Manu Manzoor vs The Authorized Officer

Kerala High Court

Manu Manzoor vs The Authorized Officer on 24 May, 2024

Author: N.Nagaresh

Bench: N.Nagaresh

                 IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                   PRESENT
                   THE HONOURABLE MR.JUSTICE N.NAGARESH
         FRIDAY, THE 24TH DAY OF MAY 2024 / 3RD JYAISHTA, 1946
                         WP(C) NO. 18731 OF 2024
PETITIONER/

              MANU MANZOOR
              AGED 34 YEARS
              S/O MANZOOR; RESIDING AT: CHEKKALA,
              EDAVA VILLAGE, EDAVA P.O., VARKALA,
              THIRUVANANTHAPURAM, PIN - 695311

              BY ADVS.
              R.RAJESH (VARKALA)
              M.KIRANLAL
              T.S.SARATH
              SAMEER M NAIR
              MANU RAMACHANDRAN
              SAILAKSHMI MENON
              RAGHESH ISSAC P.


RESPONDENTS:

     1        THE AUTHORIZED OFFICER
              UNDER SECURITIZATION ACT, STATE BANK OF INDIA,
              OFFICE AT: RETAIL ASSET CENTRAL PROCESSING CENTRE,
              1ST FLOOR CHANDRASEKARAN STADIUM COMPLEX,
              PALAYAM, THIRUVANANTHAPURAM,
              PIN - 695033
     2        BRANCH MANAGER
              STATE BANK OF INDIA, MARAKKADA ROAD BRANCH;
              OFFICE AT: VIGNESWARA BUILDING,
              TC 38/1463, POWER HOUSE ROAD,
              THIRUVANANTHAPURAM, PIN - 695023

              SRI.M.JITHESH MENON(STANDING COUNSEL)-R1& R2


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
24.05.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) No.18731 Of 2024
                                 2


                         JUDGMENT

Dated this the 24th day of May, 2024 The petitioner, who has availed a financial assistance of ₹58 lakhs from the 2nd respondent-Bank and who is facing proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, has approached this Court seeking to direct the respondents to allow the petitioner to pay the defaulted amount in instalments and regularise the loan.

2. Standing Counsel entered appearance on behalf of the Bank and resisted the writ petition. The Standing Counsel submitted that the physical possession of the property has already been taken over on 03.05.2024. The total outstanding amount payable by the petitioner is ₹66,80,038/- as on 23.05.2024. If the petitioner wants to repossess the building after settling the entire amount, then the petitioner may approach the Bank authorities.

WP(C) No.18731 Of 2024 3

3. Heard.

4. The Standing Counsel submits that as the securitasation proceedings are coming to an end, there is no question of regularisation of loan account by accepting overdue amount. The petitioner will have to clear the entire outstanding liability.

5. Counsel for the petitioner submits that in that event the petitioner may be permitted to approach the Debts Recovery Tribunal or Bank for a settlement in the matter.

Taking into consideration the facts of the case, the writ petition is disposed of granting liberty to the petitioner to approach the Debts Recovery Tribunal or the Bank for settlement of loan account, as is advised.

Sd/-

N.NAGARESH JUDGE hmh WP(C) No.18731 Of 2024 4 APPENDIX OF WP(C) 18731/2024 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE BANK STATEMENT OF PETITIONER LOAN ACCOUNT WITH 2ND RESPONDENT FROM 27.11.2020 TO 29.07.2023 Exhibit P2 A TRUE COPY OF THE DEMAND NOTICE FROM RESPONDENT BANK DATED 18.01.2023