Muhammadali vs The Authorized Officer
2021 Latest Caselaw 10594 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.6859 OF 2021(F)


PETITIONER/S:

                MUHAMMADALI, AGED 54 YEARS
                S/O. IBRAHIM, SRAMBIKKAL HOUSE, MANKOMBU,
                NENMENI VILLAGE, AMBALAVAYAL, PIN - 673593.

                BY ADV. SRI.M.R.SASITH

RESPONDENT/S:

                THE AUTHORIZED OFFICER,
                THE KERALA STATE CO-OPERATIVE BANK LIMITED
                KALLAYI ROAD P.O, CHALAPPURAM,
                KOZHIKODE, PIN - 673002.

                SRI. P.C. SASIDHARAN, STANDING COUNSEL

     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
29.03.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C).No.6859 OF 2021               2



                              JUDGMENT

Dated this the 29th day of March 2021

Heard both sides.

2. The petitioner had taken a business loan of

Rs.10,00,000/- (Rupees ten lakhs only) in the year 2017 and the

term of the loan is upto 2027. He defaulted in payment of the

said loan. Therefore, it was declared as Non Performing Asset

and demand notice under Section 13(2) of the SARFAESI Act

came to be issued on 19.12.2020. The petitioner is seeking

regularisation of that loan account.

3. Learned Standing Counsel appearing for the

respondents submits that as of now, the overdue amount is about

Rs.2,72,481/- and the closure amount is more than Rs.9.75

lakhs. It is argued by the learned Standing Counsel appearing for

the respondents that the petitioner should pay atleast an amount

of Rs.75,000/- (Rupees seventy five thousand only) on or before

31.03.2021 and balance overdue amount can be paid by him in

five equal monthly instalments.

4. I have considered the submissions so advanced and

perused the materials placed before me. As the respondents are

willing to grant instalment facility to the petitioner, the writ

petition is disposed of with the following directions:-

The petitioner is directed to pay an amount of Rs.75,000/-

(Rupees seventy five thousand only) towards the overdue amount

on or before 31.03.2021 . He should pay the balance overdue

amount with interest and other charges in five equated

successive monthly instalments commencing from 29.04.2021.

In addition, the petitioner should also pay the EMIs regularly. If

the petitioner complies with these directions, respondent shall

keep the coercive action, initiated against the petitioner under

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

respondent is at liberty to continue the action under the

SARFAESI Act initiated against the petitioner. No further

extension of time for compliance of this direction shall be

granted to the petitioner.

SD/-

                                                  A.M.BADAR
ajt                                                  JUDGE





                            APPENDIX
PETITIONER'S/S EXHIBITS:

EXHIBIT P1              TRUE COPY OF DEMAND NOTICE ISSUED BY THE
                        RESPONDENT DATED 19.12.2020.

EXHIBIT P1(a)           TRUE COPY OF ENGLISH TRANSLATION OF EXHIBIT
                        P1 NOTICE.

EXHIBIT P2              TRUE COPY OF THE DISCHARGE SUMMARY OF

STARCARE HOSPITAL OF THE PETITIONERS WIFE.