Manoj Kumar.V.S vs Punjab And Sind Bank
2021 Latest Caselaw 10786 Ker

               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.8397 OF 2021(Y)


PETITIONERS:

      1        MANOJ KUMAR.V.S.
               AGED 45 YEARS
               S/O. K. VELAPPAN NAIR, VAIKUNDOM, (SUBHADRAM,
               T.C 10/2080, ANRA-A1/1 ATHITHYA NAGAR,
               KERALADITHYAPURAM, POWDIKONAM P.O, ULIYAZHATHURA,
               THIRUVANANTHAPURAM DISTRICT, PIN-695 587.

      2        SWAPNA BHASKAR V,
               AGED 38 YEARS
               W/O. MANOJ KUMAR V.S, (SUBHADRAM, T.C 10/2080, ANRA-
               A1/1 ATHITHYA NAGAR, KERALADITHYAPURAM,
               POWDIKONAM P.O, ULIYAZHATHURA,
               THIRUVANANTHAPURAM DISTRICT, PIN-695 587

               BY ADV. SRI.P.V.DILEEP

RESPONDENTS:

      1        PUNJAB AND SIND BANK
               REPRESENTED BY ITS BRANCH MANAGER, BRANCH CODE,
               TO366, THIRUVANANTHAPURAM, GROUND FLOOR,
               T.C NO. 25/2890, HAJI BHAVA COMMERCIAL COMPLEX,
               AMBUJA VILASOM ROAD, THIRUVANANTHAPURAM, PIN-695 001.

      2        THE AUTHORIZED OFFICER/ CHIEF MANAGER,
               PUNJAB AND SIND BANK, THIRUVANANTHAPURAM,
               GROUND FLOOR, T.C NO. 25/2890, HAJI BHAVA COMMERCIAL
               COMPLEX, AMBUJA VILASOM ROAD, THIRUVANANTHAPURAM,
               PIN-695 001.


OTHER PRESENT:

               SRI.SAJI MATHEWS, SC.


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
30.03.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C) No.8397/2021             2


                            JUDGMENT

Dated this the 30th day of March 2021

Heard both sides.

2. The 1st petitioner had availed overdraft facility of

Rs.20 lakhs from the respondents by mortgaging his property. The

2nd petitioner is the guarantor. That account has turned into non-

performing asset and the respondents have resorted to the

provisions of the SARFAESI Act for recovery of the amount due and

payable by the petitioners. Ultimately, an Advocate Commissioner

has been appointed by the learned Chief Judicial Magistrate for

taking possession of the secured asset.

3. Learned counsel for the petitioners submits that the

petitioners are ready and willing to repay the entire amount due

and payable by them to respondents in instalments.

4. Learned Standing Counsel appearing for respondents

submits that the petitioners' loan account has turned into non-

performing asset in August 2019 and thereafter no payment was

made by the petitioners to clear off the dues. It is also submitted

that only an amount of Rs.50,000/- has been paid in the last week.

He, however, submits that if the petitioners make a payment of

Rs.3.93 lakhs on or before 31.03.2021 and if the balance amount

is cleared in ten instalments, then the respondents shall keep the

coercive action under the SARFAESI Act in abeyance.

5. Learned counsel for the petitioners submits that the

petitioners are ready for this proposal. Hence the following order:

The petitioners to deposit an amount of Rs.3,93,000/-

(Rupees Three lakhs ninety three thousand only) by 31.03.2021

with respondents for discharging their liability. They should pay

the balance amount due and payable by them to respondents in

ten equated successive monthly instalments commencing from

26.04.2021. If the petitioners comply with these directions, then

the respondents shall keep coercive action under the SARFAESI Act

initiated against the petitioners in abeyance. A single default on

the part of the petitioners in compliance with these directions shall

entail the respondents to continue with the coercive action initiated

against the petitioners. No further extension of time shall be

granted to the petitioners for compliance with these directions.

This writ petition is disposed of as above. Sd/-

A.M.BADAR

JUDGE

Smp

APPENDIX

PETITIONER'S EXHIBITS:

EXT.P1 : TRUE COPY OF THE CONTRACT LICENCE OF THE 1ST PETITIONER.

EXT.P2 : TRUE COPY OF THE MEDICAL RECORDS OF 1ST PETITIONER SHOWING TREATMENTS FOR HEART DISEASES.

EXT.P3 : TRUE COPY OF NOTICE ISSUED BY THE ADVOCATE COMMISSIONER IN M.C No.869/2016 OF THE HON'BLE CHIEF JUDICIAL MAGISTRATE COURT, KOLLAM AND ITS ENGLISH TRANSLATION.

RESPONDENTS' EXHIBITS: NIL.

True Copy

P.S to Judge

smp