Baburajan C. P vs Kerala State Co-Operative Bank ...
2021 Latest Caselaw 6084 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.3842 OF 2021(E)


PETITIONER/S:

                BABURAJAN C. P.
                AGED 54 YEARS
                S/O. MADHAVAN, EDAPPARAMBATH HOUSE, NARIKUZHI,
                KOZHIKODE DISTRICT, PIN - 673571.

                BY ADV. SHRI.V.N.RAMESAN NAMBISAN

RESPONDENT/S:

      1         KERALA STATE CO-OPERATIVE BANK LTD.,
                (FORMER KOZHIKODE DISTRICT CO-OPERATIVE BANK),
                REPRESENTED BY ITS MANAGER, KOZHIKODE, P. O.
                CHALAPPURAM, KOZHIKODE DISTRICT, PIN - 673002.

      2         AUTHORIZED OFFICER
                KERALA STATE CO-OPERATIVE BANK LTD., KALLAI ROAD,
                KOZHIKODE DISTRICT, PIN - 673002.


OTHER PRESENT:

                SC-SRI. P.C.SASIDHARAN

     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.3842 OF 2021(E)

                                     2

                               JUDGMENT

Dated this the 19th day of February 2021

Heard both sides.

2. The petitioner is the guarantor of housing loan availed by

his wife. The loanee could not re-pay the loan because of financial

crunch and that is how, the guarantor is before this Court seeking for

regularization of instalment of loan facility.

3. Learned counsel for the petitioner submits that the Bank

has initiated recovery proceedings and the petitioner wants breathing

time of two months for clearing the overdue amount as well as

repayment of loan taken by the loanee.

4. The learned counsel for the respondent opposed the

petition by contending that as on 15.02.2021, outstanding amount is

Rs.9,82,762/- and the term of loan is up to 2026. He submits that the

petitioner must pay an amount of Rs.3,00,000/- by the end of March

2021 and he shall pay the balance amount in eight instalments so as

to enable the respondent to keep the coercive action in abeyance.

5. I have considered the submissions so advanced and also

perused the materials placed before me.

6. The petitioner is willing to clear the dues in instalment, and

therefore, in the interest of justice, I pass the following order WP(C).No.3842 OF 2021(E)

disposing the petition.

7. The petitioner to pay entire overdue amount as well as

other dues as on date in twelve equated successive monthly

instalments commencing from 02.03.2021. In addition, the petitioner

should also pay regularly the EMIs of the loan.

If this direction is followed by the petitioner, then the

respondents shall keep the action under the SARFAESI Act initiated

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

this direction shall entail the respondents to continue with the action

under the SARFAESI Act initiated by it. No further extension of time

for compliance of this direction shall be granted to the petitioner.

Sd/-

A.M.BADAR Nsd //true copy// JUDGE PA to Judge WP(C).No.3842 OF 2021(E)

APPENDIX PETITIONER'S/S EXHIBITS:

EXHIBIT P1 TRUE COPY OF NOTICE DATED 30.12.2019 UNDER SECTION 13(2) OF THE SARFAESI ACT AND ITS ENGLISH TRANSLATION.

EXHIBIT P2 TRUE COPY OF THE POSSESSION NOTICE DATED 20.03.2020 UNDER SECTION 13(4) OF THE SARFAESI ACT AND ITS ENGLISH TRANSLATION.

EXHIBIT P3 TRUE COPY OF THE POSSESSION NOTICE DATED 11.02.2021 UNDER SECTION 13(8) OF THE SARFAESI ACT AND ITS ENGLISH TRANSLATION.