Gineesh T.K vs The General Manager
2021 Latest Caselaw 8889 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.4762 OF 2021(U)


PETITIONER:

               GINEESH T.K.
               AGED 32 YEARS
               S/O. SASIDHARAN @ KRISHNAN NAIR, THACHEPPILLIL
               (KEECHRIL) HOUSE, IRIMPANAM, THRIPUNITHURA P.O.,
               ERNAKULAM-682309.

               BY ADVS.
               SHRI.KRISHNADAS P. NAIR
               SMT.K.L.SREEKALA
               SRI.HARIDAS P.NAIR
               SRI.M.A.VINOD
               SRI.M.RAJESH KUMAR

RESPONDENTS:

      1        THE GENERAL MANAGER,
               ERNAKULAM DISTRICT CO-OPERATIVE BANK LTD., KAKKANAD,
               ERNAKULAM-682030.

      2        THE BRANCH MANAGER,
               ERNAKULAM DISTRICT CO-OPERATIVE BANK LIMITED,
               THRIPUNITHURA, ERNAKULAM DISTRICT-682309.

               R1-2 BY SRI.N.RAGHURAJ, SC, ERNAKULAM DISTRICT CO-
               OPERATIVE BANK LTD.

     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.4762 OF 2021(U)

                                    2

                             JUDGMENT

Dated this the 17th day of March 2021

Heard both sides.

2. The petitioner had availed loan of Rs. 3 lakhs on

22.01.2016 for a duration of 100 months. It turned into a non-

performing asset on 22.12.2018. On 26.01.2021, demand notice

under Section 13(2) of the SARFAESI Act came to be issued. The

overdue amount of this loan is Rs.1,30,772/- as on 08.03.2021.

Another loan for Rs.21 lakh was availed by the petitioner on

08/01/2015 for a duration of 180 months. It became non-performing

asset on 08/01/2018. In respect of 2 nd loan also, demand notice under

Section 13(2) of the SARFAESI Act came to be issued. It is reported

that as of 08/03/2021, overdue amount in respect of this housing loan

is about Rs.12,31,399/-.

3. The learned counsel for the petitioner submits that the

petitioner had applied to the respondent Bank for grant of instalment

and that application at Ext.P2 is still pending. He further argues that

because of financial constraints, the petitioner is not in a position to

repay the recalled loan in lumpsum, but he wants to repay the

overdue amount in instalments as term of the loan is not over.

4. The learned counsel for the respondents submitted that the WP(C).No.4762 OF 2021(U)

petitioner can avail benefit of one time settlement scheme, which is in

vogue till 31.03.2021 and he can deposit the entire amount of loan

which is recalled so as to get benefit of that scheme.

5. I have considered the submissions so advanced and also

perused the materials placed before me. The term of the loan is not

yet over. The respondents are interested in recovery of the loan. The

petitioner had also applied for repayment by instalments. Therefore, in

the facts and circumstances of the instant case, the petition is

disposed of with the following directions.

6. The petitioner to repay the entire overdue amount with

interest and other charges in ten equated monthly instalments

commencing from 29.03.2021. In addition, the petitioner should also

pay EMIs regularly. If the petitioner complies with these directions,

then respondents should keep the action under the SARFAESI Act, in

abeyance. In case of single default, the respondents shall continue

with the action under the SARFAESI Act.

No further extension of time shall be granted to the petitioner for

compliance with these directions.

Sd/-

Nsd //true copy// A.M.BADAR PA to Judge JUDGE WP(C).No.4762 OF 2021(U)

APPENDIX PETITIONER'S/S EXHIBITS:

EXHIBIT P1 THE TRUE COPY OF THE DEMAND NOTICE ISSUED BY THE 2ND RESPONDENT HAVING NO. 723/646 DATED 10/11/2020 AND TRANSLATION.

EXHIBIT P2 THE TRUE COPY OF THE REPRESENTATION FILED BY THE PETITIONER BEFORE THE RESPONDENTS DATED 18/02/2021.