Ahamed Kunhi.K vs The Authorized Officer
2021 Latest Caselaw 19070 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
          THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
    MONDAY, THE 13TH DAY OF SEPTEMBER 2021 / 22ND BHADRA, 1943
                        OP (DRT) NO. 87 OF 2020
    AGAINST THE ORDER IN SA 68/2019 OF DEBT RECOVERY TRIBUNAL,
                               ERNAKULAM
PETITIONERS :

    1     AHAMED KUNHI.K,
          AGED 71 YEARS,
          S/O. MOHAMED MASTER, KESAVATHUPARAMBIL HOUSE,
          VATTEKKUNNAM, EDAPPALLY NORTH P.O.,
          ERNAKULAM-682 024

    2     V.H.VAHEEDA,
          AGED 67 YEARS
          W/O. AHAMED KUNHI, KESAVATHUPARAMBIL HOUSE,
          VATTEKKUNNAM, EDAPPALLY NORTH P.O.,
          ERNAKULAM-682 024

          BY ADVS.
          ZAKEER HUSSAIN
          SMT.K.A.SANJEETHA



RESPONDENTS :

    1     THE AUTHORIZED OFFICER,
          M/S. INDIA BULLS ASSET RECONSTRUCTION COMPANY LTD,
          INDIA BULLS FINANCE CENTRE, 9TH FLOOR, TOWER 1,
          ELPHISTONE ROAD, MUMBAI-400013

    2     THE DEBT RECOVERY APPELLATE TRIBUNAL,
          CHENNAI, 4TH FLOOR, INDIAN BANK CIRCLE OFFICE, 55
          ETHIRAJ SALAI, CHENNAI, TAMIL NADU-600 008,
          REPRESENTED BY THE REGISTRAR

          BY ADV.LAL K.JOSEPH


     THIS OP (DEBT RECOVERY TRIBUNAL) HAVING COME UP FOR ADMISSION
ON 13.09.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 OP (DRT) NO. 87 OF 2020
                                   2

                  BECHU KURIAN THOMAS, J.
                =-=-=-=-=-=-=-=-=-=-=-=-=-=
                   O.P. (DRT).No.87 of 2020
                =-=-=-=-=-=-=-=-=-=-=-=-=-=
           Dated this the 13th day of September, 2021

                             JUDGMENT

This original petition was preferred seeking a direction to

the Debt Recovery Appellate Tribunal, Chennai to consider and pass

orders on Ext.P6 petition filed in appeal and also for directions to the

1st respondent not to pursue the coercive steps to dispossess

petitioners from their residential property. After filing this original

petition, much water has flown under the bridge and the petitioners'

appeal before the Debt Recovery Appellate Tribunal now stands

posted to 10.11.2021 for considering whether notice ought to be

issued to the respondents.

2. While the matters so stand, the learned counsel for the

petitioners sought for disposal of this writ petition by granting

installment facility to clear off the entire liability due from the

petitioners.

3. Adv.Lal K. Joseph, on instructions, submitted that the

liability due from the petitioners as on date is more than Rs.1.62

Crores and that, even after showing repeated indulgences, petitioners

have not cleared the loan much less pay any substantial portion of OP (DRT) NO. 87 OF 2020

the loan. However, at the prompting of this Court, the respondents

have agreed to provide a last opportunity to the petitioners provided

petitioners are bonafide in their attempt to clear off the entire

liabilities.

4 I have heard Adv. Zakir Hussain, the learned counsel

for the petitioners as well as Adv.Lal K.Joseph, the learned counsel

for the respondents.

5. On behalf of respondents it was submitted by Adv.Lal

K.Joseph, after getting further instructions, that the Bank is willing to

grant an instalment facility to the petitioners to repay the amount,

provided petitioners deposit a substantial sum within a short period

and thereafter to continue the repayment on an equated monthly

instalment basis.

6. Having regard to the submissions made as above, I am

of the view that this original petition can be disposed of by directing

the respondents to accept an instalment payment from the

petitioners to enable them to clear off the entire liabilities in a time

bound manner. Accordingly petitioners shall pay to the 1 st

respondent an amount of Rs.15,00,000/- (Rupees Fifteen Lakhs only)

on or before 30.09.2021 and thereafter a further sum of

Rs.10,00,000/- (Rupees Ten Lakhs only) by 30.10.2021. If the OP (DRT) NO. 87 OF 2020

aforesaid two instalments are paid as directed above, the 1 st

respondent shall permit the petitioners to repay the entire remaining

liability in equated monthly instalments of Rs.10,00,000/- each

(Rupees Ten Lakh only).

7. Petitioner shall be entitled to pursue all attempts for

convincing the Bank to opt for a one time settlement in the

meantime. For such purposes, if an application is filed by the

petitioner, the bank shall consider the same with all earnest efforts.

Needless to mention, if the facility of one time settlement is granted

to the petitioner, then the said settlement shall prevail over the

instalment facility that this Court has fixed in this judgment.

It is also clarified that in the event of default of any

instalment, the respondent shall be entitled to proceed in accordance

with law from the stage at which the proceedings have been

intercepted by this Court.

The original petition is disposed of as above.

Sd/-

BECHU KURIAN THOMAS, JUDGE

RKM OP (DRT) NO. 87 OF 2020

APPENDIX OF OP (DRT) 87/2020

PETITIONERS' EXHIBITS :

EXHIBIT P1 TRUE COPY OF THE S.A.NO.68/2019 (WITHOUT ANNEXURES) ONT HE FILE OF DRT, ERNAKULAM

EXHIBIT P2 TRUE COPY OF THE NOTICE DATED 21.01.2020 ISSUED BY THE ADVOCATE COMMISSIONER

EXHIBIT P3 TRUE COPY OF THE JUDGMENT DATED 28.01.2020 IN WRIT PETITION NO.2342/2020

EXHIBIT P4 TRUE COPY OF THE FINAL ORDER DATED 06.05.2020 IN SA NO.68/2019

EXHIBIT P5 TRUE COPY OF THE APPEAL NUMBERED AS AIR (SA) NO.76 OF 2020 ON THE FILE OF DEBT RECOVERY APPELLATE TRIBUNAL, CHENNAI

EXHIBIT P6 TRUE COPY OF THE STAY PETITION IN AIR (SA ) NO.76/2020

EXHIBIT P7 TRUE COPY OF THE WAIVER PETITION IN AIR (SA) NO.76/2020