E.M. Rajan vs Authorised Officer
2022 Latest Caselaw 1968 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
          THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
     FRIDAY, THE 18TH DAY OF FEBRUARY 2022 / 29TH MAGHA, 1943
                        WP(C) NO. 5527 OF 2022
PETITIONER:

          E.M. RAJAN
          AGED 60 YEARS
          S/O. MADHAVAN, ERATTU HOUSE, IRINJALAKUDA P. O.,
          THRISSUR - 680 121.

          BY ADV K.A.SREEJITH


RESPONDENTS:

    1     AUTHORISED OFFICER
          HEAD OFFICE, IRINJALAKUDA TOWN CO-OPERATIVE BANK LTD.
          NO.55, TANA SOUTH, IRINJALAKUDA, THRISSUR - 680 121.

    2     IRINJALAKUDA TOWN CO-OPERATIVE BANK LTD. NO.55
          IRINJALAKUDA, THRISSUR - 680 121, REPRESENTED BY BRANCH
          MANAGER NADA BRANCH, IRINJALAKUDA.

          BY ADV DEVAPRASANTH.P.J.


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
18.02.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 5527 OF 2022

                                      2


                 BECHU KURIAN THOMAS, J.
               ===========================
                   W.P.(C) No.5527 of 2022
               ============================
                Dated this the 18th day of February, 2022


                                JUDGMENT

Petitioner had availed two loans from the respondent bank.

Repayment under the loan accounts was defaulted. According to the

respondents, the overdue amount has totalled upto Rs.3,37,129/-

(Rupees three lakhs thirty seven thousand one hundred and twenty

nine only) and the bank has already initiated proceedings for sale of

the property, as evident from Ext.P2.

2. Though the property has been notified for sale, it was

submitted by the learned counsel for the respondents that the bank is

willing to defer the sale, provided, the petitioner deposits a

substantial amount of the overdue amount, prior to the date of sale.

3. In view of the above submission, there will be a direction

to the petitioner to pay an amount of Rs.50,000/- (Rupees fifty

thousand only) on or before 26.02.2022. If the aforesaid amount is WP(C) NO. 5527 OF 2022

deposited, the respondents shall defer the sale scheduled to be held

on 28.02.2022. On the other hand, if the petitioner fails to deposit the

aforesaid amount within the time stipulated, the respondents shall be

free to proceed in accordance with law.

4. If the amount has been deposited by the petitioner as

directed above, the balance overdue amount shall be repaid by the

petitioner in fifteen equated monthly instalments commencing from

26.03.2022 along with the regular EMI's. 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.

Sd/-

BECHU KURIAN THOMAS JUDGE ssa/ WP(C) NO. 5527 OF 2022

APPENDIX OF WP(C) 5527/2022

PETITIONER EXHIBITS

Exhibit P1 THE TRUE COPY OF NOTICE DATED 27.08.21 UNDER SECTION 13(2) SARFAESI ACT.

Exhibit P2 THE TRUE COPY OF THE AUCTION SALE NOTICE DATED 17.01.2022.