Nisar K.C vs Manjeri Co-Operative Urban Bank ...
2022 Latest Caselaw 10410 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                  PRESENT
                THE HONOURABLE MR. JUSTICE GOPINATH P.
        FRIDAY, THE 7TH DAY OF OCTOBER 2022 / 15TH ASWINA, 1944
                       WP(C) NO. 30023 OF 2022
PETITIONER:

            NISAR K.C,
            S/O.UMMER HAJI, AGED 46 YEARS,
            CHETTITHODUVIL HOUSE, WEST BAZAR, OZHUKUR, MONGAM (PO),
            MALAPPURAM DT., PIN - 673 642.

            BY ADVS.
            T.K.AJITH KUMAR
            AISWARYA RAMESAN
            HARITHA HARIDAS



RESPONDENTS:

    1       MANJERI CO-OPERATIVE URBAN BANK LTD,
            COURT ROAD, MANJERI (PO), MALPPURAM DT.,
            PIN - 676 121, REPRESENTED BY ITS GENERAL MANAGER,

    2       AUTHORISED OFFICER,
            MANJERI CO-OPERATIVE URBAN BANK LTD, HEAD OFFICE,
            COURT ROAD, MANJERI (PO), MALAPPURAM DT.,
            PIN - 676 121.

            BY ADV K.VIDYASAGAR




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
07.10.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 30023 OF 2022

                                 2


                           JUDGMENT

The petitioner availed a loan from the respondent Bank.

On default being committed, proceedings were initiated against

the petitioner under the provisions of the SARFAESI Act and the

property of the petitioner was brought to sale though public

auction. Since there were no bidders, the respondent Bank itself

purchased the property and the property is now a non-banking

asset of the respondent Bank.

2. The learned counsel appearing for the petitioner

states that if the petitioner is given a reasonable opportunity to

pay off the outstanding amounts, the petitioner will be in a

position to clear the liability and on such clearance, the property

of the petitioner may be re-conveyed / restored to the

petitioner.

3. The learned counsel appearing for the respondent

Bank states that notwithstanding the fact that the property is

now a non-banking asset of the respondent Bank, the Bank is

willing to re-convey / restore the property to the petitioner

provided the petitioner clears the entire liability, which is stated

to be Rs.9,15,450/-(Rupees nine lakhs fifteen thousand four

hundred and fifty only) as on date, in eight monthly instalments. WP(C) NO. 30023 OF 2022

4. The learned counsel appearing for the petitioner

states that the petitioner be given at least 12 instalments to

clear the entire liability.

5. Having regard to the circumstances of the case and the

situation now prevailing, apart from the submissions made as

recorded above, I am of the view that the petitioner can be

granted an opportunity to repay the outstanding amount in 12

instalments.

6. Accordingly, there will be a direction to the respondent

bank to accept repayment of the entire outstanding amount of

Rs.9,15,450/-(Rupees nine lakhs fifteen thousand four hundred

and fifty only) along with any accrued interest, costs and

charges charges from the petitioner on the following conditions:

(i)The outstanding amount of Rs.9,15,450/-(Rupees nine lakhs fifteen thousand four hundred and fifty only) along with any accrued interest, costs and charges shall be repaid in 12 equated monthly instalments.

(ii)The first instalment shall be paid on or before 31.10.2022 and the subsequent instalments shall be paid on or before the last working day of every succeeding month.

(iii) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.

WP(C) NO. 30023 OF 2022

(iv) In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.

(v) On the entire liability being cleared, the property of the petitioner, which is now a non-banking asset of the respondent Bank shall be re- conveyed / restored to the petitioner.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE DK WP(C) NO. 30023 OF 2022

APPENDIX OF WP(C) 30023/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE SALE NOTICE DATED 10.12.2021 ISSUED BY THE 2ND RESPONDENT.