Sathyan vs The Authorized Officer
2021 Latest Caselaw 5590 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM

                               PRESENT

                THE HONOURABLE MR. JUSTICE A.M.BADAR

     TUESDAY, THE 16TH DAY OF FEBRUARY 2021 / 27TH MAGHA,1942

                      WP(C).No.3951 OF 2021(T)


PETITIONER:

              SATHYAN
              AGED 52 YEARS
              S/O. YESAYA NADAR, OP 346, EDAN COTTAGE, KADAMPARA,
              POOZHANAD, NEYYATTINKARA, THIRUVANANTHAPURAM-695125.

              BY ADVS.
              KUM.S.KRISHNA
              SHRI.GOVIND R.

RESPONDENT:

              THE AUTHORIZED OFFICER
              REPRESENTED BY THE CHIEF MANAGER, INDIAN OVERSEAS
              BANK, POOZHANAD BRANCH, OP 2/73, SOWPARNIKA SHOPPING
              COMPLEX, POOZHANAD, MANDAPATHINKADAVU,
              OTTASEKHARAMANGALAM, TRIVANDRUM-695036.



              SC- SRI.SUNIL SHANKAR

     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
16.02.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C).No.3951 OF 2021(T)

                                    2

                              JUDGMENT

Dated this the 16th day of February 2021

Heard both sides.

2. The learned counsel for the petitioner argued that the

petitioner is not challenging any action taken by the secured creditor

under the SARFAESI Act, but he wants to clear the entire amount

payable by him to the respondent by suitable installments. The

learned counsel for the petitioner argued that business of the

petitioner suffered due to Covid-19 pandemic and whenever it was

possible for the petitioner to make payment, he had already repaid the

amount. By way of illustration, it is stated that the petitioner has even

deposited an amount of Rs.1,00,000/- towards discharge of his

liabilities on 28.10.2020. The learned counsel for the respondent

submitted that the entire loan came to be recalled long back and now

the term of the loan had also expired and as such, there is no question

of granting any installments to the petitioner.

3. The learned counsel for the respondent further argued that

if the petitioner pays substantial amount on the date of sale, ie, on

18.02.2021, and undertakes to pay the balance amount in eight

installments, then the respondent shall consider keeping the action

under SARFAESI in abeyance.

WP(C).No.3951 OF 2021(T)

4. I have considered the submissions so advanced.

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

case, as well as willingness on the part of the petitioner to repay the

entire outstanding amount in his loan account, this petition is disposed

of with the following direction.

6. The petitioner to pay the entire amount of loan and other

charges outstanding and payable to the respondent in ten equated

successive monthly installments commencing from 18/02/2021. If the

petitioner abides by this order, then the respondent shall keep the

coercive action initiated by them under the SARFAESI Act, in

abeyance. A single default in complying with this order shall entail the

respondent Bank to continue with the action under the SARFAESI Act.

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

order.

Sd/-

A.M.BADAR Nsd //true copy// JUDGE PA to Judge WP(C).No.3951 OF 2021(T)

APPENDIX PETITIONER'S/S EXHIBITS:

EXHIBIT P1 A TRUE COPY OF THE SALE NOTICE DATED 28.1.2021 ISSUED BY THE RESPONDENT.