Joseph Liby.K.F vs The General Manager
2021 Latest Caselaw 8685 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.6537 OF 2021(N)


PETITIONER:

               JOSEPH LIBY.K.F
               AGED 39 YEARS
               S/O. FRANCIS.K.M., KANNOKARA HOUSE, FELIX ROAD,
               THAMMANAM, ERNAKULAM-682 032.

               BY ADV. SRI.JAMES ABRAHAM (VILAYAKATTU)

RESPONDENTS:

      1        THE GENERAL MANAGER, AUTHORIZED OFFICER, PEOPLE'S
               URBAN CO-OPERATIVE BANK LTD. NO.51
               HEAD OFFICE, THRIPUNITHURA-682 301

      2        THE PEOPLE'S URBAN CO-OPERATIVE BANK LTD NO.51
               REPRESENTED BY ITS BRANCH MANAGER, PALARIVATTOM
               BRANCH, ERNAKULAM-682 025.

               BY ADV. SRI.DEVAPRASANTH.P.J., SC.


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
16.03.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C) No.6537/2021                 2


                              JUDGMENT

Dated this the 16th day of March 2021

Heard both sides.

2. The petitioner has availed two housing loans from the

respondent-Bank and he has paid substantial amount of loan.

However, subsequently, instalments could not be paid by the

petitioner in time because logistic business of the petitioner

suffered due to recession and the petitioner's father was

hospitalized for more than six months.

3. Learned Standing Counsel appearing for the respondent-

Bank submits that as of now, the overdue amount is more than

Rs.12,20,000/- and the petitioner can repay the overdue amount

in six instalments by paying 1/3rd amount before the proposed

action.

4. Learned counsel for the petitioner submitted that as

against the loan amount of Rs.28 lakhs, the petitioner has already

paid an amount of Rs.18 lakhs and as against the loan amount of

Rs.8 lakhs, the petitioner has paid an amount of Rs.6 lakhs.

5. The above position is not controverted. It is thus seen

that the petitioner has repaid substantial amount for discharge of

his liability towards loan. Considering the fact that respondents

are willing to grant instalments for clearing the overdue amount of

loan to the petitioner and as the petitioner has repaid substantial

amount of financial assistance availed by him, this writ petition is

disposed of with the following directions:

The petitioner to pay an amount of Rs.50,000/- by the end of

March 2021 for discharge of his liability towards overdue amount.

The petitioner should pay the balance overdue amount in

15 equated successive monthly instalments commencing from

19.04.2021. In addition, the petitioner should also pay the EMIs

regularly. If the petitioner complies with these directions, then

the respondents shall keep coercive action under the SARFAESI

Act initiated against the petitioner in abeyance. A single default

on the part of the petitioner in compliance with these directions

shall entail the respondents to continue with the coercive action

initiated against the petitioner. No further extension of time shall

be granted to the petitioner for compliance with these directions.

Sd/-

A.M.BADAR

JUDGE smp

APPENDIX PETITIONER'S EXHIBITS:

EXHIBIT P1 TRUE COPY OF RELEVANT PAGE OF THE PASS BOOM SHOWING THE LOAN AMOUNT AND PERIOD

EXHIBIT P2 TRUE COPY OF THE LOAN ACCOUNT STATEMENT ISSUED BY THE 2ND RESPONDENT

EXHIBIT P3 TRUE COPY ADVERTISEMENT CASH RECEIPT ISSUED BY THE MALAYALA MANORAM CO LTD

EXHIBIT P4 TRUE COPY OF THE SALE NOTICE DATED 11.2.2021 RESPONDENT'S EXHIBITS: NIL.

True Copy

P.S to Judge

smp