K.S.Abdul Majeed vs The Kerala State State ...
2021 Latest Caselaw 5725 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM

                               PRESENT

                 THE HONOURABLE MR. JUSTICE A.M.BADAR

    WEDNESDAY, THE 17TH DAY OF FEBRUARY 2021 / 28TH MAGHA,1942

                       WP(C).No.3845 OF 2021(E)


PETITIONER:

               K.S.ABDUL MAJEED
               AGED 47 YEARS
               S/O.SEEDIKUNCHI, ERIYAL P.O, KUDLU,
               KASARAGOD 671 124

               BY ADV. SHRI.MOHAMMED ASLAM P.S

RESPONDENTS:

      1        THE KERALA STATE STATE CO-OPERATIVE BANK
               REP. BY ITS CHIEF EXECUTIVE OFFICER, P.B NO.6515,
               CO-BANK TOWERS, PALAYAM, THIRUVANANTHAPURAM 695 033

      2        THE GENERAL MANAGER,
               KERALA STATE CO-OPERATIVE BANK, REGIONAL OFFICE,
               TALAP, KANNUR 670 002

      3        THE AUTHORIZED OFFICER (SARFAESI ACT)
               KERALA STATE CO-OPERATIVE BANK, NAYAKS ROAD,
               KASARAGOD 671 121

               SRI.M.SASINDRAN, SC.

     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
17.02.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C) No.3845/2021                2


                            JUDGMENT

Dated this the 17th day of February 2021

Heard both sides.

2. The petitioner had availed a short term non-agricultural

loan as stated by the learned Standing Counsel for the respondent-

Bank. According to the learned Standing Counsel appearing for the

respondent-Bank, as on 31.01.2021, the outstanding amount is

Rs.53,11,383/-. It is also submitted that the physical possession of

the secured asset has been taken in the year 2020.

3. Learned counsel for the petitioner submits that the

petitioner is desirous of clearing the entire overdue amount in 15

instalments apart from regular payment of EMIs. In this view of

the matter, the following order:

The petitioner to clear the entire overdue amount of loan

account along with necessary charges in 15 equated successive

monthly instalments commencing from 26.02.2021. In addition,

the petitioner should also pay EMIs regularly. If the petitioner

follows the direction given in this judgment, then the respondent-

Bank shall keep the action under the SARFAESI Act initiated against

the petitioner in abeyance. A single default in compliance with this

direction shall empower the respondent-Bank to continue with the

SARFAESI action. No further extension of time shall be granted for

complying these directions. It is made clear that on the petitioner

clearing the entire overdue amount and other charges, the

respondent-Bank shall handover the possession of the secured

asset to the petitioner.

This writ petition is disposed of as above.

Sd/-

A.M.BADAR

JUDGE

smp

APPENDIX PETITIONER'S EXHIBITS:

EXHIBIT P1 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 06-02-2021 RESPONDENT'S EXHIBITS: NIL.

True Copy

P.S to Judge

smp