Sidique vs The Branch Manager
2021 Latest Caselaw 10415 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.6698 OF 2021(J)


PETITIONER:

               SIDIQUE
               AGED 46 YEARS
               S/O.ALI, EDAKOOKARAN HOUSE, KORUMBISSERI DESOM,
               MANAVALASSERI VILLAGE, MUKUNDAPURAM TALUK,
               THRISSUR DT.

               BY ADVS.
               SMT.M.R.REENA
               SRI.P.S.SUJETH

RESPONDENTS:

      1        THE BRANCH MANAGER
               THE KERALA STATE CO-OP BANK,
               IRINJALAKUDA BRANCH,
               THRISSUR DISTRICT-680 022.

      2        THE AUTHORIZED OFFICER,
               THE KERALA STATE CO-OP BANK LTD.,
               HEAD OFFICE, SAHAKARANA SAPTHADHI MANDIRAM, TUDA
               ROAD, KOVILAKATHUPADAM, THIRUVAMBADY P.O.,
               THRISSUR-680 022.

               R1 TO R2 BY ADV. SRI.P.C.SASIDHARAN

     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.6698 OF 2021(J)

                                    2

                                 JUDGMENT

Dated this the 26th day of March 2021

Heard both sides and perused the statement filed by the

respondents.

2. The petitioner had availed agricultural loan of Rs.15

lakhs for a term of 15 years in the year 2017 by mortgaging his

property. He failed to repay the same and that is how it was

declared as non-performing asset. The petitioner now wants to

get that loan regularized. The learned counsel appearing for the

respondents submits that the Demand Notice was issued on

16.12.2017 and notice under Section 13(4) of the SARFAESI Act

was issued thereafter and symbolic possession of the secured

asset was taken on 04.01.2021. It is pointed out that the overdue

amount is about Rs.8,15,838/- and closure amount is more than

Rs.17.74 lakhs. According to the learned counsel for the

respondents, considering the fact that the petitioner is a chronic

defaulter, the petitioner be directed to pay an amount of

Rs.2,00,000/- prior to the end of this financial year and the

balance amount can be paid in 8 equated monthly installments.

3. The learned counsel for the petitioner submits that

suitable installments be granted.

4. As the respondents are willing to grant facility of WP(C).No.6698 OF 2021(J)

installment to the petitioner for clearing the overdue amount, the

petition is disposed of with the following directions:

The petitioner to pay an amount of Rs.1,00,000/- for

discharging his liability towards the overdue amount on or before

31.03.2021. In addition, the petitioner should pay the balance

overdue amount in 10 equated successive monthly installments

commencing from 26.04.2021. The petitioner should also pay

EMIs regularly. If the petitioner abides by these directions, then

the respondents are restrained from continuing coercive action if

any, initiated against the petitioner under the SARFAESI Act. In

case of single default by the petitioner, the respondents shall be

at liberty to continue with the action under the SARFAESI Act if

any initiated against the petitioner. No further extension of time

shall be granted to the petitioner in complying with these

directions.

Sd/-

A.M.BADAR

JUDGE

DK WP(C).No.6698 OF 2021(J)

APPENDIX PETITIONER'S EXHIBITS:

EXHIBIT P1 A TRUE COPY OF THE POSSESSION NOTICE DATED 20.03.2020 WITH TRANSLATION.

EXHIBIT P2 A TRUE COPY OF THE REPRESENTATION DATED 04.02.2021 SENT BY THE PETITIONER.

RESPONDENTS' EXHIBITS: NIL