Kerala High Court
K.P. Priji vs Hdb Financial Services Ltd on 18 February, 2021
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE A.M.BADAR
THURSDAY, THE 18TH DAY OF FEBRUARY 2021 / 29TH MAGHA,1942
WP(C).No.4144 OF 2021(P)
PETITIONER/S:
K.P. PRIJI,
AGED 56 YEARS,
S/O.LATE B.PRABHAKARAN, RESIDING AT 374/2, VENMALAR,
NEAR AMMAN KOVIL, NEDUMANGADU, THIRUVANANTHAPURAM
DISTRICT, PIN-695541.
BY ADVS.
SRI.J.R.PREM NAVAZ
SHRI.SUMEEN S.
RESPONDENT/S:
1 HDB FINANCIAL SERVICES LTD.,
HAVING ITS REGISTERED OFFICE AT RADHIKA, 2ND FLOOR,
LAW GARDEN ROAD, NAVARANGPURA, AHMEDABAD, 380009,
HAVING ITS BRANCH OFFICE AT "SPRINGS", 1ST FLOOR,
NEAR RELIANCE FRESH, EDAPPAZHANJI, THYCAUD P.O.,
THIRUVANANTHAPURAM DISTRICT, PIN-695014.
2 AUTHORIZED OFFICER UNDER SARFAESI ACT,
HDB FINANCIAL SERVICES LTD., "SPRINGS", 1ST FLOOR,
NEAR RELIANCE FRESH, EDAPPAZHANJI, THYCAUD P.O.,
THIRUVANANTHAPURAM DISTRICT, PIN-695014.
SC- SRI. PRADEESH CHACKO
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
18.02.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C).No.4144 OF 2021
2
JUDGMENT
Dated this the 18th day of February 2021
Heard both sides.
2. Learned Counsel for the petitioner submits
that the petitioner has availed financial assistance
from the 1st respondent bank, but due to outbreak of
Covid-19 pandemic, his textile business suffered a
lot causing financial crunch. Thereafter, the loan
amount has been termed as Non Performing Asset.
According to learned Counsel for the petitioner,
action under SARFAESI Act is not challenged in the
instant petition, but the petitioner wants to clear
the overdue amount in suitable instalments.
2. Learned Counsel for the respondents opposed
the petition by contending that two loans for Rs.2
crores were taken and since last one year, there is
no repayment. It is argued that total outstanding
amount as on date is Rs.41,85,316/- (Rupees Forty One
Lakhs Eighty Five Thousand Three Hundred and Sixteen
WP(C).No.4144 OF 2021
only) and if half of the amount is paid by the
petitioner by the end of March 2021, the respondents
may consider keeping the action under the SARFAESI
Act in abeyance.
3. I have considered the submission so advanced
and also perused the duly sworn memo of petition.
4. The textile business of the petitioner seems
to have suffered due to outbreak of Covid-19 pandemic
causing financial constraints. But, even then the
respondents are interested in recovering the entire
amount as seen from the argument of the learned
Counsel for the respondents. Hence, the petition is
disposed of with the following directions:
i) the petitioner to pay an amount of
Rs.15 lakhs towards the discharge of his
liability to the respondents by the end of
March 2021, and he should repay the
balance outstanding amount of loans in 12
equated monthly instalments commencing
from 21.04.2021.
ii) if the petitioner abides by the above
said direction, then the respondents shall
keep the coercive action taken under
WP(C).No.4144 OF 2021
SARFAESI Act against the petitioner in
abeyance.
iii) a single default on the part of the
petitioner in compliance with this
direction shall entitle the respondents to
continue with the action under the
SARFAESI Act against the petitioner.
iv) no further extension of time shall be
granted to the petitioner for compliance
of this direction.
The writ petition is disposed of accordingly.
Sd/-
A.M.BADAR
JUDGE
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18.2.2021
WP(C).No.4144 OF 2021
APPENDIX
PETITIONER'S/S EXHIBITS:
EXHIBIT P1 THE TRUE COPY OF THE NOTICE ISSUED TO THE
PETITIONER DATED 14.09.2020 UNDER SECTION
13(2) OF THE SARFAESI ACT.
EXHIBIT P2 THE TRUE COPY OF THE ORDER DATED 17.12.2020
IN M.C.NO.699 OF 2020 PASSED BY THE CJM,
THIRUVANANTHAPURAM.
EXHIBIT P3 THE TRUE COPY OF THE NOTICE ISSUED TO THE
PETITIONER DATED 10.02.2020 BY THE ADVOCATE
COMMISSIONER.
