Kerala High Court
Murali K, G vs The Authorized Officer on 19 April, 2024
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MRS. JUSTICE SHOBA ANNAMMA EAPEN
FRIDAY, THE 19TH DAY OF APRIL 2024 / 30TH CHAITHRA, 1946
WP(C) NO. 15359 OF 2024
PETITIONER:
MURALI K, G.,
AGED 35 YEARS
S/O GANGADHARAN,KARANGATTU, THIRUVAMBADY, KOZHIKODE,
PIN - 673603
BY ADV M.R.SASITH
RESPONDENT:
THE AUTHORIZED OFFICER,
THE KERALA STATE CO-OPERATIVE BANK (KERALA BANK),PB
NO.503, KALLAI ROAD, CHALAPPURAM P.O, KOZHIKODE, PIN -
673002
GOVERNMENT PLEADER, SRI. V.VENUGOPALAN
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
19.04.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 15359 OF 2024
2
JUDGMENT
The petitioner has availed a property loan from the respondent bank in the year 2016. Since the petitioner committed default in repayment, the respondent initiated steps under the SARFAESI Act and thereafter a possession notice was issued by the respondent bank under Section 13(4) of the SARFAESI Act r/w Rule 8 of the Security Interest Enforcement Rules 2002 on 09.02.2024. 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 total outstanding amount as on 09.04.2024 is Rs.15,23,749/- and the overdue amount as on 31.03.2024 comes to Rs.5,19,691/-. The respondent is willing to regularise the account provided the petitioner clears off the overdue amount in ten equated 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 WP(C) NO. 15359 OF 2024 3 petitioner can be granted an opportunity to repay the overdue amount in ten equated monthly instalments and thereafter, if the amount is repaid within the time as directed above, the loan account can be regularised.
Accordingly, there will be a direction to the petitioner to clear off the entire overdue amount of Rs.5,19,691/- (Rupees Five Lakh Nineteen Thousand Six hundred and Ninety One Only) in ten equated monthly installments, commencing from 05.05.2024 along with regular EMI. In case the petitioner defaults payment of any one of the installments as aforesaid, the respondent Bank will be free to proceed with, in accordance with law. In order to enable the petitioner to repay the amounts as above, coercive steps shall be kept in abeyance.
The writ petition is disposed of as above.
Sd/-
SHOBA ANNAMMA EAPEN JUDGE RK WP(C) NO. 15359 OF 2024 4 APPENDIX OF WP(C) 15359/2024 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF POSSESSION NOTICE ISSUED BY RESPONDENT DATED 09.02.2024