Anandan P.K vs Adoor Co-Operative Urban Bank ...
2021 Latest Caselaw 180 Ker

                   IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                    PRESENT

                 THE HONOURABLE MR. JUSTICE DEVAN RAMACHANDRAN

           TUESDAY, THE 05TH DAY OF JANUARY 2021 / 15TH POUSHA, 1942

                             WP(C).No.7 OF 2021(A)


PETITIONERS:

       1         ANANDAN P.K.
                 AGED 60 YEARS
                 S/O. PADMANABHA PANICKER, AJAYA BHAVAN, KARUVATTA, ADOOR
                 P.O., PATHANAMTHITTA, PIN-691 523.

       2         SUSHEELA KUMARI V.S.
                 AGED 57 YEARS
                 W/O. ANANDAN, AJAYA BHAVAN, KARUVATTA, ADOOR P.O.,
                 PATHANAMTHITTA, PIN-691 523.

                 BY ADVS.
                 SRI.SREEKANTH S.NAIR
                 SMT.SHARI N.B.

RESPONDENTS:

                 ADOOR CO-OPERATIVE URBAN BANK LTD. NO. 1804
                 ADOOR P.O.. PATHANAMTHITTA-691 523, REPRESENTED BY ITS
                 AUTHORISED OFFICER.


OTHER PRESENT:

                 SRI. MATHEW KURIAKOSE - SC

      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05.01.2021,
THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C).No.7 OF 2021(A)

                                         2




                              JUDGMENT

The petitioners have approached this Court impugning the

recovery steps initiated by the respondent - Bank under the

provisions of the Securitisation and Reconstruction of Financial

Assets and Enforcement of Securities Interest Act ('the

SARFAESI Act' for brevity) makes a limited plea that the said

Bank be directed to offer them time until 25.03.2021 to pay off

the entire liability in the loan account.

2. The petitioners, through their learned counsel,

Sri.Sreekanth S. Nair, submits that they are making the above

request because, they have already approached another financial

institution, which is willing to take over the loan from the

respondent - Bank and therefore, that if they are granted time as

afore prayed for, they will be able to liquidate the entire loan

liability and settle the account.

3. In response, Sri.Mathew Kuriakose, learned counsel

appearing for the respondent - Bank, submitted that the overdues

in the petitioners' loan account, as on 04.01.2021, is

Rs.5,13,276/- and that if they are willing to pay off the entire

liability and liquidate the balance in the account, time can be WP(C).No.7 OF 2021(A)

given as prayed for by them but that no further extensions be

offered to them.

Taking note of the afore submissions and in particular, the

limited plea made by the petitioners, I order this writ petition and

direct the respondent - Bank to defer all action being pursued by

them under the SARFAESI Act against the petitioners until

25.03.2021; within which time, the petitioners will be at liberty to

liquidate the entire loan liability, along with all applicable

charges and interest.

Needless to say, if the petitioners pay off the amounts as

ordered above, the Bank will close the loan account and return

the title documents of the assets mortgaged with them; but if on

the contrary, the petitioners fail to comply with the afore

directions, the respondent will be at liberty to take further action

under the SARFAESI Act from the stage at which it is available

today.

This writ petition is thus ordered.

SD/-

                                          DEVAN RAMACHANDRAN

rp                                                  JUDGE
 WP(C).No.7 OF 2021(A)






                                   APPENDIX

PETITIONER'S/S EXHIBITS:

EXHIBIT P1                 TRUE COPY OF STATEMENT OF ACCOUNT ISSUED BY THE
                           RESPONDENT ON 31.12.2020.

EXHIBIT P2                 TRUE COPY OF THE NOTICES DATED 1.3.2020 ISSUED BY
                           ADVOCATE COMMISSIONER.