Ashokkumar .P vs Thodupuzha Urban Co-Operative ...
2022 Latest Caselaw 5966 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                              PRESENT
               THE HONOURABLE MR. JUSTICE GOPINATH P.
      TUESDAY, THE 31ST DAY OF MAY 2022 / 10TH JYAISHTA, 1944
                      WP(C) NO. 24143 OF 2021
PETITIONER:

          ASHOKKUMAR .P
          AGED 60 YEARS, S/O.PADMANABHAN NAIR,
          NEDUMPILLIL, KRISHNAKRIPA, (POOVASSERIYIL),
          NEAR MOOPPIL BRIDGE, THODUPUZHA, IDUKKI DISTRICT


          BY ADVS.
          K.MOHANAKANNAN
          H.PRAVEEN (KOTTARAKARA)



RESPONDENT:

1         THODUPUZHA URBAN CO-OPERATIVE BANK LTD.
          NO.394, P.O THODUPUZHA, URBAN BANK ROAD,
          IDUKKI DISTRICT, PIN-685582
          REPRESENTED BY ITS AUTHORIZED OFFICER, SEBASTIAN MATHEW

          THE SECRETARY,
          THODUPUZHA URBAN CO-OPERATIVE BANK LIMITED, NO.394,
2         THODUPUZHA P.O., URBAN BANK ROAD, THODUPUZHA,
          IDUKKI DISTRICT, PIN-686 585

          BY ADVS.
          ATHUL SHAJI
          SAJEEV KUMAR K.GOPAL




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
31.05.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C) No.24143 of 2021                2



                           JUDGMENT

The petitioner has approached this Court challenging

proceedings initiated against the petitioner by the 1 st

respondent Bank under the provisions of the Securitisation

and Reconstruction of Financial Assets and Enforcement of

Securities Interest Act, 2002 (also known as SARFAESI Act).

By order dated 05-11-2021 this Court had stayed the

proceedings against the petitioner. Thereafter, by order dated

07-03-2022, the interim order was extended on condition that

the petitioner pays a sum of Rs.10,00,000/- (Rupees Ten Lakhs

only) on or before 13-03-2022. Today, when the matter is

taken up for consideration, it is the submission of the learned

Counsel for the petitioner is that the petitioner has complied

with a condition imposed by the Court through order dated

07-03-2022. This is not disputed by the learned counsel

appearing for the 1st respondent bank.

2. The learned counsel appearing for the petitioner

submits that the total balance outstanding in the account as on

15-02-2021, is Rs.88,70,000/- (Rupees Eighty Eight Lakhs

Seventy Thousand Only). It is submitted that considering the

payment of Rs.10,00,000/- (Rupees Ten Lakhs) the amount will

be approximately Rupees Seventy Eight and odd Lakhs.

3. The learned counsel appearing for the 1 st respondent

bank submits that the interest would have accrued on the

outstanding amount and the exact amount outstanding as on

date has not been ascertained.

4. The learned counsel appearing for the petitioner

submits that the petitioner is willing to clear off the entire

liability if suitable installment facilities given to him.

5. The learned counsel appearing for the 1 st respondent

bank does not object to this request of the learned counsel for

the petitioner.

6. This Writ Petition will therefore stand disposed of

directing that the petitioner pays the entire loan liability in 12

equal monthly installments, first of which is payable on or

before 15-06-2022. Further proceedings initiated against the

petitioner under the provisions SARFAESI Act shall be kept in

abeyance. If the petitioner fails to pay any of the aforesaid

installments, the 1st respondent bank will be free to continue

with the proceedings initiated against the petitioner. It is

made clear that all subsequent installments shall be paid on or

before the 15th of the succeeding months. On clearing the

entire liability the documents pertaining to the mortgaged

property shall be released to the petitioner.

Sd/-

GOPINATH P.

JUDGE

ats

APPENDIX OF WP(C) 24143/2022

PETITIONER EXHIBITS

Exhibit P1 A TRUE PHOTOCOPY OF THE NOTICE U/S.13(2) OF SARFAESI ACT ISSUED BANK TO THE PETITIONER ON 13-01-2020..

Exhibit P2 CERTIFIED COPY OF THE PROMISSORY NOTE PRODUCED BY THE BANK BEFORE THE CHIEF JUDICIAL MAGISTRATE COURT, THODUPUZHA DATED 28-03-2019

Exhibit P3 TRUE COPY OF THE LICENCE OF THE RESPONDENT BANK

Exhibit P4 TRUE COPY OF THE NOTICE UNDER RULE 8(1) of the SECURITY INTEREST ENFORCEMENT RULES, ON 27-07-2021

Exhibit P5 TRUE COPY OF THE APPLICATION FILED BY THE RESPONDENT BANK BEFORE THE CHIEF JUDICIAL MAGISTRATE COURT, THODUPUZHA DATE 02-02-

Exhibit P6 TRUE COPY OF THE SA No.244/2021 WITH PETITION FOR STAY

Exhibit P7 TRUE COPY OF THE I.A.1276/2021 IN SA 244/2021 OF THE DEBT RECOVERY TRIBUNAL, ERNAKULAM

Exhibit P8 TRUE COPY OF THE AUCTION NOTICE PUBLISHED BY THE RESPONDENT BANK DATED 12-10-2021