Srinarayan Chandrasekhar vs The Authorized Officer
2021 Latest Caselaw 14660 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
                 THE HONOURABLE MR. JUSTICE A.M.BADAR
     WEDNESDAY, THE 14TH DAY OF JULY 2021 / 23RD ASHADHA, 1943
                       WP(C) NO. 12620 OF 2021
PETITIONER:

          SRINARAYAN CHANDRASEKHAR
          AGED 50 YEARS
          S/O. CHANDRASEKHAR, RESIDING AT REMONA, RAMADEVI MANDIR
          LANE, PUNKUNNAM THISSUR 680 002.

          BY ADVS.
          T.C.SURESH MENON
          P.S.APPU



RESPONDENTS:

    1     THE AUTHORIZED OFFICER,
          STATE BANK OF INDIA, RACPC, THRISSUR, STATE BANK
          BHAVAN,, IST FLOOR, KOVILAKATHUMPADAM, THIRUVAMBADY
          P.O. THRISSUR 680 022.

    2     STATE BANK OF INDIA,
          SIB BRANCH, KOVILAKATHUMPADAM, THIRUVAMBADY P.O.
          THRISSUR 680 022, REPRESENTED BY THE CHIEF MANAGER.


OTHER PRESENT:

          SRI.G.G.MANOJ,SC,SBI




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
14.07.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 12620 OF 2021
                                    2

                               JUDGMENT

Heard both sides.

2. Learned counsel for the petitioner submits that the petitioner

had availed home loan for Rs.14.53 lakhs but because of Covid-19

pandemic, the petitioner could not repay the loan promptly as per the

scheduled time as real estate business had suffered a lot. According to

the learned counsel for the petitioner, the petitioner wants to regularize

the loan by paying the entire overdue amount in five instalments.

3. The learned counsel for the respondents submits that as of

12.07.2021, the overdue amount is about Rs.2,78,761/- and recalled

amount is about Rs.11,65,280/-. The learned counsel for the

respondents submits that the respondents shall accept the overdue

amount in three instalments and shall keep the coercive proceedings in

abeyance if instalments are regularly paid.

4. I have considered the submissions so advanced. The

respondents are willing to grant instalments for repayment of the

overdue amount. It is a matter of common knowledge that Covid-19

pandemic had caused slump in business as well as industry and it is

contention of the petitioner that he was at real estate business which WP(C) NO. 12620 OF 2021

suffered due to two consecutive floods apart from the pandemic. In this

view of the matter, as the respondents are willing to grant instalments,

the petition is disposed of with the following directions.

The petitioner to clear the entire overdue amount in five equated

successive monthly instalments commencing from 09/08/2021. In

addition, the petitioner should also pay EMIs regularly. If the petitioner

complies with these directions, then the respondents shall keep the

pending action under the SARFAESI Act in abeyance. No further

extension of time for complying these directions shall be granted to the

petitioner for any reason. A single default in compliance with these

directions shall entail the respondents to continue with the coercive

action under the SARFAESI Act.

Nsd

sd/-

A.M.BADAR JUDGE WP(C) NO. 12620 OF 2021

APPENDIX OF WP(C) 12620/2021

PETITIONER ANNEXURE

Exhibit P1 TRUE COPY OF THE REPRESENTATION SUBMITTED BY THE PETITIONER BEFORE THE 2ND RESPONDENT, DATED 28.9.2020.

Exhibit P2 TRUE COPY OF THE LETTER ISSUED BY THE 2ND RESPONDENT DATED 3.4.2021 WITH ENGLISH TRANSLATION.

Exhibit P3 TRUE COPY OF THE NOTICE ISSUED BY THE 1ST RESPONDENT DATED 19.4.2021 WHICH WAS SERVED ON THE PETITIONER ON 22.4.2021.

//true copy//

PA to Judge