Ashik Ismail vs The Authorized Officer/ Chief ...
2021 Latest Caselaw 5259 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                PRESENT

                  THE HONOURABLE MR. JUSTICE A.M.BADAR

     FRIDAY, THE 12TH DAY OF FEBRUARY 2021 / 23RD MAGHA,1942

                        WP(C).No.2827 OF 2021(C)


PETITIONER/S:

                ASHIK ISMAIL,
                AGED 45 YEARS,
                S/O. ISMAIL,
                ARAMPULICKAL HOUSE, RPC P.O,
                VANDAPATHAL, MUNDAKKAYAM,
                KOTTAYAM DISTRICT-686 513

                BY ADVS.
                SRI.ABDUL RAOOF PALLIPATH
                SRI.K.R.AVINASH (KUNNATH)
                SRI.PRAJIT RATNAKARAN
                SRI.C.H.ABDUL RASAC
                SHRI. RAJ CAROLIN V.
                THUSHARA K
                SRI.E.MOHAMMED SHAFI

RESPONDENT/S:

                THE AUTHORIZED OFFICER/ CHIEF MANAGER,
                SOUTH INDIAN BANK,
                REGIONAL OFFICE, KOTTAYAM, 1ST FLOOR,REGENCY SQUARE,
                COLLECTRATE P.O, KOTTAYAM-686 002


                BY SC FOR BANK, SRI.K K JOHN .

     THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD          ON
12.02.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C).No.2827 OF 2021

                                         2


                                  JUDGMENT

Dated this the 12th day of February 2021

Heard both sides.

2. Learned Counsel for the petitioner argued

that, petitioner has defaulted in payment of the

financial assistance taken by him from the respondent

because of the outbreak of Covid-19 pandemic. Now he

is desirous of repaying the entire amount due and

payable by him to the respondent, but in suitable

instalments.

3. Learned Counsel for the respondent submitted

that, the petitioner had defaulted in repayment of

the financial assistance and therefore, the entire

financial assistance was recalled by issuing notice

under Section 13(2) of the SARFAESI Act on

18.02.2020. Learned Counsel for the respondent

further pointed out that, on 13.11.2020, notice for

taking possession was issued. According to the

respondent, as of now, the total outstanding amount

is Rs.23,49,660.52/-. If the petitioner pays WP(C).No.2827 OF 2021

substantial amount by the end of this financial year

and promises to pay the balance amount in suitable

instalments, then the respondent shall defer the

coercive action initiated against the petitioner.

4. I have considered the submissions so advanced

and also perused the material placed before me.

5. Keeping in mind the facts and circumstances of

the instant case, the petition is disposed of with

the following directions:

i) Petitioner to pay an amount of Rs.7.50 lakhs by the end of March 2021 in discharge of his liability towards the respondent. He shall refund the entire balance outstanding amount payable to the respondent in 12 equated monthly instalments commencing from 15.04.2021.

ii) If the petitioner abides by this direction, the respondent shall keep the coercive action initiated against the petitioner under the SARFAESI Act in abeyance.

iii) A single default on the part of the petitioner in compliance with this WP(C).No.2827 OF 2021

direction shall entitle the respondent to continue with the coercive action under the SARFAESI Act.

iv) No further extension of time for compliance with this direction shall be granted to the petitioner.

The writ petition is disposed of accordingly.

Sd/-

A.M.BADAR

JUDGE

uu

12.2.2021 WP(C).No.2827 OF 2021

APPENDIX PETITIONER'S/S EXHIBITS:

EXHIBIT P1 THE TRUE COPY OF THE STATEMENT ISSUED BY THE RESPONDENT DATED 7.1.2021.

EXHIBIT P2 THE TRUE COPY OF DEMAND NOTICE REF. NO. RO.

KTYM.LEG.SN. 67 19-20 DATED 18.02.2020 ISSUED BY THE RESPONDENT.

EXHIBIT P3 THE TRUE COPY OF POSSESSION NOTICE DATED 13.11.2020 ISSUED BY THE RESPONDENT.

EXHIBIT P4 THE TRUE COPY OF THE LETTER NO.

R.O.KTYM.LFG 3 20-21 DATED 17.12.2020 ISSUED BY THE RESPONDENT.

EXHIBIT P5 THE TRUE COPY OF THE REPRESENTATION DATED 8.1.2021 SUBMITTED BEFORE THE RESPONDENT.

EXHIBIT P6 THE TRUE COPY OF THE REPLY OF THE RESPONDENT NO. KTYM. RO/G/10/2020-21 DATED 25.1.2021.