Kariyadath Baburaj vs The Manager, M/S.Hdb Financial ...
2021 Latest Caselaw 14859 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. 10470 OF 2021
PETITIONER/S:

    1       KARIYADATH BABURAJ,AGED 60 YEARS
            S/O.KARIYADATH KANARAN, KARIYADATH HOUSE,
            PAYYANAKKAL, KALLAI P.O., CALICUT - 673 003.

    2       KARIYADATH AJITHAKUMARI,AGED 51 YEARS
            W/O.KARIYADATH BABURAJ, KARIYADATH HOUSE,
            PAYYANAKKAL, KALLAI P.O., CALICUT - 673 003.

    3       JIBIN K.,AGED 30 YEARS
            S/O.KARIYADATH BABURAJ, KARIYADATH HOUSE,
            PAYYANAKKAL, KALLAI P.O., CALICUT - 673 003.

            BY ADVS.M.PROMODH KUMAR
            SMT.MAYA CHANDRAN



RESPONDENT/S:

    1       THE MANAGER, M/S.HDB FINANCIAL SERVICE LTD.
            2ND FLOOR, ABOVE AXIS BANK, NEAR IQRRA HOSPITAL,
            WAYANAD ROAD, P.O.MALAPARAMBA, KOZHIKODE - 673
            009.

    2       THE AUTHORISED OFFICER
            M/S.HDB FINANCIAL SERVICE LTD., 2ND FLOOR, ABOVE
            AXIS BANK, NEAR IQRRA HOSPITAL, WAYANAD ROAD,
            P.O.MALAPARAMBA, KOZHIKODE - 673 009.

            BY ADV P.PAULOCHAN ANTONY, SC


     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. 10470 OF 2021



                                      -2-


                            A.M.BADAR, J.

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                     WP(C) NO. 10470 OF 2021
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                Dated this the 15th day of July, 2021

                              JUDGMENT

Heard both sides.

2. The learned counsel for the petitioners submitted that the petitioners could not repay the loan taken from the respondent in due time and as such, the loan account turned into 'Non Performing Asset'. The second petitioner is a kidney patient and the first petitioner was required to undergo Bypass surgery. Because of lock-down, the business of the petitioners is adversely affected and as such, the petitioners became defaulters. They, however, want to repay the loan and particularly, the overdue amount in instalments. The factory of the petitioners is employed 20 workers and livelihood of the families of the workers are depending on running of the factory. WP(C) NO. 10470 OF 2021

3. Per contra, the learned counsel for the respondents, on instructions, submits that the loan account of the petitioners became Non Performing Asset on 3.2.2020 and moratorium period of three months was granted to the petitioners on earlier occasion. The overdue amount, according to the respondents, is about Rs.22,11,121/- and the petitioners should deposit half of the overdue amount immediately and the remaining overdue amount can be deposited in instalments.

4. I have considered the submissions and perused the materials placed before me.

5. The petitioners are running a factory employing several workers. The petitioners have assured their willingness to repay the overdue amount in instalments. The respondents are also willing to grant instalemnts to the petitioners. But according to them, the half of the overdue amount needs to be paid forthwith and remaining amount can be paid in 7 or 8 instalments. Considering the totality WP(C) NO. 10470 OF 2021

of the circumstances as well as the health issue of the petitioners, this petition can be disposed of with the following directions:-

The petitioners to clear the entire overdue amount with interest and other charges in ten successive equated monthly instalments, commencing from 9.8.2021. In addition, the petitioners should also pay the regular EMIs of the loan availed by them. If the petitioners 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 entitle the respondents to continue with the action under the SARFAESI Act. No further extention of time shall be granted in any circumstances to the petitioners.

sd A.M.BADAR, JUDGE.

dl/ WP(C) NO. 10470 OF 2021

APPENDIX OF WP(C) 10470/2021

PETITIONER ANNEXURE

EXHIBIT P1 TRUE COPY OF THE 2ND PETITIONER'S DIALYSIS CARD ISSUED BY IQRAA HOSPITAL AND DIAGNOSTIC CENTRE.

EXHIBIT P2 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER TO THE PETITIONERS DATED 19/04/2021.