Bibin vs The Thrissur Urban Cooperative ...
2022 Latest Caselaw 10950 Ker

Citation : 2022 Latest Caselaw 10950 Ker
Judgement Date : 3 November, 2022

Kerala High Court

Bibin vs The Thrissur Urban Cooperative ... on 3 November, 2022

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.
   THURSDAY, THE 3RD DAY OF NOVEMBER 2022 / 12TH KARTHIKA, 1944
                        WP(C) NO. 31771 OF 2022
PETITIONER/S:

          BIBIN
          AGED 43 YEARS
          PADAVETTIL HOUSE POOVANCHIRA POST THRISSUR, PIN -
          680652
          BY ADV SAIJO HASSAN


RESPONDENT/S:

          THE THRISSUR URBAN COOPERATIVE BANK LTD
          REPRESENTED BY AUTHORIZED OFFICER POST BOX NO 86 HEAD
          OFFICE MISSION QUARTERS THRISSUR, PIN - 680001
          BY ADV DEVAPRASANTH.P.J.


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
03.11.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 31771 OF 2022                   2



                                  JUDGMENT

Petitioner has approached this Court, challenging the

proceedings initiated against the petitioner by the respondent

bank under the provisions of the SARFAESI Act to recover

amounts due under two business loans availed by the

petitioner.

2. Petitioner had approached his Court at a time when

proceedings were initiated against the petitioner to take

physical possession of the secured assets under Section 14 of

the SARFAESI Act. By interim order dated 10.10.2022, this

Court directed that taking of physical possession of the

secured asset shall stand adjourned till 20.10.2022, on

condition that the petitioner remits a sum of Rs.1 lakh towards

the loan liability on or before 14.10.2022. Petitioner has

remitted the aforesaid sum of Rs.1,00,000/- (Rupees One lakh

only). Thereafter, when this matter came up for consideration

before this Court, it was submitted that the petitioner intends

to settle the entire liability by approaching another financial

institution for taking over the loan. On 20.10.2022, this court

passed the following order:-

''When this matter is taken up for consideration today, it is submitted by the learned counsel appearing for the respondent bank as on date the over due amounts in

respect of two terms loans availed by the petitioner after giving credit to the amounts paid under the interim order of this Court is Rs.25,52,053/-.

2. The learned counsel for the petitioner states that the petitioner has approached another financial institution for taking over the entire liability. It is submitted that if the petitioner is given two weeks' time, the petitioner will be in a position to finalise take over of the loan by some other financial institution.

3. The learned Standing Counsel appearing for the respondent bank points out that the very same submission has been made before and there is absolutely no bona fides in the said submission.

4. Taking note of the submission made by the counsel as above, this writ petition is adjourned to be considered on 03.11.2022, making it clear that no further time will be granted to the petitioner for finalising any taking over of the loan by any other financial institution.

List on 03.11.2022''

3. When this matter is taken up for consideration

today, it is the case of the petitioner that the finalisation of the

take over of the loan by some other financial institution is yet

to be completed and the petitioner may be given further time

of one month to settle the entire liability either by paying the

entire amount demanded by the bank in lump-sum or by way of

One Time Settlement .

4. Learned counsel appearing for the respondent bank

submits that the overdue amount itself, as on date, in respect

of the two loans availed by the petitioner is approximately

Rs.26 lakhs and there is no credible proposal by the petitioner