Rajesh vs Malappuram District ...
2021 Latest Caselaw 5752 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.3993 OF 2021(Y)


PETITIONER:

              RAJESH
              S/O. GOPALAKRISHNAN, AGED 41 YEARS,
              KIZHAKKAMBIYIL HOUSE, NADUVATTOM P. O.,
              PALAKKAD DISTRICT.

              BY ADV. SRI.K.RAKESH

RESPONDENT:

              MALAPPURAM DISTRICT CO-OPERATIVE BANK
              HEAD OFFICE, UPHILL, MALAPPURAM, REPRESENTED BY ITS
              AUTHORISED OFFICER / DEPUTY GENERAL MANAGER
              (IN CHARGE), PIN - 676 505.


OTHER PRESENT:

              SRI.ESM. KABEER, 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.3993/2021              2


                            JUDGMENT

Dated this the 17th day of February 2021

Heard both sides.

Learned counsel for the petitioner submits that this writ

petition is filed only for the limited purpose for directing the

respondent to permit the petitioner to pay the overdue amount in

equal monthly instalments for regularising the loan account.

According to the learned counsel, because of financial crunch, the

petitioner could not repay the loan in time. The default was not

willful and the petitioner is ready and willing to repay the entire

overdue amount along with necessary charges in 12 equal monthly

instalments.

2. As against this, learned Standing Counsel appearing for

the respondent-Bank submits that the overdue amount is more

than Rs.14,19,000/-. The Bank has taken symbolic possession of

the secured asset. However, the Bank is willing to accept the

entire overdue amount and other charges in eight monthly

instalments from the petitioner in order to regularise the loan

account.

3. I have considered the submissions so advanced. Keeping

in mind the facts and circumstances of the case as well as the

willingness of the respondent-Bank to regularise the loan account

by accepting the outstanding amount in instalments, this writ

petition is allowed with the following directions:

The petitioner to pay the entire overdue amount along with

other charges as of now in 12 equated monthly instalments

commencing from 25.02.2021. If the petitioner complies with this

direction, then the respondent shall not continue coercive action

initiated against the petitioner under the SARFAESI Act. In case of

single default by the petitioner, the respondent shall be at liberty to

continue the coercive action initiated against the petitioner for

recovery of loan. No further extension of time shall be granted for

compliance of this judgment.

Sd/-

A.M.BADAR

JUDGE

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APPENDIX PETITIONER'S EXHIBITS:

EXHIBIT P1 TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE RESPONDENT BANK TO THE PETITIONER DATED 27.01.2021 WITH TRANSLATION. RESPONDENT'S EXHIBITS: NIL.

True Copy

P.S to Judge

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