Mahendran N.S vs Authorised Officer
2021 Latest Caselaw 11680 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM

                              PRESENT

                THE HONOURABLE MR. JUSTICE A.M.BADAR

     FRIDAY, THE 09TH DAY OF APRIL 2021 / 19TH CHAITHRA, 1943

                      WP(C).No.8447 OF 2021(E)


PETITIONER:

              MAHENDRAN N.S.
              AGED 58 YEARS
              S/O.SREEDHARAN
              MOLATHUPARAMBIL HOUSE,
              ALUVA - 683 106.

              BY ADV. SRI.MANSOOR.B.H.

RESPONDENT:

              AUTHORISED OFFICER,
              CENTRAL BANK OF INDIA,
              ALWAYE BRANCH, ALUVA 683 106.


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
09.04.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C) No.8447/2021                    2


                               JUDGMENT

Dated this the 9th day of April 2021

Heard both sides.

2. The petitioner had taken a loan for Rs.20 lakhs from the

respondent but he failed to pay the instalments thereof.

Accordingly, the loan came to be declared as non performing asset

on 29.06.2019. The petitioner prays for regularisation of the loan

account by paying the overdue amount in 12 monthly instalments.

3. Learned Standing Counsel appearing for the respondent-

Bank submits that the overdue amount is about Rs.23,79,372/-

and the respondent is willing to grant the facility of ten

instalments to the petitioner provided he pays Rs.6 lakhs (Rupees

six lakhs only) in a month.

4. Learned counsel for the petitioner submits that the

petitioner is in a position to pay an amount of Rs.2 lakhs (Rupees

two lakhs only) in one month.

5. Having considered the submissions so advanced and

keeping in mind the fact that the respondent is willing to grant

facility of instalments for regularisation of the loan account, this

writ petition is disposed of with the following directions:

The petitioner to pay an amount of Rs.3 lakhs (Rupees Three

lakhs only) for clearing the overdue amount and he should repay

the balance overdue amount with interest and other charges in ten

equated successive monthly instalments commencing from

03.05.2021. In addition, the petitioner should also pay the EMIs

regularly. If the petitioner complies with these directions, then the

respondent 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 respondent 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.

Sd/-

A.M.BADAR

JUDGE

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APPENDIX PETITIONER'S EXHIBITS:

EXT.P1 : TRUE COPY OF THE NOTICE DTD.16.3.2021 ISSUED BY THE ADVOCATE COMMISSION ADV.SIDHARTH P.S.

RESPONDENT'S EXHIBITS: NIL.

True Copy

P.S to Judge

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