Siby Sebastian vs The Authorised Officer
2022 Latest Caselaw 12553 Ker

                      IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                       PRESENT

                       THE HONOURABLE MR. JUSTICE GOPINATH P.

               FRIDAY, THE 23RD DAY OF DECEMBER 2022 / 2ND POUSHA, 1944

                               WP(C) NO. 42080 OF 2022

PETITIONERS:

     1         SIBY SEBASTIAN
               AGED 49 YEARS
               S/O LATE SEBASTAIN M.D, MALIACKAL HOUSE, KANJIRAMATTAM (PO) ,
               KOTTAYAM, PIN - 686585
     2         MRS. ANNAMMA SEBASTIAN
               AGED 74 YEARS
               W/O LATE SEBASTAIN M.D, MALIACKAL HOUSE, KANJIRAMATTAM (PO) ,
               KOTTAYAM , PIN - 686585
               BY ADVS.
               SIMLA PRABHAKARAN
               MAHIN PRABHAKARAN


RESPONDENT:

               THE AUTHORISED OFFICER
               REGIONAL OFFICE, SOUTH INDIAN BANK
               LTD.,OPP.COLLECTORATE,KOTTAYAM., PIN - 686002
               BY ADV SRI.K.K.JOHN,SC,SOUTH INDIAN BANK



      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
23.12.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P. (C) No. 42080 of 2022
                               ..2..




                             JUDGMENT

Dated this the 23rd day of December, 2022

The petitioners availed a housing loan and a mortgage

loan from the respondent bank. On default being committed

by the petitioners, proceedings have been initiated against

the petitioners under the provisions of the SARFAESI Act.

The possession of the secured asset is proposed to be taken

today, prompting the petitioners to approach this court by

filing this Writ Petition. The learned counsel appearing for the

petitioner submits that the petitioners may be given an

opportunity of paying of the liability in instalments.

2. The learned counsel appearing for the respondent

bank would submit that the loan accounts cannot be

regularized as an original application has already been filed

before the Tribunal as O.A. No. 678/2022.

3. The learned counsel appearing for the petitioners W.P. (C) No. 42080 of 2022 ..3..

submits that the petitioners will immediately pay a sum of

Rs.10,00,000/- towards the loan liability and that the

petitioners will make an application for One Time Settlement.

It is submitted that the same may be directed to be

considered by the bank and till such time as a decision is

taken on the same, the proceedings for taking physical

possession of the secured asset may be deferred.

4. The learned counsel appearing for the respondent

bank has no objection in such a direction being issued.

Accordingly, this Writ Petition will stand disposed of directing

that if the petitioner makes an application for One Time

Settlement along with the payment of a sum of

Rs.10,00,000/- on or before 31.12.2022 the steps for taking

physical possession of the secured asset shall stand deferred

until a decision is taken on the application for One Time

Settlement to be submitted by the petitioners. It is made W.P. (C) No. 42080 of 2022 ..4..

clear that, if the petitioners do not make a proposal for One

Time Settlement along with the payment of 10,00,000/- as

above before 31.12.2022, it will be open to the respondent

bank to continue with the proceedings initiated against the

petitioner.

Writ Petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE RMV W.P. (C) No. 42080 of 2022 ..5..

APPENDIX OF WP(C) 42080/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE RELEVANT PAGES OF THE STATEMENT OF ACCOUNTS ISSUED BY THE RESPONDENT BANK Exhibit P2 TRUE COPY OF THE BILATERAL DIGITAL MAMMOGRAPHY REPORT OF THE 2ND PETITIONER I Exhibit3 TRUE COPY OF THE NOTICE DATED 12.01.2022 ISSUED UNDER SECTION 13(4) OF THE SARFAESI ACT ISSUED BY THE RESPONDENT Exhibit P4 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 04.06.2022

RESPONDENTS' EXHIBITS:NIL

TRUE COPY

P.A.TO JUDGE