Athira Industries vs Authorized Officer
2022 Latest Caselaw 4985 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                    PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.
       WEDNESDAY, THE 4TH DAY OF MAY 2022 / 14TH VAISAKHA, 1944
                          WP(C) NO. 14324 OF 2022
PETITIONER:

              ATHIRA INDUSTRIES
              VALIYAKUNNU, KEEZHUVILAM (PO), ATTINGAL,
              THIRUVANANTHAPURAM - 695 104, REPRESENTED BY PROPRIETOR
              MR.MAHESAN ASARI, AGED 57 YEARS, S/O.KUTTAPPAN ASARI,
              THIRUVATHIRA, VALIYAKUNNU, KEEZHUVILAM (PO), ATTINGAL,
              THIRUVANANTHAPURAM - 695 104.

              BY ADV M.DINESH



RESPONDENT:

              AUTHORIZED OFFICER
              UNION BANK OF INDIA, AVITTOM COMPLEX, MAMOM,
              KEEZHUVILAM (PO), ATTINGAL,
              THIRUVANANTHAPURAM - 695 014.

              SRI. A.S.P. KURUP (SC)


THIS   WRIT    PETITION   (CIVIL)   HAVING    COME   UP   FOR   ADMISSION   ON
04.05.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C)No.14324/2022                      2

                                JUDGMENT

The petitioner, M/s. Athira Industries, faces recovery proceedings in

respect of a loan availed by it from the Attingal Branch of Union Bank of

India. The total outstanding amount is stated to be Rs.14,80,000/-. The

learned counsel for the petitioner seeks for a permission to regualrise the

loan account. The learned Standing Counsel for the Bank points out that

since the facility is an overdraft facility, there is no provision enabling the

petitioner to seek regularisation of loan account. However, he very fairly

submits that the petitioner can be given an opportunity to clear off the

liability by paying the overdue amount together with any interest accrued in

ten equal monthly instalments. The learned counsel for the petitioner seeks

some more indulgence in the matter of instalments.

3. Having heard the learned counsel for the petitioner and the

learned Standing Counsel for the Bank, I am of the view that the petitioner

can be granted an opportunity to clear off the outstanding liability in the

overdraft account in twelve equal monthly instalments first of which shall be

paid on or before 25.5.2022. The succeeding instalments shall be paid

without default on or before 25th of the succeeding months.

The writ petition will stand disposed of with the above directions.

sd/-

GOPINATH P.

JUDGE acd

APPENDIX OF WP(C) 14324/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE STATEMENT OF ACCOUNT ISSUED FROM UNION BANK OF INDIA, ATTINGAL BRANCH FROM 01/4/2019 TO 1/4/2022.

Exhibit P2 TRUE COPY OF THE NOTICE ISSUED UNDER SECTION 13(2) OF THE SARFAESI ACT BY THE RESPONDENT TO THE PETITIONER DATED 12/4/2021.

Exhibit P3 TRUE COPY OF THE NOTICE FOR TAKING POSSESSION ISSUED BY THE RESPONDENT DATED 17/11/2021.

Exhibit P4 TRUE COPY OF THE NOTICE DATED NIL ISSUED BY ADVOCATE COMMISSIONER IN M.C.NO.44/2022 ON THE FILE OF HON'BLE CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM.