IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MRS. JUSTICE SHOBA ANNAMMA EAPEN
TUESDAY, THE 16TH DAY OF MAY 2023 / 26TH VAISAKHA, 1945
WP(C) NO. 15697 OF 2023
PETITIONER:
1 S S SALI
AGED 32 YEARS
D/O SOBHAVANA, KOZHODE, KUZHIVILAKATHU VEEDU, THANNIMOODU
PO, THIRUVANANTHAPURAM, PIN - 695123
2 K SIMON
AGED 60 YEARS
S/O KUNJUKRISHAN NADAR, KOZHODE, KUZHIVILAKATHU VEEDU,
THANNIMOODU PO, THIRUVANANTHAPURAM, PIN - 695123
BY ADV LIJU. M.P
RESPONDENTS:
1 THE AUTHORISED OFFICER
THE NEYYATTINKARA CO-OPERATIVE URBAN BANK LTD.931,
NEYYATTINKARA PO,THIRUVANANTHAURAM, PIN - 695121.
2 THE NEYYATTINKARA CO-OPERATIVE URBAN BANK LTD.931,
BALARAMAPURAM M & E BRANCH,NEYYATTINKARA
PO,THIRUVANANTHAURAM REPRESENTED BY ITS BRANCH MANAGER,
PIN - 695121
SRI.R.T.PRADEEP SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
16.05.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 15697 OF 2023
2
JUDGMENT
The petitioner has availed two term of loan from the respondent bank. Since the petitioner committed default in repayment, the respondent bank initiated steps under the SARFAESI Act and Ext.P2 is the notice issued by the Advocate Commissioner, informing the petitioner that the secured assets will be taken possession of, on 14.03.2023. Aggrieved by the same, the petitioner has filed this writ petition.
2. When the matter is taken up for consideration, the learned Standing Counsel for the respondent bank submits, on instructions, that the overdue amount as on today comes to Rs.7,75,000/- and respondent bank is willing to regularise the account provided the petitioner clears off the overdue amount in 10 equated WP(C) NO. 15697 OF 2023 3 monthly instalments along with regular EMIs.
3. On the basis of the submission made by the learned Standing Counsel for the respondent bank as well as the learned counsel for the petitioner, I am of the view that the petitioner can be granted an opportunity to repay the overdue amount in instalments and thereafter, if the amount is repaid within the time as directed above, to have the loan account regularised.
Accordingly, there will be a direction to the petitioner to pay an amount of Rs.1,50,000/- on or before 31.05.2023 and the balance of the outstanding overdue shall be paid in 10 equal installments, along with regular EMI. In case the petitioner defaults payment of any one of the installments as aforesaid, the respondent will be free to proceed with, in accordance with law. In order to enable the petitioner to repay the WP(C) NO. 15697 OF 2023 4 amounts as above, coercive steps shall be kept in abeyance.
The writ petition is disposed of as above.
Sd/-
SHOBA ANNAMMA EAPEN JUDGE SAS WP(C) NO. 15697 OF 2023 5 APPENDIX OF WP(C) 15697/2023 PETITIONER'S EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE DATED 16.12.21 ISSUED BY THE 1ST RESPONDENT Exhibit P2 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER IN MC NO.193/23 ON THE FILE OF CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM DATED 25.04.23 TO THE 1ST PETITIONER