Jayan K.V vs The Authorized Officer

Kerala High Court

Jayan K.V vs The Authorized Officer on 14 May, 2024

             IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                 PRESENT
              THE HONOURABLE MR.JUSTICE VIJU ABRAHAM
     TUESDAY, THE 14TH DAY OF MAY 2024 / 24TH VAISAKHA, 1946
                      WP(C) NO. 17562 OF 2024
PETITIONER:

             JAYAN K.V
             AGED 56 YEARS, S/O VIDYADHARAN,
             KOSHNAYI HOUSE, MADHURIMA JUNCTION,
             MALAYATOOR P.O, ERNAKULAM, PIN - 683597
             BY ADVS.
             JINU JOSEPH
             SMRITHI HARRIS


RESPONDENTS:

      1      THE AUTHORIZED OFFICER
             KERALA STATE CO-OPERATIVE BANK LTD
             (KERALA BANK), ANGAMALY BRANCH,
             OLS MUNICIPAL BUILDING, ANGAMALY P.O,
             ERNAKULAM, PIN - 683572
      2      KERALA STATE CO-OPERATIVE BANK LTD
             (KERALA BANK), KALADY BRANCH, CHENGAL,
             KALADY P.O, ERNAKULAM DISTRICT, PIN - 683574
             REPRESENTED BY ITS MANAGER.
             BY ADV.
             SMT.K.AMMINIKUTTY - SC


      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON   14.05.2024,   THE   COURT    ON   THE   SAME   DAY   DELIVERED   THE
FOLLOWING:
 W.P.(C). No.17562 of 2024          :2:



                              VIJU ABRAHAM, J.
                       ==========================
                          W.P.(C) No.17562 of 2024
                     =============================
                      Dated this the 14th day of May, 2024

                                 JUDGMENT

The petitioner has approached this Court seeking a direction to the respondents to permit the petitioner to remit the loan arrears in installments.

2. The learned Standing Counsel for the Bank would submit that, the petitioner has availed two loans, and the total outstanding as regards the first loan is Rs.14,17,290/- (Rupees fourteen lakh seventeen thousand two hundred and ninety only) and as regards the second loan is Rs.1,82,421/- (Rupees one lakh eighty two thousand four hundred and twenty one only). The learned Standing Counsel for the respondent Bank would further submit that the proceedings are at the stage of appointment of the Advocate Commissioner to take possession of the property, and if this Court is granting an order in favour of the petitioner, the same shall only on an initial payment of a substantial amount to show the bona fides of the petitioner.

3. Considering the facts and circumstances of the case and submissions made across the bar, the writ petition is disposed of on the W.P.(C). No.17562 of 2024 :3: following conditions:

i) The petitioner shall pay an amount of Rs.5,00,000/-

(Rupees five lakhs only) within a period of three weeks from today.

ii) The balance amount along with the accrued interest and other charges shall be paid by the petitioner in 15 equated monthly installments, commencing from 15.06.2024 and continue to pay the installments on 15 th of subsequent months.

iii) In the event of any single default in payment as directed above, the respondent bank shall be free to continue the recovery proceedings from the stage at which they presently stand.

v) It is made clear that if the petitioner complies with the aforesaid directions, further proceedings for recovery shall be kept in abeyance.

With the above said directions, this writ petition is disposed of.

Sd/-

VIJU ABRAHAM JUDGE anm W.P.(C). No.17562 of 2024 :4: APPENDIX OF WP(C) 17562/2024 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE DEMAND NOTICE U/S 13(2) OF THE SARFAESI ACT DATED 28-12-2021 Exhibit P2 TRUE COPY OF THE NOTICE DATED 30-04-2024 ISSUED BY THE ADVOCATE COMMISSIONER RESPONDENTS' EXHIBITS : NIL.