Noufal V.K vs Kannur District Co-Operative ...
2021 Latest Caselaw 10410 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM

                               PRESENT

                 THE HONOURABLE MR. JUSTICE A.M.BADAR

     FRIDAY, THE 26TH DAY OF MARCH 2021 / 5TH CHAITHRA, 1943

                       WP(C).No.7969 OF 2021(U)


PETITIONER:

               NOUFAL V.K
               AGED 41 YEARS
               S/O.AHAMED, PRESENTLY RESIDING AT CHAPPARATH HOUSE,
               EDACHERI P.O., KOZHIKODE 689 121

               BY ADV. SRI.M.S.AMAL DHARSAN

RESPONDENTS:

      1        KANNUR DISTRICT CO-OPERATIVE BANK
               CHOKLI BRANCH, PANNIYANNUR, CHOKIL P.O., KANNUR 670
               672, REP.BY ITS BRANCH MANAGER.

      2        THE AUTHORISED OFFICER
               KANNUR DISTRICT CO-OPERATIVE BANK, 1ST FLOOR, HEAD
               POST OFFICE BUILDING, KANNUR 670 001.


OTHER PRESENT:

               SC- SRI.M.SASINDRAN

     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
26.03.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C).No.7969 OF 2021(U)

                                    2

                               JUDGMENT

Dated this the 26th day of March 2021

Heard both sides.

2. The petitioner had availed financial assistance of Rs.12

lakhs from the respondents on 30.11.2018. Residential house was

offered as security. According to the learned counsel for the

petitioner, petitioner could not repay the loan in time and now the

petitioner wants to regularize this loan.

3. The learned counsel for the respondents submits that term

of loan is upto year 2028 and the overdue amount is about

Rs.2,69,522/-. According to the respondents, the petitioner should

clear the overdue amount in eight instalments.

4. I have considered the submissions so advanced and

perused the materials placed before me.

5. As the respondents are willing to regularize the loan by

granting instalments to the petitioner, the petition is disposed of with

the following directions.

The petitioner to clear the entire overdue amount with interest

and incidental charges if any, in twelve equated successive monthly

instalments commencing from 30.03.2021. In addition, the petitioner

should also pay EMIs regularly. If the petitioner complies with these WP(C).No.7969 OF 2021(U)

directions, then respondents should keep the action under the

SARFAESI Act, in abeyance. In case of single default, the respondents

shall continue with the action under the SARFAESI Act. No further

extension of time shall be granted to the petitioner for compliance with

these directions.

SD/-

A.M.BADAR JUDGE Nsd

//TRUE COPY//

PA TO JUDGE WP(C).No.7969 OF 2021(U)

APPENDIX PETITIONER'S/S EXHIBITS:

EXHIBIT P1 TRUE COPY OF THE REPRESENTATION DATED 24.3.2021 ALONG WITH THE POSTAL RECEIPT.