Regunathan.N. vs The Authorised ...
2021 Latest Caselaw 3958 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                PRESENT

                  THE HONOURABLE MR. JUSTICE A.M.BADAR

    WEDNESDAY, THE 03RD DAY OF FEBRUARY 2021 / 14TH MAGHA,1942

                        WP(C).No.2313 OF 2021(L)


PETITIONER/S:

                REGUNATHAN.N., AGED 62 YEARS
                S.O.NARAYANAN, SMV SADANAM, ARYANADU P.O.,
                NEDUMANGAD, TRIVANDRUM-695 542.

                BY ADV. SRI.M.R.SARIN

RESPONDENT/S:

                THE AUTHORISED OFFICER/ASSISTANT VICE PRESIDENT
                FEDERAL BANK LIMITED, LCRD DIVISION, 4TH FLOOR,
                FEDERAL TOWERS, STATUE, TRIVANDRUM-695 001.

                R1 BY ADV. SRI.SUNIL SHANKER
                R1 BY ADV. SMT.K.ARUNDHATHI


                SRI PAULOCHAN ANTONEY --SC

     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
03.02.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C).No.2313 OF 2021             2



                            JUDGMENT

Dated this the 3rd day of February 2021

By this petition, the petitioner is praying for a direction to

pay the entire defaulted amount of loan in instalments.

2. Heard both sides.

3. Learned counsel appearing for the petitioner submits

that the petitioner had availed cash credit loan of Rs.50,00,000/-

(Rupees fifty lakhs only). But due to reasons beyond the control

of the petitioner, there are defaults in repayment of the loan and

the respondent has taken action under the Securitisation and

Reconstruction of Financial Assets and Enforcement of Securities

Interest Act ('the SARFAESI Act' for brevity). The petitioner is

willing to repay the entire amount due to the respondent in

instalments.

4. Learned Standing Counsel appearing for the

respondent bank submits that if the petitioner clear of the entire

amount of loan with necessary charges in six equal monthly

intalments, then the respondent shall not continue with the

coercive proceedings for recovery of loan.

5. Considering the submissions made at bar and in the

facts and circumstances of the case, the writ petition is disposed

of with the following directions:-

The petitioner is directed to repay the entire amount of

loan and other charges payable to the respondent in six equated

monthly instalments commencing from 26.02.2021. If the

petitioner complies with this direction, the respondent shall keep

the coercive proceedings initiated against the petitioner under

the SARFAESI Act in abeyance . A single default in compliance of

this order shall entail the respondent to continue with the

coercive proceedings against the petitioner. Petitioner shall not

be granted any extension of time for compliance of this

directions given in the judgment.

The writ petition is accordingly disposed of.

Sd/-

                                                A.M.BADAR
ajt                                               JUDGE





                            APPENDIX
PETITIONER'S/S EXHIBITS:

EXHIBIT P1              THE TRUE COPY OF THE POSSESSION NOTICE

ISSUED BY THE RESPONDENT UNDER SECTION OF 13(4) OF SECURITISATION ACT DATED 06.01.2021.