Sreevidya R.R vs The Authorised Officer
2021 Latest Caselaw 8682 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                PRESENT

                  THE HONOURABLE MR. JUSTICE A.M.BADAR

    TUESDAY, THE 16TH DAY OF MARCH 2021 / 25TH PHALGUNA, 1942

                        WP(C).No.6693 OF 2021(J)


PETITIONER/S:

                SREEVIDYA R.R, AGED 40 YEARS
                RAJESH ARAVINDAKSHAN NAIR,RESIDING AT TC.28/573,
                RADHAS,PHRA 15,KAITHAMUKKU.P.O,
                THIRUVANANTHAPURAM,PIN-695024.

                BY ADVS.
                SRI.R.SURAJ KUMAR
                SRI.SUNIL J.CHAKKALACKAL
                SMT.N.G.SINDHU
                SMT.ANJANA R.S.

RESPONDENT/S:

                THE AUTHORISED OFFICER
                FEDERAL BANK,L.I.C.COMPOUND,PATTOM,
                THIRUVANANTHAPURAM,PIN-695004.




                SRI. P. POULOCHAN ANTONY - STANDING COUNSEL

     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
16.03.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C).No.6693 OF 2021             2



                             JUDGMENT

Dated this the 16th day of March 2021

Heard both sides.

2. Learned counsel for the petitioner submits that the

petitioner alongwith her husband had availed a loan of

Rs.29,00,000/- (Rupees twenty nine lakhs only) in the year 2015 .

and it has to be repaid in 180 instalments. Substantial remittance

has been made upto July 2019 and due to Covid-19 pandemic,

subsequent instalments could not be paid in time. The petitioner

therefore wants to repay the overdue amount in instalments.

3. Learned Standing counsel appearing for the respondent

submitted that as the loan has turned into the Non Performing

Asset, it was recalled and overdue amount is about Rs.7,21,697/-

(Rupees Seven lakhs twenty one thousand six hundred and ninety

seven only). According to the learned Standing counsel, in order

to get the loan account regularised, the petitioner should pay

Rs.2,00,000/- (Rupees two lakhs only) in a week and rest of the

amount be paid in five instalments.

4. I have considered the submissions so advanced and as it

is apparent that the respondent is interested in recovering the

amount which is overdue in the loan amount, the writ petition is

disposed of with the following directions:-

The petitioner is directed to repay an amount of

Rs.1,50,000/- (Rupees one lakh and fifty thousand only) by the

end of March 2021 for clearing the overdue amount. The

petitioner should clear the balance overdue amount with interest

and charges in eight equated successive monthly instalments

commencing from 26.04.2021. In addition, the petitioner should

also pay the monthly instalments 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 THE POSSESSION NOTICE DATED
                        NIL IS PRODUCED HEREWITH.

EXHIBIT P2              TRUE COPY OF THE PROPOSAL DATED 12.03.2021.