Shameel Akram M.P vs The General Manager/Authorized ...
2021 Latest Caselaw 14856 Ker

            IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
              THE HONOURABLE MR. JUSTICE A.M.BADAR
  THURSDAY, THE 15TH DAY OF JULY 2021 / 24TH ASHADHA, 1943
                      WP(C) NO. 8312 OF 2021
PETITIONER/S:

            SHAMEEL AKRAM M.P.,
            AGED 45 YEARS
            S/O.MUHAMMED.M.P., M.P.B.HOUSE, AREEKODE P.O.,
            MALAPPURAM DISTRICT.

            BY ADV BABU S. NAIR



RESPONDENT/S:

    1       THE GENERAL MANAGER/AUTHORIZED OFFICER
            MANJERI CO-OPERATIVE URBAN BANK LTD., REGISTERED
            OFFICE, COURT ROAD, MANJERI P.O., MALAPPURAM
            DISTRICT, PIN-676 121.

    2       THE BRANCH MANAGER,
            MANJERI CO-OPERATIVE URBAN BANK LTD., AREEKODE
            BRANCH, MALAPPURAM DISTRICT, PIN-673 639.

            BY ADV SHRI.K.VIDYASAGAR




     THIS     WRIT   PETITION    (CIVIL)     HAVING    COME    UP    FOR
ADMISSION    ON   15.07.2021,     THE     COURT   ON   THE    SAME   DAY
DELIVERED THE FOLLOWING:
 WP(C) NO. 8312 OF 2021


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                            A.M.BADAR, J.

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                     WP(C) NO. 8312 OF 2021
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               Dated this the 15th day of July, 2021

                               JUDGMENT

Heard both sides.

2. The petitioner had availed a business loan of Rs.50,00,000/- from the 2nd respondent on 21.3.2016 in the form of cash credit facility for a period of one year. It is argued on behalf of the petitioner that business of the petitioner went into heavy losses and as such, the petitioner could not make prompt repayment of the loan, resulting the loan account has been declared as Non Performing Asset and necessary proceedings under the SARFAESI Act are initiated.

2. The learned counsel for the petitioner submits that the petitioner has duly complied with the interim order of WP(C) NO. 8312 OF 2021

this court by depositing Rs.10,00,000/- and willing to pay the balance amount lying unpaid in his cash credit facility account with interest and other charges in 12 monthly instalments.

3. Per contra, the learned counsel appearing for respondents submits that on 1.6.2016, the account of the petitioner was declared as Non Performing Asset and the total amount due is about Rs.64,63,865/-, which the petitioner can pay in ten instalemnts so as to defer the proceedings under the SARFAESI Act.

4. |I have considered the submissions of both sides. As the respondents are willing to grant instalments to the petitioner for repayment of the amount of cash credit facility due and payable, this Writ Petition is disposed of with the following directions:-

The petitioner to repay the entire amount due and payable to the 2nd respondent along with WP(C) NO. 8312 OF 2021

interest and other charges in respect of the cash credit facility in 12 successive equated monthly instalments, commencing from 9.8.2021. If the petitioner follows the direction so given, the respondents can keep the coercive steps under the SARFAESI Act in abeyance. A single default in compliance with the direction shall entail the respondents to continue with the action under the SARFAESI Act. No further extention of time shall be granted in any circumstances to the petitioner.

sd A.M.BADAR, JUDGE.

dl/ WP(C) NO. 8312 OF 2021

APPENDIX OF WP(C) 8312/2021

PETITIONER ANNEXURE

EXHIBIT P1 TRUE COPY OF THE NOTICE ISSUED BY THE FIRST RESPONDENT DATED 17.03.2021.

EXHIBIT P1 A TRUE ENGLISH TRANSLATION OF EXHIBIT P1.