Rajeesh Nettiyarath vs The Authorised Officer
2021 Latest Caselaw 14671 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. 13648 OF 2021
PETITIONER:

          RAJEESH NETTIYARATH
          SREYAS, ERANAM P.O., MUPPATHADAOM, ERNAKULAM - 683 110.

          BY ADV MANSOOR.B.H.



RESPONDENT:

          THE AUTHORISED OFFICER
          STATE BANK OF INDIA, RACPC -II, ADMINISTRATIVE OFFICE,
          PANAMPALLY NAGAR, KOCHI - 682 036.


OTHER PRESENT:

          SRI.JAYESH MOHAN KUMAR,SC




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
14.07.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C) No.13648 of 2021             2


                           JUDGMENT

The petitioner approached this Court seeking regularisation of

his loan account. According to the petitioner, the default in payment

of loan occurred because of death of father of the petitioner so also

because of loss in business due to Covid-19 pandemic.

2. Learned Standing Counsel appearing for the respondent-Bank

drew my attention to the judgment of this Court, Ext.P1, by which

way back in the year 2014, loan account was regularised under the

orders of the court. It is argued that subsequent thereto also, loan

account was not serviced properly and last payment made by the

petitioner is in January 2020 and that too of a meagre amount of

Rs.54,000/- when the EMI itself is Rs.21,000/-. According to the

learned Standing Counsel, the closure amount is about Rs.20.80 lakhs

whereas the overdue amount is Rs.9,06,503/- as on today. It is

submitted that if this amount of Rs.9,06,503/- is deposited by the

petitioner by the end of this month, then the respondent shall keep

coercive action under the SARFAESI Act in abeyance provided

thereafter the petitioner pays the EMIs regularly.

In this view of the matter, this writ petition is disposed of with

the following directions:

If the petitioner pays the entire overdue amount of

Rs.9,06,503/- by the end of this month and continues to pay the EMIs

regularly, then the respondent shall keep the pending action under

the SARFAESI Act in abeyance. A single default on the part of the

petitioner in compliance with these directions shall entail the

respondent to continue with the coercive action initiated against the

petitioner. No further extension of time shall be granted to the

petitioner for compliance with these directions.

Sd/-

A.M.BADAR

JUDGE

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APPENDIX OF WP(C) 13648/2021

PETITIONER EXHIBITS:

Exhibit P1 TRUE COPY OF THE JUDGMENT DATED 26/9/2014 IN WP(C) NO.25026/2014 OF THIS HON'BLE COURT.

Exhibit P2 TRUE COPY OF THE NOTICE BEARING AGM/RACPC-

11/EKM ISSUED BY THE RESPONDENT DATED 8/3/2021.

RESPONDENT'S EXHIBITS: NIL.

True Copy

P.S to Judge

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