Kerala High Court
C.Vinodan vs Kerala Bank @ Kozhikkode District ... on 30 March, 2021
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE A.M.BADAR
TUESDAY, THE 30TH DAY OF MARCH 2021 / 9TH CHAITHRA, 1943
WP(C).No.7688 OF 2021(I)
PETITIONER/S:
C.VINODAN,AGED 48 YEARS
S/O C.BALAN,'SNEHA'PUTHOOR.P.O,VADAKARA(VIA),
KOZHIKODE,PIN-673104.
BY ADVS.
SRI.C.R.SIVAKUMAR
SRI.K.SHAMEER MOHAMMED
SHRI.MADHUSOODANANNAIR.P
SHRI.SREEJI M.M
RESPONDENT/S:
1 KERALA BANK @ KOZHIKKODE DISTRICT CO-OPERATIVE BANK
LTD.,HEAD OFFICE,PB NO.503,CHALAPPURAM,
KOZHIKKODE,PIN-673002,REPRESENTED BY SENIOR
MANAGER/AUTHORIZED OFFICER.
2 BRANC MANAGER,
KERALA BANK @ KOZHIKKODE DISTRICT CO-OPERATIVE BANK
LTD, VATAKARA BRANCH,VATAKARA.P.O,
KOZHIKKODE DIST,PIN-673101.
SRI. P.C SASIDHARAN, STANDING COUNSEL
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
30.03.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C).No.7688 OF 2021 2
JUDGMENT
Dated this the 30th day of March 2021
Heard both sides.
2. The petitioner had availed a term loan of Rs.23,50,000/-
(Rupees twenty three lakhs and fifty thousand only) from the
respondents for business purpose. It is alleged that because of
heavy business loss and financial crisis, he could not repay the
instalments. The respondents have resorted to the action under the
SARFAESI Act against the petitioner and accordingly, demand notice
under Section 13(2) of the SARFAESI Act was issued on
14.10.2019. The notice under Section 13(4) of the SARFAESI Act
was issued on 16.03.2021. The loan was declared as Non
Performing Asset way back on 13.06.2018. It is reported that
overdue amount as on 19.03.2021 is about Rs.8,11,335/- and the
closure amount is more than Rs.27.49 lakhs.
3. Learned Standing Counsel appearing for the respondents
submits that the petitioner is a chronic defaulter and if the
petitioner pays half of the defaulted amount within one month and
repays the balance defaulted amount in five equal successive
monthly instalments, the respondents shall keep the coercive action
under the SARFAESI Act in abeyance. Learned counsel for the
petitioner accepted this proposal.
4. In this view of the matter, the writ petition is disposed of
with the following directions:-
The petitioner is directed to pay half of the overdue amount to
the respondent within one month from the date of this judgment
and he shall repay the balance overdue amount with interest and
incidental charges in five equated successive monthly instalments
commencing from 26.04.2021. In addition, the petitioner shall also
pay the EMIs regularly from the month of April 2021. If the
petitioner complies with these directions, respondents shall keep the
coercive action, initiated against the petitioner under the SARFAESI
Act, in abeyance. In case of a single default, the respondents are 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 THE TRUE COPY OF THE POSSESSION NOTICE
DATED 05/02/2021 AND ITS TRANSLATIONS
ISSUED BY THE 1ST RESPONDENT
EXHIBIT P2 THE TRUE COPY OF THE POSSESSION NOTICE
DATED 16/03/2021 AND ITS TRANSLATIONS
ISSUED BY THE 1ST RESPONDENT
EXHIBIT P3 THE TRUE COPY OF THE REPRESENTATION DATED
18/03/2021 ALONG WITH ITS TRANSLATION
