Komalam vs The Authorised Officer
2021 Latest Caselaw 6088 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.3603 OF 2021(A)


PETITIONER:

              KOMALAM,
              AGED 65 YEARS
              W/O. MURALIDHARAN, MAARATHU, THAVAMI, THAZHATOOR
              (P.O)

              BY ADV. SRI.M.R.SASITH

RESPONDENT:

              THE AUTHORISED OFFICER,
              THE KERALA STATE CO-OPERATIVE BANK LIMITED, KALPETTA
              NORTH, WAYANAD,PIN-673 592


OTHER PRESENT:

              SC- SRI GILBERT GEORGE CORREYA

     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.3603 OF 2021(A)


                                     2

                              JUDGMENT

Dated this the 19th day of February 2021

Heard the learned counsel for the petitioner. He argued that in

the year 2017, petitioner has taken loan of Rs.10,00,000/- for the

purpose of his business. However, the same could not be repaid

because of financial crunch and that has resulted in initiation of

proceedings under the SARFAESI Act. The learned counsel for the

petitioner submits that petitioner wants to clear the entire overdue

amount in seven monthly instalments.

2. Learned counsel for the respondent opposed the petition by

contending that overdue amount as on 04.02.2021 is Rs.6,04,464/-

and the term of the loan is upto the year 2024. The learned counsel

for the respondent however submits that if the petitioner repays the

entire overdue amount in suitable instalments, the respondent may

consider keeping the SARFAESI action in abeyance.

3. Keeping in mind, the submissions made by the learned

counsel for the parties, as well as the facts of the instant case, the

petition is disposed of with the following direction.

4. The petitioner to clear the entire overdue amount as well as

other charges in seven monthly instalments commencing from

02.03.2021. In addition, the petitioner should also pay EMIs regularly. WP(C).No.3603 OF 2021(A)

If the petitioner complies with this direction, the respondent shall

keep the action under the SARFAESI Act initiated against the petitioner

in abeyance. A single default on the part of the petitioner shall entail

the respondent to continue with the pending action under the

SARFAESI Act against the petitioner. No further extension of time for

complying with this order shall be granted to the petitioner.

Sd/-

A.M.BADAR Nsd //true copy// JUDGE PA to Judge WP(C).No.3603 OF 2021(A)

APPENDIX PETITIONER'S/S EXHIBITS:

EXHIBIT P1 TRUE COPY OF THE DEMAND NOTICE ISSUED BY THE RESPONDENT

EXHIBIT P1A TRUE COPY OF ENGLISH TRANSLATION OF EXHIBIT P1

EXHIBIT P2 TRUE COPY OF NOTICE OF OVERDUES ISSUED BY THE BANK TO THE PETITIONER DATED 13.11.2020

EXHIBIT P2A TRUE COPY OF ENGLISH TRANSLATION OF EXHIBIT P2

EXHIBIT P3 TRUE COPY OF SERIES OF RECEIPT ISSUED BY RESPONDENT BANK