Rajeev Kumar vs The Kerala State Co-Operative ...
2021 Latest Caselaw 6085 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.3647 OF 2021(E)


PETITIONER:

               RAJEEV KUMAR
               AGED 49 YEARS
               S/O. SUNDARAN, THEKKE VEEDU, VALLIKODE P.O.
               PALAKKAD - 678 001.

               BY ADV. SRI.V.A.VINOD

RESPONDENTS:

      1        THE KERALA STATE CO-OPERATIVE BANK LIMITED
               REPRESENTED BY ITS SENIOR MANAGER, ERSTWHILE PALAKKAD
               DISTRICT CO-OPERATIVE BANK LIMITED, TOWN BRANCH,
               H.P.O. ROAD, PALAKKAD 678 001.

      2        THE KERALA STATE CO-OPERATIVE BANK LIMITED,
               REPRESENTED BY ITS AUTHORISED OFFICER,
               REGIONAL OFFICE, H.P.O. ROAD, PALAKKAD - 678 001.


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
19.02.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C) No.3647/2021                 2


                             JUDGMENT

Dated this the 19th day of February 2021

Heard both sides.

2. The petitioner had availed a loan of Rs.4,50,000/- in the

year 2015 from the respondent-Bank. However, because of

ailment of his father and financial constraints, he could not repay

the loan by paying instalments regularly. The petitioner wants to

clear the overdue amount of loan in 12 monthly instalments.

3. Learned Standing Counsel appearing for respondents

opposed the writ petition by contending that as of now the overdue

amount is Rs.7,08,023/- and as the petitioner is not regular in

repayment of loan, the entire loan was recalled, and notice under

Section 14 of the SARFAESI Act read with Rule 8 of Security

Interest (Enforcement) Rules has been issued. It is submitted that

the petitioner be directed to clear the overdue amount in eight

instalments.

4. I have considered the submissions so advanced. Keeping

in mind the facts of the instant case, this writ petition is disposed

of with the following directions:

The petitioner to clear the entire overdue amount of loan

along with other charges in 12 equated monthly instalments

commencing from 03.03.2021 apart from regular payment of EMIs.

If the petitioner follows this direction, respondents shall keep the

action under the SARFAESI Act initiated against the petitioner in

abeyance. A single default in compliance of these directions shall

entail the respondents to continue action under the SARFAESI Act

against the petitioner. No further extension of time for compliance

of these directions shall be granted.

This writ petition is disposed of as above.

Sd/-

A.M.BADAR

JUDGE

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APPENDIX PETITIONER'S EXHIBITS:

EXHIBIT P1 TRUE COPY OF THE NOTICE DATED NIL ISSUED BY THE 2ND RESPONDENT WITH ENGLISH TRANSLATION.

RESPONDENTS' EXHIBITS: NIL.

True Copy

P.S to Judge

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