Vishnu Mohan vs The Kerala State Co-Operative ...
2021 Latest Caselaw 5270 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.2490 OF 2021(I)


PETITIONERS:

      1        VISHNU MOHAN
               AGED 37 YEARS
               S/O MOHANAN PILLAI,
               VISHNU NIVAS,
               KUMMANNOR P. O,
               KONNI TALUK,
               PATHANAMTHITTA DISTRICT-689691.

      2        PRASANNA MOHAN,
               AGED 62 YEARS
               W/O MOHANAN PILLAI,
               VISHNU NIVAS,
               KUMMANNOR P. O,
               KONNI TALUK,
               PATHANAMTHITTA DISTRICT-689691.

      3        PANKAJAKSHAN NAIR
               AGED 79 YEARS
               S/O KESAVAN NAIR,
               MAMPAZHATHARE MELETHIL, ELAKOLLOR P O,
               KONNI TALUK,
               PATHANAMTHITTA DISTRICT-689691.

               BY ADV. SRI.AJEESH K.SASI

RESPONDENTS:

      1        THE KERALA STATE CO-OPERATIVE BANK LTD.,
               CO-OPERATIVE BANK LTD, ARUVAPPULAM BRANCH,
               PATHANAMTHITTA DISTRICT-689691, REPRESENTED BY ITS
               MANAGER.

      2        THE MANAGER
               KERALA STATE CO-OPERATIVE BANK LTD, ARUVAPPULAM
               BRANCH, PATHANAMTHITTA DISTRICT-689691.

      3        THE AUTHORISED OFFICER
               KERALA STATE CO-OPERATIVE BANK LTD, REGIONAL OFFICE,
               ALAPPUZHA -688001.

               R3 BY ADV. SRI.GILBERT GEORGE CORREYA
 WP(C).No.2490 OF 2021(I)

                               2




             SC FOR BANK -- GILBERT GEORGE C

     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
12.02.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C).No.2490 OF 2021(I)

                                    3

                               JUDGMENT

Dated this the 12th day of February 2021

Heard both sides.

2. The learned counsel for the petitioners argued that the

petitioners have not challenged the proceedings taken by the

secured creditor under the SARFAESI Act. But they want to get the

loan regularized by payment of overdue amount as well as by

regular payment of installments. The learned counsel for the

respondents submitted that as on 31.12.2021, the outstanding

amount is Rs.26,93,900/- and the term of the loan is up to the year

2026. The learned counsel for the respondents submits that the

petitioners are to be directed to clear the overdue amount in ten

equated monthly installments, to which the learned counsel for the

petitioners agreed. Hence the petition is disposed of with the

following directions.

3. The petitioners to clear the overdue amount of

Rs.26,93,900/- in ten equated monthly installments commencing

from 22.02.2021 apart from regular payment of EMIs. If the

petitioners comply with this direction, the respondents shall keep

the action initiated under the SARFAESI Act in abeyance. A single WP(C).No.2490 OF 2021(I)

default on the part of the petitioners shall entail the respondents to

proceed with the action taken by them under the SAFAESI Act.

Petitioners shall not be granted any extension of time for complying

with this direction.

Sd/-

A.M.BADAR Nsd //true copy// JUDGE PA to Judge WP(C).No.2490 OF 2021(I)

APPENDIX PETITIONER'S/S EXHIBITS:

EXHIBIT P1 TRUE COPY OF THE NOTICE DATED 20.01.2021 ISSUED UNDER SEC. 13(4) OF THE SARFAESI ACT BY THE 3RD RESPONDENT.(WITH ENGLISH TRANSLATION.)