Karthik vs Irinjalakkuda Town Co-Operative ...
2021 Latest Caselaw 6728 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                PRESENT

                  THE HONOURABLE MR. JUSTICE A.M.BADAR

   THURSDAY, THE 25TH DAY OF FEBRUARY 2021 / 6TH PHALGUNA, 1942

                        WP(C).No.4930 OF 2021(M)


PETITIONER/S:

                KARTHIK,
                S/O MUKUNDAN, KOMATHUKATTIL HOUSE,
                NANDIKKARA P.O-680 301.

                BY ADV. SMT.S.MUMTAZ

RESPONDENT/S:

                IRINJALAKKUDA TOWN CO-OPERATIVE BANK,
                REP. BY THE AUTHORISED OFFICER, TANA SOUTH,
                IRINJALAKKUDA, THRISSUR-680 121.




                SC- SRI. DEVAPRASANTH P.J

     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
25.02.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C).No.4930 OF 2021

                                  2




                           JUDGMENT

Dated this the 25th day of February 2021

Heard both sides.

2. Learned Counsel for the petitioner submits that

petitioner had obtained financial assistance in the

form of Term loan of Rs.3,00,000/- and Rs.19,00,000/-

from the respondent bank, but the loan could not be

repaid in time. Learned Counsel for the petitioner

further submits that the petitioner wants to clear the

entire overdue amount in 8 or 10 instalments.

3. Learned Counsel for the respondent opposed the

petition by contenting that the loan was obtained in

the year 2018 and 2019. However, the petitioner

failed to pay the instalments in due time. It is

further argued that, on 25.01.2021, sale notice has

been issued and now the sale is scheduled to be held

on 02.03.2021. According to learned Counsel for the

respondent, the overdue amount is about Rs.8,52,839/-

(Rupees Eight Lakhs Fifty Two Thousand Eight Hundred WP(C).No.4930 OF 2021

and Thirty Nine Only) and therefore, the petitioner

cannot be permitted to clear the same in instalments.

4. I have considered the submissions so advanced

and also perused the material placed before me.

5. Petitioner has shown his willingness to repay

the overdue amount in instalments apart from

continuing to pay regular EMI's. Therefore, the

petitioner deserves one more chance to protect the

secured assets. Hence, this petition is disposed of

with the following directions:

i) Petitioner to clear 1/3rd of the overdue amount, with charges and interest, by 31.03.2021 and he should clear the balance overdue amount and other charges with interest in 10 equated successive monthly instalments commencing from 12.04.2021. In addition to this, the petitioner should continue to pay the regular EMI's.

ii) If the petitioner abides by this direction, then the respondents shall keep the coercive action under the SARFAESI Act initiated against the petitioner in abeyance.

WP(C).No.4930 OF 2021

iii) Failure to comply with this direction given in this judgment shall entitle the respondents to continue with the action under the SARFAESI Act initiated against the petitioner.

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

The writ petition is disposed of accordingly.

Sd/-

A.M.BADAR

JUDGE

uu

25.2.2021 WP(C).No.4930 OF 2021

APPENDIX PETITIONER'S/S EXHIBITS:

EXHIBIT P1 NOTICE OF SALE DATED 25.1.2021 ISSUED BY THE RESPONDENT TO THE PETITIONER

EXHIBIT P1 A TRUE TRANSLATION OF EXT P1

EXHIBIT P2 REQUEST LETTER DATED 15.2.2021 GIVEN BY THE PETITIONER TO THE RESPONDENT