Latha Purushothaman vs The South Indian Bank
2021 Latest Caselaw 11010 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM

                               PRESENT

                 THE HONOURABLE MR. JUSTICE A.M.BADAR

   WEDNESDAY, THE 07TH DAY OF APRIL 2021 / 17TH CHAITHRA, 1943

                       WP(C).No.7810 OF 2021(A)


PETITIONER:

               LATHA PURUSHOTHAMAN,
               AGED 43 YEARS,
               D/O PURUSHOTHAMAN,
               THADATHIL HOUSE,
               MUKKUTTUTHARA P.O, ERUMELY,
               KOTTAYAM DISTRICT-686510.

               BY ADVS.
               SRI.MANU RAMACHANDRAN
               SRI.M.KIRANLAL
               SRI.R.RAJESH (VARKALA)
               SHRI.SAMEER M NAIR
               SRI.T.S.SARATH

RESPONDENTS:

      1        THE SOUTH INDIAN BANK,
               ATHIKKAYAM BRANCH, ATHIKKAYAM P.O,
               PATHANAMTHITTA-689676,
               REPRESENTED BY ITS MANAGER.

      2        THE AUTHORIZED OFFICER,
               THE SOUTH INDIAN BANK,
               ATHIKKAYAM BRANCH, ATHIKKAYAM P.O,
               PATHANAMTHITTA-689676.

               R1-2 BY ADV. SRI.SUNIL SHANKER, STANDING COUNSEL

     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
07.04.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C).No.7810 OF 2021

                                         2




                                  JUDGMENT

Dated this the 07th day of April 2021

Heard both sides.

2. The learned counsel for the petitioner

submits that scope of the instant petition is only

restricted to the housing loan taken by the

petitioner. He submits that the petitioner be

permitted to clear the overdue amount in instalments

from that housing loan, apart from a direction to

pay E.M.I.s regularly.

3. The learned Standing Counsel for the

respondents oppose this by contending that as

against the housing loan, overdue amount is about

Rs.5,48,273/- (Rupees Five Lakhs Forty Eight

Thousand Two Hundred Seventy Three Only) and closure

amount is about Rs.18.04 Lakhs. He argues that last

payment was made by the petitioner in July 2018 and

since then there is no payment. According to the

learned Standing Counsel for the respondents , the

petitioner can clear the overdue amount in 10 WP(C).No.7810 OF 2021

instalments.

4. The learned Standing Counsel for the

respondents further submits that the petitioner is a

guarantor in a cash credit facility availed by the

customer and for recovery of the amount due and

payable towards that cash credit facility, Original

Suit No.127/2020 is pending before the learned

Munsiff, Ranni. The suit amount is Rs.1.27 lakhs

and in that suit the secured assets have been

attached. Therefore, according to the learned

Standing Counsel for the respondents, the petitioner

needs to clear this outstanding amount of cash

credit limit which is pending adjudication in the

suit.

5. I have considered the submissions advanced.

The scope of the petition is only limited in the

housing loan taken by the petitioner. The

petitioner is reported to be in arrears of defaulted

amount of about Rs.5.48 Lakhs. In this view of the

matter the petition can be disposed of with the

following direction:

WP(C).No.7810 OF 2021

(i)The petitioner to clear the entire overdue

amount of housing loan with interest and other

charges in 10 equated successive monthly instalments

commencing from 19-04-2021 apart from payment of

E.M.I.s regularly.

If this direction is complied with, the

respondents shall keep coercive action under the

SARFAESI Act initiated against the petitioner in

abeyance. A single default on the part of the

petitioner in compliance with these directions shall

entail the respondents to continue with the coercive

action initiated against the petitioner. No further

extension of time shall be granted to the petitioner

for compliance with these directions.

The petition, is disposed of as above.

Sd/-

A.M.BADAR JUDGE SSK/07/04 WP(C).No.7810 OF 2021

APPENDIX PETITIONER'S EXHIBITS:

THE TRUE COPY OF THE LOAN PASS SHEET OF EXHIBIT P1 LOAN ACCOUNT.NO. 0783655000000019.

RESPONDENT'S EXHIBITS:NIL


SSK                      //TRUE COPY//         PA TO JUDGE