Bindhu Sudhakaran vs The Authorized Officer
2021 Latest Caselaw 6082 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM

                               PRESENT

                 THE HONOURABLE MR. JUSTICE A.M.BADAR

     FRIDAY, THE 19TH DAY OF FEBRUARY 2021 / 30TH MAGHA,1942

                       WP(C).No.3871 OF 2021(H)


PETITIONER:

               BINDHU SUDHAKARAN
               AGED 54 YEARS
               W/O. SUDHAKARAN, 'SREEKAILAS', PRAVACHAMBALAM, NEMOM
               P. O., THIRUVANANTHAPURAM - 695 020, PROPRIETOR, M/S
               VILAKKUMADAM CONSTRUCTIONS, SREEKAILAS, 561, NEAR
               NEYYATTINKARA CO-OPERATIVE SOCIETY BRANCH VIII,
               PRAVACHAMBALAM, NEMOM P. O., THIRUVANANTHAPURAM - 695
               020.

               BY ADVS.
               SRI.K.S.BHARATHAN
               SRI.ALPHIN ANTONY
               SRI.AADITHYAN S.MANNALI
               SRI.VISAKH ANTONY
               SRI.ABEL ANTONY
               SRI.CHRISTINE MATHEW

RESPONDENTS:

      1        THE AUTHORIZED OFFICER, FEDERAL BANK LTD.,
               THIRUVANANTHAPURAM DIVISION, 4TH FLOOR, FEDERAL
               TOWERS, STATUE, THIRUVANANTHAPURAM,PIN - 695 001.

      2        THE MANAGER
               FEDERAL BANK LTD., PAPPANAMCODE BRANCH,
               THIRUVANANTHAPURAM,PIN - 695 002.

               R1-2 BY ADV. SRI.SUNIL SHANKER
               R1-2 BY ADV. SMT.K.ARUNDHATHI

     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
19.02.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C).No.3871 OF 2021(H)

                                   2

                             JUDGMENT

Dated this the 19th day of February 2021

Heard both sides.

2. The petitioner is in the business of construction. He has

availed cash credit facility of Rs.1.10 crores and overdraft of

Rs.25,00,000/- from the respondent Bank. The limit of the cash credit

facility expired and the loan account was declared as non-performing

asset by the respondent in July, 2019. Similar is the case in respect of

the overdraft facility which came to be declared as non-performing

asset in July, 2019. The learned counsel for the petitioner submits

that the petitioner has already paid Rs.5,00,000/- towards discharge

of his liability in the last week and he is willing to pay further amount

of Rs.15,00,000/- within a period of one week from today. He submits

that the petitioner will clear the entire outstanding amount with

necessary charges in eight equal successive monthly instalments

commencing from 20.03.2021.

3. The learned counsel for the respondent argued that heavy

amount is outstanding against the petitioner and therefore, the

petitioner cannot be granted any relief of repayment by instalments.

The learned counsel for the respondents submits that if the petitioner

fulfills the commitment made by him before this Court during the WP(C).No.3871 OF 2021(H)

course of arguments, then this Court may pass appropriate order and

the respondent will abide by the said order.

4. I have considered the submissions so advanced and also

perused the materials placed before me. The petitioner has already

paid an amount of Rs.5,00,000/- to show his bonafides and therefore,

keeping in mind, the interest of the respondents in recovery of the

overdue amount payable by the petitioner, the petition is disposed of

with the following directions.

5. The petitioner to repay an amount of Rs.15,00,000/- within

one week from today and he should pay the remaining amount

outstanding in his cash credit account, overdraft account as well as

other charges in eight equal successive monthly instalments

commencing from 22.03.2021.

If the petitioner abides by this direction, then the action initiated

under the SARFAESI Act against the petitioner may be kept in

abeyance. In case of single default, the respondent shall be entitled to

continue the action initiated against the petitioner under the SARFAESI

Act.

Sd/-

A.M.BADAR Nsd //true copy// JUDGE PA to Judge WP(C).No.3871 OF 2021(H)

APPENDIX PETITIONER'S/S EXHIBITS:

EXHIBIT P1 TRUE COPY OF THE BANK STATEMENT WITH REGARD TO LOAN NO.10465500002186 FOR THE PERIOD FROM 17.07.2017 TO 10.02.2021.

EXHIBIT P2 TRUE COPY OF THE BANK STATEMENT WITH REGARD TO LOAN NO.10465600001849 FOR THE PERIOD FROM 17.07.2017 TO 10.02.2021.

EXHIBIT P3 TRUE COPY OF THE LEGAL NOTICE DATED 13.10.2020 ISSUED BY THE COUNSEL OF THE 2ND RESPONDENT.

EXHIBIT P4 TRUE COPY OF THE LETTER ISSUED BY THE 1ST RESPONDENT DATED 15.01.2021.

EXHIBIT P5 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 02.02.2020.

EXHIBIT P5(a) TRUE ENGLISH TRANSLATION OF EXHIBIT P5.