Sudhakaran R.P vs The Kerala State Co Operative Bank ...
2021 Latest Caselaw 8043 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM

                               PRESENT

                 THE HONOURABLE MR. JUSTICE A.M.BADAR

    TUESDAY, THE 09TH DAY OF MARCH 2021 / 18TH PHALGUNA, 1942

                       WP(C).No.5029 OF 2021(C)


PETITIONERS:

      1        SUDHAKARAN R.P.
               AGED 54 YEARS
               S/O. PARAMESWARAN, RAMANTHARA HOUSE, METHALAPADAM,
               METHALA P.O., KODUNGALLUR TALUK, THRISSUR DISTRICT-
               680669.

      2        SUDHA
               AGED 50 YEARS
               W/O. SUDHAKARAN, RAMANTHARA HOUSE, METHALAPADAM,
               METHALA P.O., KODUNGALLUR TALUK, THRISSUR DISTRICT-
               680669.

               BY ADV. SRI.V.A.VINOD

RESPONDENT:

               THE KERALA STATE CO OPERATIVE BANK LTD.,
               REGIONAL OFFICE, CO-OPERATIVE BANK LIMITED, REGIONAL
               OFFICE, CO-OPERATIVE SATHABTHI MANDIRAM,
               KOVILAKATHUMPADAM, THRISSUR-680022, REPRESENTED BY
               AUTHORISED OFFICER.


OTHER PRESENT:

               SC- SRI.P.C.SASIDHARAN

     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
09.03.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C).No.5029 OF 2021(C)

                                  2


                            JUDGMENT

Dated this the 9th day of March 2021

Heard both sides.

2. It is the case of the petitioners that the 1st petitioner is a

coolie by occupation and had taken a loan of Rs.10 lakhs from the

respondent. He could not repay the same because of financial

stringency. Learned counsel for the petitioners argued that the

petitioners are willing to repay the overdue amount in ten instalments

by making payment of Rs.1 lakh immediately.

3. The learned counsel for the respondent opposed the

petition by contending that term of the loan is up to year 2028 and

overdue amount is Rs.5,39,886/-. It is further stated that demand

notice under Section 13(2) of the SARFAESI Act was issued on

31.08.2019 and the notice dated 29/12/2020 under Section 13(4) of

the SARFAESI Act was published in local dailies on 03.01.2021. It is

further argued by the respondent that the petitioners should pay an

amount of Rs.2 lakhs in one month and the balance can be paid by

them in six instalments.

4. I have considered the submissions so advanced.

5. In the facts and circumstances of the instant case as the

respondent Bank is willing to give facility of instalments to the WP(C).No.5029 OF 2021(C)

petitioner, the petition is disposed of with the following direction.

The petitioners should pay an amount of Rs.1 lakh for

discharging their liability towards the overdue amount by the end of

March, 2021 and they should pay the balance overdue amount in ten

equated successive monthly instalments commencing from

12.04.2021. In addition, the petitioners should also pay EMIs

regularly. If the petitioners comply with this direction, the respondent

shall keep in abeyance, the action under the SARFAESI Act initiated

against the petitioners. A single default on the part of the petitioners

shall entail the respondent Bank to continue with the action under the

SARFAESI Act. No further extension of time for complying this

direction shall be granted to the petitioners.

Sd/-

A.M.BADAR Nsd //true copy// JUDGE PA to Judge WP(C).No.5029 OF 2021(C)

APPENDIX PETITIONER'S/S EXHIBITS:

EXHIBIT P1A TRUE COPY OF THE NOTICE ISSUED BY THE RESPONDENT BANK DATED 29/12/2020.

EXHIBIT P1(A) TRUE COPY OF THE ENGLISH TRANSLATION OF EXT.P1.