Sheena Sharaf vs The Kerala State Co-Operative ...
2021 Latest Caselaw 6731 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.4260 OF 2021(F)


PETITIONER:

               SHEENA SHARAF
               AGED 47 YEARS
               W/O.SHARAFUDEEN, PEERUSHAPURAYIDOM, KULASEKHARAPATHY,
               PATHANAMTHITTA-689645.

               BY ADVS.
               SRI.S.SHANAVAS KHAN
               SMT.S.INDU

RESPONDENTS:

      1        THE KERALA STATE CO-OPERATIVE BANK LTD.,
               PATHANAMTHITTA BRANCH, VILAVINAL RAJ TOWER, COLLEGE
               ROAD, PATHANAMTHITTA DISTRICT-689645, REPRESENTED BY
               ITS BRANCH MANAGER.

      2        THE AUTHORISED OFFICER,
               THE KERALA STATE CO-OPERATIVE BANK LTD.,
               PATHANAMTHITTA BRANCH, VILAVINAL RAJ TOWER,
               COLLEGE ROAD, PATHANAMTHITTA DISTRICT-689645.

               R1-2 BY SRI.N.RAGHURAJ, SC.

     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
25.02.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C) No.4260/2021             2

                            JUDGMENT

Dated this the 25th day of February 2021

Heard both sides. Learned counsel for the petitioner submits

that the petitioner is not challenging any action initiated by the

respondents under the SARFAESI Act but she wants to clear the

entire overdue amount in instalments.

2. Learned Standing Counsel appearing for respondents

submits that it was on 11.08.2016, financial assistance of

Rs.8 lakhs was availed by the petitioner from the respondents for

a term of ten years. That loan account was declared as non-

performing asset on 31.12.2016. According to the respondents,

the outstanding amount is Rs.7,91,692/-whereas the overdue

amount is Rs.2,25,000/-. It is submitted that the petitioner

should atleast deposit 1/3rd of the outstanding overdue amount by

the end of March 2021 for regularising her loan account.

3. In the facts and circumstances of the instant case, this

writ petition deserves to be disposed of with the following

directions:

The petitioner to deposit 1/3rd of the outstanding overdue

amount of Rs.2,25,000/- by the end of March 2021 and she should

pay the balance outstanding overdue amount in eight equated

successive monthly instalments commencing from 05.04.2021. In

addition, the petitioner should also pay the EMIs regularly from

01.03.2021. If the petitioner abides by these directions, then the

respondents shall keep the coercive action initiated under the

SARFAESI Act in abeyance. A single default in compliance with

these directions shall entail the respondents to continue with the

action under the SARFAESI Act against the petitioner. No further

extension of time for compliance of these directions shall be

granted to the petitioner.

This writ petition is disposed of as above.

Sd/-

A.M.BADAR

JUDGE

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APPENDIX OF WP(C) 4260/2021 PETITIONER'S EXHIBITS:

EXHIBIT P1 TRUE COPY OF THE STATEMENT OF ACCOUNT ISSUED BY THE FIRST RESPONDENT.

EXHIBIT P2 TRUE COPY OF THE POSSESSION NOTICE DATED 26.9.2019 ISSUED BY THE SECOND RESPONDENT.

RESPONDENTS' EXHIBITS: NIL.

True Copy

P.S to Judge

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