Sathi vs The Trichur Urban Co-Operative ...
2021 Latest Caselaw 10588 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM

                              PRESENT

                THE HONOURABLE MR. JUSTICE A.M.BADAR

     MONDAY, THE 29TH DAY OF MARCH 2021 / 8TH CHAITHRA, 1943

                      WP(C).No.8148 OF 2021(P)


PETITIONER:

              SATHI
              AGED 59 YEARS
              W/O. RAVI, KOOTTATHUPARAMBIL HOUSE, VALAKKAVU,
              MULAYAM.P.O., THRISSUR-680 751.

              BY ADV. SRI.JOHNSON JOSE PANJIKKARAN

RESPONDENT:

              THE TRICHUR URBAN CO-OPERATIVE BANK LTD
              MISSION QUARTERS BRANCH, THRISSUR -680 001,
              REPRESENTED BY ITS AUTHORISED OFFICER.


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
29.03.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C) No.8148/2021                2


                              JUDGMENT

Dated this the 29th day of March 2021

Heard both sides.

2. The petitioner had availed loan of Rs.11 lakhs in the year

2017 for renovation of her house. Because of financial crisis, she

was unable to repay the loan which has resulted in rendering it as

non performing asset. Now the petitioner wants to regularise her

loan account by paying the entire overdue amount in instalments.

3. Learned counsel appearing for the respondent submits

that the overdue amount is about Rs.5.48 lakhs and the petitioner

can get the loan regularised in eight instalments.

4. Learned counsel for the petitioner submits that the

petitioner can, with the financial resource available with her, clear

the entire overdue amount in ten instalments.

In the light of this facts, this writ petition is disposed of with

the following directions:

The petitioner to clear the entire overdue amount with

interest and other charges in ten equated successive monthly

instalments commencing from 05.04.2021. In addition, the

petitioner should also pay the EMIs regularly. If the petitioner

complies with these directions, then the respondent shall keep

coercive action under the SARFAESI Act initiated against the

petitioner 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 PETITIONER'S EXHIBITS:

EXHIBIT P1 TRUE COPY OF NOTICE DATED 4.3.2020 ISSUED BY ADVOCATE COMMISSIONER

EXHIBIT P1(a) TRUE ENGLISH TRANSLATION OF EXHIBIT P1

EXHIBIT P2 TRUE COPY OF THE JUDGMENT OF THIS HON'BLE COURT IN WA 290 OF 2021 DATED 17.02.2021 RESPONDENTS' EXHIBITS: NIL.

True Copy

P.S to Judge

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