Fairoos Valakkadan vs Manjeri Co Operative Urban Bank ...
2021 Latest Caselaw 15992 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                 THE HONOURABLE MR. JUSTICE A.M.BADAR
      MONDAY, THE 2ND DAY OF AUGUST 2021 / 11TH SRAVANA, 1943
                       WP(C) NO. 10722 OF 2021
PETITIONER:

          FAIROOS VALAKKADAN
          AGED 31 YEARS
          S/O. KUNHIMUHAMMED, VALAKKADAN HOUSE, OLAMATHIL ROAD,
          MONGAM P.O. MALAPPURAM 673 642.

          BY ADVS.
          P.C.MUHAMMED NOUSHIQ
          SMT.JAHANA SHERIN.K



RESPONDENTS:

          MANJERI CO OPERATIVE URBAN BANK LTD.
          COURT ROAD, MANJERI P.O. MALAPPURAM 676 121,
          REPRESENTED BY ITS GENERAL MANAGER.

          BY ADV K.VIDYASAGAR




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
02.08.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 10722 OF 2021
                                      2

                                JUDGMENT

Heard both sides.

2. The learned counsel for the petitioner argued that the

petitioner is desirous to repay the amount of financial assistance availed

from the respondent in instalments.

3. The learned counsel for the respondent submits that the cash

credit facility for the amount of Rs.15 lakhs was availed by the petitioner

for a period of one year on 31.03.2016 and it lapsed on 30.03.2017. It is

argued that the petitioner failed to repay the said amount and the

outstanding amount as on 28.07.2021 was about Rs.29,62,228/-. The

learned counsel for the respondents further argued that the respondent

shall keep the pending action under the SARFAESI Act in abeyance if the

petitioner clears the entire dues with interest and other charges in eight

equated successive monthly instalments. The learned counsel for the

petitioner in reply submits that the petitioner shall repay the entire dues

without fail in twelve instalments.

4. Having considered the facts and circumstances of the instant

case and as the respondent is willing to grant facility of instalment to the

petitioner, the petition is ordered as under. WP(C) NO. 10722 OF 2021

The petitioner to pay the entire amount of financial assistance availed

by him from the respondent with interest and other charges in twelve

equated successive monthly instalments commencing from 24.08.2021.

If the petitioner abides by this condition, the respondent shall keep

the pending action under the SARFAESI in abeyance. A single default in

compliance of this direction shall entail the respondent to continue with

the action under the SARFAESI Act. No further extension of time shall be

granted to the petitioner in any circumstance.

SD/-

A.M.BADAR JUDGE Nsd WP(C) NO. 10722 OF 2021

APPENDIX OF WP(C) 10722/2021

PETITIONER EXHIBITS

EXHIBIT P1 TRUE COPY OF THE SALE NOTICE DATED 17.03.2021 ISSUED SECTION 13(8) OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002, ISSUED BY THE RESPONDENT BANK TO THE PETITIONER.

//TRUE COPY//

PA TO JUDGE