Rakhi K.B vs The Authorized Officer
2021 Latest Caselaw 3984 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.2741 OF 2021(P)


PETITIONER:

               RAKHI K.B.
               AGED 45 YEARS
               W/O.SUNILKUMAR, PROPRIETOR, M/S.TEENAGE, SARAYU,
               TIRUVANGAD, KUTTIMAKKOOL, KANNUR DISTRICT - 670 103.

               BY ADVS.
               SRI.C.P.PEETHAMBARAN
               SMT.MINI.V.A.

RESPONDENTS:

      1        THE AUTHORIZED OFFICER, CATHOLIC SYRIAN BANK
               NORTH KERALA ZONE, P.O.ERAHIPALAM, KOZHIKODE, PIN -
               673 006.

      2        THE BRANCH MANAGER
               CATHOLIC SYRIAN BANK, THALASSERY BRANCH, KANNUR
               DISTRICT - 670 101.

               R1-2 BY ADV. SRI.K.ANAND


               SC--ANAND KARUNAN

     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.2741 OF 2021(P)

                                     2

                               JUDGMENT

Dated this the 3rd day of February 2021

Heard both sides.

2. The petitioner business-woman had taken cash credit

facility for Rs.60,00,000/- for her garment business. It is case of the

petitioner that on account of demonetization and fluctuation in the

market, her business suffered and as such, she could not repay her

loan promptly.

3. Learned counsel for the petitioner submits that the

petitioner is bonafidely desirous of clearing the entire outstanding

amount towards cash credit facility taken by her in installments.

4. Learned counsel for the respondents submits that as on

date, more than Rs.63,00,000/- are outstanding against the petitioner

and on 08/07/2019, notice under Section 13(2) of the SARFAESI Act

was issued and ultimately possession of secured asset was taken on

19/11/2020.

5. Learned counsel for the respondents submits that it is not

possible to grant 25 installments as prayed, but considering the

request for installments, this Court may grant appropriate installments

for clearing the entire outstanding amount of loan and other dues.

6. Having considered the submissions so advanced, and WP(C).No.2741 OF 2021(P)

keeping in mind the facts and circumstances of the instant case, this

petition is disposed of with the following direction.

a. The petitioner to clear the entire outstanding amount

against her loan account with necessary charges in ten equated

monthly installments commencing from 01.03.2021. If the

petitioner complies with this order, then the respondents shall not

continue with coercive action under the SARFAESI Act.

b. A single default by the petitioner will entail the

respondents to continue with the action under the SARFAESI Act.

No further extension of time for compliance of this order shall be

granted to the petitioner. Petitioner shall not create any third party

interest over the property.

Sd/-

A.M.BADAR Nsd //true copy// JUDGE PA to Judge WP(C).No.2741 OF 2021(P)

APPENDIX PETITIONER'S/S EXHIBITS:

EXHIBIT P1 TRUE COPY OF THE NOTICE DATED 8/7/2019 ISSUED BY THE 1ST RESPONDENT.

EXHIBIT P2 TRUE COPY OF THE NOTICE DATED 19/11/2020 ISSUED BY THE 1ST RESPONDENT.