Soman S vs The Authorized Officer
2021 Latest Caselaw 4109 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM

                               PRESENT

                 THE HONOURABLE MR. JUSTICE A.M.BADAR

    THURSDAY, THE 04TH DAY OF FEBRUARY 2021 / 15TH MAGHA,1942

                       WP(C).No.1930 OF 2021(M)


PETITIONER:

               SOMAN S.
               AGED 62 YEARS
               S/O SADASIVAN, TCT6/545(1), JNPRA-129, VARUVILAKATHU
               VEEDU, KUDAPPANKUNNU, THIRUVANANTHAPURAM-695043.

               BY ADV. SRI.LIJU. M.P

RESPONDENTS:

      1        THE AUTHORIZED OFFICER,
               THE KARAMANA CO-OPERATIVE, URBAN BANK LTD-1761,
               HEAD OFFICE, KARAMANA, THIRUVANANTHAPURAM-695002.

      2        THE KARAMANA CO-OPERATIVE
               URBAN BANK LTD-1761,
               HEAD OFFIE, KARAMANA, THIRUVANANTHAPURAM-695002,
               REPRESENTED BY ITS BRANCH MANAGER.


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
04.02.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C).No.1930 OF 2021(M)

                                    2

                              JUDGMENT

Dated this the 4th day of February 2021

Heard both sides.

2. The petitioner has availed home loan of Rs.10 lakh in the

year 2018. The term of loan is upto 2028. It is the case of the

petitioner that because of financial difficulty suffered by him and

because of Covid-19 pandemic, he could not repay the loan in due

time rendering it as a non-performing asset. Learned counsel for the

petitioner argued that petitioner is ready and willing to repay the

entire overdue amount in installments. Learned counsel for the

respondents argued that as of now, the overdue amount of loan is

Rs.3,94,070/-. Considering the fact that this is a financial year end,

the petitioner should deposit substantial amount by the end of March,

2021 and then he can clear the overdue amount in installments.

3. Keeping in mind, the facts and circumstances of the instant

case as well as outbreak of Covid-19 pandemic resulting in financial

crunch, the petition is disposed of with the following direction.

4. The petitioner to deposit an amount of Rs.75,000/- by the

end of March, 2021 with the respondents towards refund of overdue

amount of loan of Rs.3,94,070/-. He shall clear the remaining balance

of overdue amount of loan in eight equated monthly installments WP(C).No.1930 OF 2021(M)

commencing from 09.04.2021 apart from payment of regular EMIs. If

the petitioner abides by these directions, the respondents shall keep

the SARFAESI action in abeyance. Needless to mention that a single

default in compliance with these directions shall entail the respondents

to continue with the coercive action under the SARFAESI Act. The

petitioner shall not be granted any extension of time to comply with

this order.

Sd/-

A.M.BADAR Nsd //true copy// JUDGE PA to Judge WP(C).No.1930 OF 2021(M)

APPENDIX PETITIONER'S/S EXHIBITS:

EXHIBIT P1 TRUE COPY OF THE NOTICE DATED 24.02.2020 ISSUED BY ADVOCATE COMMISSIONER.

EXHIBIT P2 TRUE COPY OF THE RECEIPT DATED 12.03.20 FOR AN AMOUNT OF RS. 30,000/- ISSUED BY 2ND RESPONDENT BANK.

EXHIBIT P3 TRUE COPY OF THE RECEIPT DATED 12.03.20 FOR AN AMOUNT OF RS. 20,000/- ISSUED BY 2ND RESPONDENT BANK.

EXHIBIT P4 TRUE COPY OF THE NOTICE DATED 08/01/21 ISSUED BY ADVOCATE COMMISSIONER.