Babu M Nair vs The Authorized Officer (The Chief ...

Kerala High Court

Babu M Nair vs The Authorized Officer (The Chief ... on 23 May, 2024

Author: N.Nagaresh

Bench: N.Nagaresh

        IN THE HIGH COURT OF KERALA AT ERNAKULAM
                        PRESENT
          THE HONOURABLE MR.JUSTICE N.NAGARESH
 THURSDAY, THE 23RD DAY OF MAY 2024 / 2ND JYAISHTA, 1946
                WP(C) NO. 16378 OF 2024
PETITIONERS:

    1    BABU M NAIR
         AGED 59 YEARS, MATHILIL HOUSE, MANISSERI P.O,
         OTTAPALAM, PALAKKAD DISTRICT, PIN - 679 521.

    2    GEETHA BABU
         AGED 53 YEARS, MATHILIL HOUSE, MANISSERI P.O,
         OTTAPALAM, PALAKKAD DISTRICT, PIN - 679 521.

         BY ADV
              N.P.PRAJEESH

RESPONDENTS:

    1    THE AUTHORIZED OFFICER (THE CHIEF MANAGER)
         STATE BANK OF INDIA, ARMB, 1ST FLOOR,
         R.S BUILDING, M.G ROAD, ERNAKULAM DISTRICT,
         PIN - 682 011.

    2    THE BRANCH MANAGER
         STATE BANK OF INDIA, OTTAPPALAM BRANCH,
         PALAKKAD DISTRICT, PIN - 679 521.

         BY ADV
              C.AJITH KUMAR

     THIS WRIT PETITION (CIVIL) HAVING COME UP         FOR
ADMISSION ON 23.05.2024, THE COURT ON THE SAME         DAY
DELIVERED THE FOLLOWING:
 W.P.(C) No. 16378 of 2024
                                  :2:




                            JUDGMENT

Dated this the 23rd day of May, 2024 The petitioners, who have availed a Housing Loan of Rs.23 lakhs from the State Bank of India, are before this Court seeking the following reliefs:-

i) Call for records leading to Exhibit P1 and to quash the same by issuing a writ of certiorari or other appropriate wit, order or direction;

ii) issue a writ of mandamus or any other appropriate writ, order or direction commanding the respondents to drop all further proceedings under the SARFAESI Act and permit the petitioner to pay the overdue amount in 15 Equal Monthly Installments and to regularize the loan account; a and d:"

2. It is evident from the pleadings that the petitioners have failed to maintain the loan account and the Bank has initiated coercive proceedings. It is at this stage that the petitioners are before this Court seeking to command the respondents to drop all further coercive proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and permit the petitioners to pay overdue amount in 15 equal monthly W.P.(C) No. 16378 of 2024 :3: instalments.

3. When this writ petition came up for admission, this Court passed an interim order on 23.04.2024, staying further coercive proceedings on condition that the petitioners remit an amount of Rs.8,00,000/-, within a period of one month. The petitioner has not remitted the said amount.

4. Standing Counsel entered appearance on behalf of the respondents and resisted the writ petition. The Standing Counsel pointed out that the petitioner has miserably failed to maintain the loan account. The total amount payable by the petitioners as on 23.05.2024 would be more than Rs.46,93,000/-. The petitioner could not pay even Rs.8,00,000/- as directed by this Court.

5. Heard.

6. The basic challenge of the petitioner in this writ petition is over Ext.P1. Ext.P1 is a Demand Notice issued under Section 13 (2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The petitioner has an efficacious alternate remedy W.P.(C) No. 16378 of 2024 :4: against Ext.P1 under Section 17 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

In the circumstances, in view of the availability of alternate remedy, the writ petition is dismissed. The petitioner will be at liberty to approach the Bank for any arrangement / settlement of the loan account.

Sd/-

N. NAGARESH JUDGE AMR W.P.(C) No. 16378 of 2024 :5: APPENDIX OF WP(C) 16378/2024 PETITIONERS' EXHIBITS Exhibit-P1 PHOTOCOPY OF THE NOTICE DATED 11.11.2019 ISSUED UNDER SECTION 13 (2) OF THE SARFAESI ACT BY THE 1ST RESPONDENT.

Exhibit-P2 PHOTOCOPY OF THE DISCHARGE SUMMARY DATED 17.07.2023 ISSUED DR. SURESH KUMAR, SENIOR CONSULTANT NEURO SURGEON AND SPINE SURGEON, AMALA INSTITUTE OF MEDICAL SCIENCE, THRISSUR.