New Horizon Mosaics vs The South Indian Bank Ltd
2021 Latest Caselaw 21114 Ker

Citation : 2021 Latest Caselaw 21114 Ker
Judgement Date : 20 October, 2021

Kerala High Court

New Horizon Mosaics vs The South Indian Bank Ltd on 20 October, 2021

           IN THE HIGH COURT OF KERALA AT ERNAKULAM
                            PRESENT
        THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
  WEDNESDAY, THE 20TH DAY OF OCTOBER 2021 / 28TH ASWINA, 1943


                    WP(C) NO. 20065 OF 2021
PETITIONERS :

    1     M/S.NEW HORIZON MOSAICS,
          KULANJIPURACKAL BUILDINGS,
          THIRUMOOLAPURAM, THIRUVALLA,
          PATHANAMTHITTA DISTRICT,
          PIN 689 115,
          REP.BY ITS 'MANAGING PARTNER',
          SAM JOSE, AGED 63 YEARS,
          S/O.VARGHESE SAMUEL

    2     SAM JOSE,
          AGED 63 YEARS,
          S/O.VARGHESE SAMUEL,
          'MANAGING PARTNER',
          M/S.NEW HORIZON MOSAICS,
          RESIDING AT THOZHUVATHINKAL HOUSE,
          NEDUMBRAM P.O., THIRUVALLA,
          PATHANAMTHITTA DISTRICT,
          PIN - 689 110

    3     TOM JOSE,
          'PARTNER', M/S. NEW HORIZON MOSAICS,
          RESIDING AT KAYYALETHU MALAYIL HOUSE,
          OTHERA WEST P.O.,
          THIRUVALLA,
          PATHANAMTHITTA DISTRICT,
          PIN - 689 551

          BY ADV S.JAYAKRISHNAN


RESPONDENTS:

    1     THE SOUTH INDIAN BANK LTD.,
          REP.BY ITS MANAGING DIRECTOR,
          REGISTERED OFFICE, THRISSUR,
          PIN - 680 001
 WP(C) NO. 20065 OF 2021
                               2



    2     THE CHIEF MANAGER/AUTHORIZED OFFICER
          SOUTH INDIAN BANK LTD.,
          REGIONAL OFFICE,
          2ND FLOOR, TMJ COMPLEX, RAMANCHIRA,
          THIRUVALLA,
          PATHANAMTHITTA DISTRICT,
          PIN - 689 107

          BY ADVS.
          MOHAN JACOB GEORGE, SC
          P.V.PARVATHY (P-41)
          REENA THOMAS
          NIGI GEORGE




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
20.10.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 20065 OF 2021
                                   3




                   BECHU KURIAN THOMAS, J.
                 =-=-=-=-=-=-=-=-=-=-=-=-=-=
                   W.P.(C) No.20065 of 2021
                 =-=-=-=-=-=-=-=-=-=-=-=-=-=
             Dated this the 20th day of October, 2021


                             JUDGMENT

Petitioners seek only a limited relief of repayment of the

overdue amount in instalments. The learned counsel for the

respondent Bank submitted that pursuant to Ext.P2 judgment of this

Court, the Bank had offered four instalments for repayment as

evident from Ext.P3. However, petitioners did not comply with the

same.

2. The learned counsel for the petitioners submitted that

the instalment offered by the Bank was too minimal in number and

due to the Covid pandemic situation, all activities of the petitioners

came to a halt and hence the petitioners could not repay the amount.

He prays that the petitioners would be able to repay the amount if a

limited instalment facility is granted, atleast twelve in number.

3. I have considered the contentions raised and heard

Adv.S.Jayakrishnan, the learned counsel for the petitioners as well as

Adv. Mohan Jacob George, the learned counsel for the respondent

Bank.

WP(C) NO. 20065 OF 2021

4. Having regard to the circumstances and the type of

business the petitioners indulge in, I am of the view that an

opportunity to repay the amounts in eight instalments can be

granted to the petitioners.

Accordingly the petitioners shall clear the entire overdue

amount as specified in Ext.P3 in eight equated monthly instalments.

The first instalment shall be paid on or before 15.11.2021. In the

event of default of any one instalment, the respondent bank shall be

entitled to proceed in accordance with law. In order to enable the

petitioners to repay the entire amounts, all coercive proceedings shall be

kept in abeyance.

The writ petition is disposed of as above.

Sd/-

BECHU KURIAN THOMAS JUDGE RKM WP(C) NO. 20065 OF 2021

PETITIONERS' EXHIBITS :

Exhibit P1 TRUE COPY OF NOTICE DATED 21.6.2021 ISSUED BY THE 2ND RESPONDENT TO THE 1ST PETITIONER UNDER SECTION 13(2) OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST (SARFAESI) ACT, 2002

Exhibit P2 TRUE COPY OF JUDGMENT DATED 13.8.2021 IN W.P.(C) NO.16350/2021 OF THIS HON'BLE COURT

Exhibit P3 TRUE COPY OF ORDER NO.RO-

TVLA/LEG/DT/364/21-22 DATED 14.9.2021 ISSUED BY THE 2ND RESPONDENT

Exhibit P4 TRUE COPY OF REPRESENTATION DATED 16.9.2021 FILED BY THE PETITIONER BEFORE THE 1ST RESPONDENT