Prasanakumar G vs The Authorized Officer
2021 Latest Caselaw 12057 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM

                              PRESENT

          THE HONOURABLE MR.JUSTICE MURALI PURUSHOTHAMAN

     FRIDAY, THE 16TH DAY OF APRIL 2021 / 26TH CHAITHRA, 1943

                      WP(C).No.9895 OF 2021(J)


PETITIONER:

              PRASANAKUMAR G.,
              AGED 52 YEARS,
              S/O.GOPALAN, RESIDING AT KADAYIL VEEDU,
              MARAKKADAMUKKU, PALACHIRA P.O, VARKALA,
              THIRUVANANTHAPURAM-695 141.

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

RESPONDENT:

              THE AUTHORIZED OFFICER
              UNDER SECURITIZATION ACT,
              INDIAN OVERSEAS BANK LTD., VETTOR BRANCH,
              LAKSHMANA BULDINGS,
              PUTHENCHANTHA (NEAR VARKALA MARKET), VARKALA,
              THIRUVANANTHAPURAM DISTRICT-695 141.

              BY ADV. SUNIL SHANKAR

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION          ON
16.04.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C).No.9895 OF 2021(J)

                                     2

                                 JUDGMENT

The petitioner has availed loan from

the respondent Bank and the respondent Bank has

initiated proceedings under the SARFAESI Act.

Going by Ext.P1, an amount of Rs.27,40,000/- is

due to the respondent Bank as on 17.03.2021.

2. The petitioner prays for instalments to

repay the loan.

3. Heard the learned counsel for the

petitioner and the learned counsel for the

respondent.

4. The sale is slated on 22.04.2021. The

petitioner is directed to pay the amount

mentioned in Ext.P1 sale notice in eight equal

instalments. The 1st instalment shall be paid

before 22.04.2021. If the 1st instalment is not

paid before 22.04.2021, the respondent Bank

will be free to proceed with the sale pursuant

to Ext.P1. The petitioner shall also make WP(C).No.9895 OF 2021(J)

regular payment of instalments and in case of

default of payment of any of the instalments,

the respondent Bank will be free to proceed

pursuant to Ext.P1. In addition to the amount

mentioned in Ext.P1, the petitioner shall also

pay the accrued interest and the SARFAESI

charges, which the petitioner will be notified

by the Bank at the time of payment of the 1 st

instalment.

With the above direction, Ext.P1 notice

is kept in abeyance, with liberty to the

respondent Bank to proceed in accordance with

Ext.P1, in case of default committed by the

petitioner.

The writ petition is disposed of,

accordingly.

Sd/-

MURALI PURUSHOTHAMAN JUDGE ww WP(C).No.9895 OF 2021(J)

APPENDIX PETITIONER'S EXHIBITS:

EXHIBIT P1 TRUE COPY OF E-AUCTION NOTICE ISSUED BY RESPONDENT DATED 17.03.2021 TO THE PETITIONER AND RESPECTIVE GUARANTORS.

EXHIBIT P2 TRUE COPY OF NOTICE OF SALE OF IMMOVABLE SECURED ASSETS TO PETITIONER, DATED 17.03.2021.