Simon Fernandus vs Kerala State Co-Operative Bank ...
2021 Latest Caselaw 9524 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                PRESENT

                  THE HONOURABLE MR. JUSTICE A.M.BADAR

     MONDAY, THE 22ND DAY OF MARCH 2021 / 1ST CHAITHRA, 1943

                        WP(C).No.5823 OF 2021(C)


PETITIONER/S:

                SIMON FERNANDUS, AGED 59 YEARS
                S/O AUGUSTINE,RESIDING AT KALLLISSERIL,
                MEKKAD,PANMANA,KOLLAM DISTRICT.

                BY ADV. SRI.N.SUNIL JOSEPH

RESPONDENT/S:

      1         KERALA STATE CO-OPERATIVE BANK LTD
                COBANK TOWERS,PALAYAM,
                THIRUVANANTHAPURAM,PIN-695033,
                REPRESENTED BY ITS GENERAL MANAGER.

      2         THE BRANCH MANAGER,
                KERALA STATE CO-OPERATIVE BANK LTD,
                CHAVARA BRANCH,KOLLAM DISTRICT, PIN-691583.

      3         THE AUTHORIZED OFFICER,
                KERALA STATE CO-OPERATIVE BANK LTD,
                OFFICE OF THE AREA MANAGER,KARUNAGAPPALLY,
                KOLLAM DISTRICT, PIN-690518.




                 SRI. P.C.SASIDHARAN, STANDING COUNSEL

     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
22.03.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C).No.5823 OF 2021                2



                               JUDGMENT

Dated this the 22nd day of March 2021

Heard both sides.

2. The petitioner, a fisherman by occupation, had availed a

loan of Rs.5,10,000/- (Rupees five lakhs and ten thousand only) for

constructing a house in the year 2017 and the term of that loan is

for 120 months. It is reported that as of now, the overdue amount

is Rs.1,62,952/- (Rupees one lakh sixty two thousand nine hundred

and fifty two only). Notice under Section 13(2) of the Securitisation

and Reconstruction of Financial Assets and Enforcement of

Securities Interest Act ('the SARFAESI Act' for brevity) is issued by

the respondents on 28.08.2020. Recalled amount of loan is about

Rs.6,03,646/- (Rupees six lakhs three thousand six hundred and

forty six only).

3. Learned counsel for the petitioner further submits that

the petitioner seeks instalments because he could not repay the

loan because of acute financial stringency.

4. Learned Standing Counsel appearing for the respondents

submits that the petitioner must deposit aleast an amount of

Rs.50,000/- (Rupees fifty thousand only) by the end of this month

for seeking facility of instalments.

5. I have considered the submissions so advanced and

perused the materials placed before me.

6. In the facts and circumstances of the instant case, the

writ petition is disposed of with the following directions:-

The petitioner is directed to pay an amount of Rs.25,000/-

(Rupees twenty five thousand only) by the end of March 2021 for

discharging his liability of the overdue amount of loan. The

petitioner should repay the balance overdue amount with interest

and charges in eight equated monthly instalments commencing

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

regularly. If the petitioner complies with these directions,

respondents shall keep the coercive action, initiated against the

petitioner under the SARFAESI Act, in abeyance. In case of a single

default, the respondents are 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 NOTICE

NO.AMKPLY/SRSI/LNE/2020 DT.28.12.2020 ISSUED BY THE 3RD RESPONDENT WITH ENGLISH TRANSLATION.