly instalments commencing from 12.7.2023.
(iii) Needless to mention, if the petitioner commits default of the condition ordered above, she would lose the benefit of this judgment and the respondents would be at liberty to proceed with recovery proceedings from the stage it presently stands.
(iv) It is made clear that, no further application for modification/extension of time shall be entertained.
sd/-
sks/13.6.2023 C.S.DIAS, JUDGE 6 WP(C) No.16477 of 2023 APPENDIX OF WP(C) 16477/2023 PETITIONER EXHIBITS Exhibit P1 COPY OF THE STATEMENT OF ACCOUNT RELATING TO ACCOUNT NO 67218423069 FOR THE PERIOD FROM 27.3.13 TO 1.11.2022 Exhibit P2 COPY OF DEMAND NOTICE DATED 12-09-2022 ISSUED BY THE FIRST RESPONDENT UNDER SECTION 13(2) OF THE SARFEASI ACT Exhibit P3 COPY OF POSSESSION NOTICE DATED 05-04-
2023 ISSUED BY THE FIRST RESPONDENT Exhibit P4 COPY OF MEMORANDUM OF COMPROMISE FILED BY THE PETITIONER AND HER FORMER HUSBAND IN O.P.NO.965/2021