Abdul Najeeb A K vs Nilambur Co-Operative Urban Bank ...
2021 Latest Caselaw 8684 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.6640 OF 2021(D)


PETITIONER/S:

                ABDUL NAJEEB A K, AGED 32 YEARS
                S/O. LATE MOOSA A.K., EMADAN KARAPPURATH,
                KOTTAKKUNNU, PORUR P.O. 679 339.

                BY ADV. SRI.SHAHIM BIN AZIZ

RESPONDENT/S:

                NILAMBUR CO-OPERATIVE URBAN BANK LTD.
                CHATHANGOTTUPURAM BRANCH, CHERUKODE,
                MALAPPURAM 679 328,
                 REPRESENTED BY ITS BRANCH MANAGER.

                R1 BY SRI.P.J.DEVAPRASANTH,SC,NILAMBUR CO.OP

     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.6640 OF 2021              2



                             JUDGMENT

Dated this the 16th day of March 2021

Heard both sides.

2. The petitioner has availed cash credit facility of

Rs.10,00,000/-(Rupees ten lakhs only) from the respondent bank.

However, he could not repay that loan and therefore, by this

petition, he is praying for grant of instalments for repayment.

3. Learned Standing Counsel appearing for the respondent

bank, on instructions, submits that the cash credit facility was

availed in the year 2018 for a period of one year and that period

has already lapsed. She further submits that as of now, the liability

of the petitioner is about Rs.13,22,121/- (Rupees thirteen lakhs

twenty two thousand one hundred and twenty one only) and he

should atleast pay 1/3rd of the amount due and payable by the end

of March 2021 and rest of the amount in six equated successive

monthly instalements.

4. Having considered the submissions so advanced and on

consideration of the materials placed before me, the petition is

disposed of with the following directions:-

The petitioner is directed to pay 1/3 rd of the total outstanding

loan amount along with interest and charges by the end of March

2021 and he should repay the balance outstanding amount with

interest and charges in six equated successive monthly instalments

commencing from 12.04.2021. 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 LEGAL NOTICE DATED 19/01/2021
                        ISSUED BY THE RESPONDENT BANK.

EXHIBIT P2              TRUE COPY OF THE NOTICE DATED 10/02/2021
                        ISSUED BY THE RESPONDENT BANK TO THE
                        PETITIONER.

EXHIBIT P2 (a)          TRANSLATION OF EXT. P2.