Latheef Villan @ Abdul Latheef vs The Perithalmanna Urban Co-Operative ...

Kerala High Court

Latheef Villan @ Abdul Latheef vs The Perithalmanna Urban Co-Operative ... 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. 17682 OF 2024
PETITIONER:

             LATHEEF VILLAN @ ABDUL LATHEEF
             AGED 41 YEARS
             S/O. MUHAMMED KUTTY, AGED 41 YEARS, VILLAN HOUSE,
             KOLKKALAM JUMA MASJID, CHENGOTTUR P.O., MALAPPURAM
             DISTRICT, PIN - 676503
             BY ADVS.
             R.RANJITH (MANJERI)
             K.S.SREEJA


RESPONDENT:

           THE PERITHALMANNA URBAN CO-OPERATIVE URBAN BANK
           LTD
           REPRESENTED BY ITS AUTHORISED OFFICER, URBANK
           TOWER, PATTAMBI RD, SHANTI NAGAR, PERINTHALMANNA,
           PIN - 679322
OTHER PRESENT:

             SC U.K.DEVIDAS


      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.17682 of 2024      :2:



                           VIJU ABRAHAM, J.
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                       W.P.(C) No.17682 of 2024
         --     -- -- -- -- -- -- -- -- -- -- -- --
                   Dated this the 14th day of May, 2024

                             JUDGMENT

The petitioner has approached this Court seeking a direction to permit him to pay the amount due in instalments.

2. The petitioner had availed a loan from the respondent bank and due to the extreme financial difficulties, the same was defaulted and thereupon proceedings have been initiated by the bank under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) Act.

3. Heard the learned counsel for the petitioner and the learned counsel for the respondent bank.

4. The learned counsel for the respondent bank submitted that the total amount now outstanding is Rs.21,69,746/- and that the petitioner can be permitted to pay the amount in instalments with a default clause that in the event of default in payment of any instalment, the bank will be free to proceed against the petitioner.

5. Considering the facts and circumstances of the case and submissions made across the bar, I dispose of the writ petition with the following conditions:

i) The petitioner shall pay the amount of Rs.21,69,746/- (Twenty one lakh sixty nine thousand seven hundred and forty six only) in 15 equated monthly instalments, commencing from 01.06.2024 and continue to pay the subsequent installments on the 1st day of succeeding months.

ii) 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.

iii) 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 sm/ W.P.(C). No.17682 of 2024 :4: APPENDIX OF WP(C) 17682/2024 PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE NOTICE ISSUED TO THE PETITIONER BY THE ADVOCATE COMMISSIONER IN MC- 333/2024, DATED 25/03/2024