Kerala High Court
P. V .Mohanlal vs Punjab National Bank Ltd on 1 July, 2021
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE P.B.SURESH KUMAR
THURSDAY, THE 1ST DAY OF JULY 2021 / 10TH ASHADHA, 1943
WP(C) NO. 12869 OF 2021
PETITIONER:
P. V .MOHANLAL
AGED 48 YEARS
S/O.VASU, PUTHENPARAMBIL HOUSE, KODANCHERRY,
KOZHIKODE, KERALA - 673580
BY ADVS.
SANTHAN V.NAIR
CHRISTEENA P GEORGE
RESPONDENTS:
PUNJAB NATIONAL BANK LTD.
HAVING ITS REGISTERED OFFICE AT SHANTHI BHAVAN,
MINI BYEPASS, OPPOSITE BUS STOP, GOVINDAPURAM,
KOZHIKODE, KERALA - 673016
REPRESENTED BY THE CIRCLE MANAGER
BY SRI.SANTHEEP ANKARATH, SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 01.07.2021, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
W.P.(C) No.12869 of 2021 2
W.P.(C) No.12869 of 2021
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JUDGMENT
Petitioner, who is a lawyer, availed an education loan
from the respondent bank for undergoing a post graduate course
in law abroad. It is stated that the petitioner could not, for
reasons beyond his control, repay the instalments of the loan.
The bank has consequently initiated proceedings under the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 for realisation of the
balance outstanding in the loan account. The petitioner then
approached the bank for one time settlement of the liability. On
the request made by the petitioner, the bank has permitted the
petitioner to liquidate the liability by remitting Rs.16 lakhs on
condition that Rs.3,20,000/- out of the same shall be paid on or
before 31.03.2021 and the balance amount of Rs.12,80,000/-
shall be paid on or before 28.06.2021. The petitioner accepted
the said offer and remitted Rs.3,20,000/- on 31.03.2021. The writ
petition is filed on 25.06.2021 seeking enlargement of time
prescribed for payment of the balance amount by six months. It is
stated in the writ petition that the petitioner had entered into an
agreement for sale of his property, and expecting that the sale
proceeds would be received before 28.06.2021, that he had made
the offer to liquidate the liability before the said date. It is also
stated by the petitioner that due to the restrictions in connection
with the prevention of the spread of pandemic, Covid-19, the
purchaser of the property could not raise the balance sale
consideration payable to the petitioner, and the purchaser has
assured the petitioner to pay the balance amount within six
months.
2. Heard the learned counsel for the petitioner as
also the learned Standing Counsel for the respondent Bank.
3. The learned Standing Counsel for the respondent
Bank pointed out that the liability of the petitioner has been
substantially reduced in the light of the offer made by him to
liquidate the liability on or before 28.06.2021 and therefore, there
is absolutely no bonafides in seeking further time for liquidation
of the liability.
Having regard to the peculiar facts and circumstances
of the case, especially the fact that the loan in question is an
education loan, I deem it appropriate to dispose of the writ
petition granting four months time to the petitioner from
28.06.2021 to pay the balance amount viz, Rs.12,80,000/-, on
condition that the petitioner shall pay interest for the said amount
from 28.06.2021 at the rate of 9% per annum till the date of
payment and on further condition that he shall remit a sum of
Rs.1,00,000/- within one month and another sum of Rs.1,00,000/-
within a month thereafter. Ordered accordingly.
Sd/-
P.B.SURESH KUMAR, JUDGE.
ds 01.07.2021
APPENDIX
PETITIONER'S EXHIBITS:
EXHIBIT P1 TRUE COPY OF THE ONE TIME SETTLEMENT
OFFER LETTER DATED 31.03.2021 ISSUED BY
THE RESPONDENT IN FAVOUR OF THE
PETITIONER
EXHIBIT P2 TRUE COPY OF THE RECEIPT DATED
31.03.2021 EVIDENCING PAYMENT OF 1ST
INSTALLMENT OF OTS AMOUNT AS PER EXT.P1
EXHIBIT P3 TRUE COPY OF THE REPRESENTATION DATED
21.06.2021 SUBMITTED BY THE PETITIONER
BEFORE THE RESPONDENT FOR EXTENSION OF
TIME WITH ENGLISH TRANSLATION
