Vimalakumari S vs The Trivandrum Urban ...
2021 Latest Caselaw 8887 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM

                               PRESENT

                 THE HONOURABLE MR. JUSTICE A.M.BADAR

   WEDNESDAY, THE 17TH DAY OF MARCH 2021 / 26TH PHALGUNA, 1942

                       WP(C).No.6390 OF 2021(W)


PETITIONER:

               VIMALAKUMARI S.
               AGED 64 YEARS
               D/O.SAROJINI, T.C.49/1001)I) SREE VISHALA, CHIRAMUK,
               ATTUKAL, MANACAUD, THIRUVANANTHAPURAM - 695 009.

               BY ADVS.
               SRI.S.SUNIL KUMAR (PALAKKAD)
               SRI.G.AJITH KUMAR

RESPONDENTS:

      1        THE TRIVANDRUM URBAN CO-OPERATIVE BANK LTD
               HEAD OFFICE, P.B.NO.15, M.G.ROAD, THIRUVANANTHAPURAM
               - 695 001, REPRESENTED BY ITS AUTHORIZED OFFICER

      2        THE MANAGER, THE TRIVANDRUM URBAN CO-OPERATIVE BANK
               LTD.
               MANACAUD BRANCH, MANACAUD, THIRUVANANTHAPURAM - 695
               009.

               R1-2 BY ADV. SMT.NISHA GEORGE

     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
17.03.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C).No.6390 OF 2021(W)

                                           2

                                    JUDGMENT

Dated this the 17th day of March 2021

Heard both sides.

2. Petitioner is the guarantor of the loan. He had mortgaged

his property in order to enable the loanee to avail financial assistance.

That loan has turned into a non-performing asset. Action under the

SARFAESI Act is already initiated against the petitioner and notice for

taking possession of the property is already issued. The learned

counsel for the petitioner submits that the petitioner wants to sell out

some property and then he can repay the amount of loan availed by

the loanee.

3. The learned standing counsel appearing for the respondents

submits that period of loan is coming to an end in this month. The

loan had turned a non-performing asset on 24.10.2018. The

outstanding amount of loan as on 12.03.2021 is Rs.13,10,790/- and

therefore, the petitioner is not entitled for benefit of regularization of

the loan. However, the learned counsel for the respondents submits

that the petitioner can be directed to repay the entire recalled amount

by payment of Rs.3 lakhs by the end of this month and the balance in

few instalments.

4. I have considered the submissions so advanced. WP(C).No.6390 OF 2021(W)

5. As, the respondents are showing inclination to grant

instalment facility to the petitioner, the petition is disposed of with the

following direction.

The petitioner to pay the an amount of Rs.2,00,000/-

31/03/2021 for discharging his liability towards the loan availed by the

loanee. The petitioner should repay the balance amount in the loan

account along with interest and other charges in six equated

successive monthly instalments commencing from 12.04.2021. If the

petitioner abides by these directions, then respondents shall keep the

coercive action if any initiated under the SARFAESI Act, against the

petitioner, in abeyance. A single default in compliance with these

directions shall entail the respondents to continue with the action

under the SARFAESI Act against the petitioner. No further extension of

time shall be granted to the petitioner for complying with these

directions.

Sd/-

Nsd //true copy// A.M.BADAR PA to Judge JUDGE WP(C).No.6390 OF 2021(W)

APPENDIX PETITIONER'S/S EXHIBITS:

EXHIBIT P1 TRUE COPY OF THE POSSESSION NOTICE NO.183/2020-21 DATED 17/09/2020 ISSUED BY THE RESPONDENT NO.1 WITH ENGLISH TRANSLATION.