Sarathlal M.P vs The Branch Manager
2021 Latest Caselaw 6299 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                PRESENT

                  THE HONOURABLE MR. JUSTICE A.M.BADAR

    MONDAY, THE 22ND DAY OF FEBRUARY 2021 / 3RD PHALGUNA, 1942

                        WP(C).No.3079 OF 2021(H)


PETITIONER/S:

                SARATHLAL M.P.,
                AGED 33 YEARS,
                S/O. SANTHA, MAVULLIPURATHOOTT, ARANGADATH,
                CHENGOTTUKAVU, MELUR, KOZHIKODE DISTRICT,
                PIN-673306.

                BY ADV. SRI.P.T.SHEEJISH

RESPONDENT/S:

      1         THE BRANCH MANAGER,
                KERALA STATE CO-OPERATIVE BANK LTD., KALLAI ROAD,
                CALICUT, KERALA-673002.

      2         THE AUTHORIZED OFFICER,
                KERALA STATE CO-OPERATIVE BANK LTD., KALLAI ROAD,
                CALICUT, KERALA-673002.




                SC- SRI. GILBERT GEORGE CORREYA

     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
22.02.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C).No.3079 OF 2021

                                      2




                              JUDGMENT

Dated this the 22nd day of February 2021

Heard both sides.

2. Petitioner has availed a financial assistance

from the 1st respondent bank for the purpose of

completion of his homestead, pledging the same with

the bank. Because of financial crunch caused by the

loss in the business, petitioner could not repay the

loan in time, and that is how the 1st respondent

declared it as a Non Performing Asset. Accordingly,

action under the SARFAESI Act is initiated against the

petitioner.

3. Learned Counsel for the petitioner submits

that the petitioner is not challenging the action

taken under the SARFAESI Act against him, but he is

interested in getting instalments for clearing the

overdue amount of loan.

4. Learned Counsel for the respondents opposed

the petition by contending that the overdue amount of WP(C).No.3079 OF 2021

loan as on 06.02.2021 is Rs.2,11,405/- (Rupees Two

Lakhs Eleven Thousand Four Hundred and Five only).

Notice for taking possession of the secured asset has

already been issued by the respondents.

5. I have considered the submissions so advanced

and perused the material placed before me.

6. In the facts and circumstances of the case,

interest of justice would be served if the petition

is disposed of with granting instalments to the

petitioner, and accordingly the following order.

i. Petitioner shall clear the entire overdue amount in ten equated successive monthly instalments commencing from 02.03.2021. In addition, petitioner shall pay the regular EMI's.

ii. If the petitioner complies with the said order, the respondents shall keep the coercive action under the SARFAESI Act initiated against the petitioner in abeyance.

iii. A single default on the part of the petitioner shall entitle the respondent to continue with the action under the SARFAESI Act.

WP(C).No.3079 OF 2021

iv. No further extension of time for compliance of this order shall be granted to the petitioner.

The Writ Petition is disposed of accordingly.

Sd/-

A.M.BADAR

JUDGE

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22.2.2021 WP(C).No.3079 OF 2021

APPENDIX PETITIONER'S/S EXHIBITS:

EXHIBIT P1 THE TRUE COPY OF THE POSSESSION NOTICE DATED 30.1.2021 ISSUED BY THE 2ND RESPONDENT AND ALONG WITH TRANSLATION.