Usha vs Guruvayur Co-Operative Urban ...
2023 Latest Caselaw 8478 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                 PRESENT
                  THE HONOURABLE MR.JUSTICE C.S.DIAS
        MONDAY, THE 7TH DAY OF AUGUST 2023 / 16TH SRAVANA, 1945
                       WP(C) NO. 23795 OF 2023
PETITIONERS:

    1       USHA,
            AGED 55 YEARS
            W/O. ASHOKAN, KULANGARA HOUSE,
            KOTTAPADI P.O., THRISSUR DISTRICT, PIN - 680505
    2       ASHOKAN
            AGED 65 YEARS
            S/O AYYAPPAN, KULANGARA HOUSE,
            KOTTAPADI P.O, THRISSUR DISTRICT, PIN - 680505
            BY ADVS.
            P.SANJAY
            RAHUL RAJ P.
            KIRAN NARAYANAN


RESPONDENT:

            GURUVAYUR CO-OPERATIVE URBAN BANK,
            REPRESENTED BY ITS AUTHORIZED OFFICER,
            GURUVAYUR - ALTHARA - PONNANI ROAD, NORTH NADA,
            GURUVAYUR, KERALA, PIN - 680101
OTHER PRESENT:

            SRI. T R HARIKUMAR


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
07.08.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 23795 OF 2023
                                        2



                             JUDGMENT

Dated this the day of 7th August, 2023

The writ petition is filed to direct the

respondent to permit the petitioners to pay the

overdue amount in equated monthly instalments

and regularise the loan account.

2. The petitioners had availed financial

assistance from the respondent - Bank - by

creating an equitable mortgage by deposit of title

deeds. Due to unforeseen circumstances, the

petitioners could not pay the instalments on time.

The respondent has initiated proceedings under the

Securitization and Reconstruction of Financial

Assets and Enforcement of Security Interest Act (in

short, 'Act') and is threatening to take physical

possession of the secured asset. The petitioners are

ready to pay the overdue amount in equated WP(C) NO. 23795 OF 2023

monthly instalments and regularise the loan

account. Hence, the writ petition.

3. Heard; Sri. P. Sanjay, the learned counsel

appearing for the petitioners and

Sri. T.R. Harikumar the learned counsel appearing

for the respondent.

4. Sri. T.R.Harikumar, on instructions,

submitted that, the overdue amount as on

05.08.2023 is Rs.14,34,664/-. The tenure of the

loan is 15 years from 2020-2021. The respondent is

willing to permit the petitioners to pay off the

overdue amount in twelve equated monthly

instalments. The said submission is recorded.

5. The learned counsel appearing for the

petitioners submitted that the petitioners are ready

to accept the above offer.

6. Having considered the pleadings and

materials on record, the submissions made by the

learned counsel appearing for the parties, the WP(C) NO. 23795 OF 2023

consensus arrived at between the parties and to

provide the petitioners one last opportunity to clear

off the liability, I am inclined to exercise the

powers of this Court under Article 226 of the

Constitution of India and entertain the writ

petition.

Resultantly, I dispose of the writ petition in the

following manner:

(i) The respondent is directed to defer further

proceedings pursuant to Exts. P1 and P1(a) to

enable the petitioners to pay the overdue amount in

equated monthly instalments as stated below.

(ii) The petitioners are permitted to pay the

overdue amount as stated above with future

interest and cost to the respondent - Bank - in

twelve equated monthly instalments commencing

from 07.09.2023 along with regular EMIs.

(iii) Needless to mention, if the petitioners

commit default in the condition ordered above, the WP(C) NO. 23795 OF 2023

petitioners would lose the benefit of this judgment

and the respondent would be at liberty to proceed

with recovery proceedings from the stage it

presently stands.

(iv) It is made clear that, no further

application for modification/extension of time shall

be entertained.

Sd/-

C.S.DIAS JUDGE LU WP(C) NO. 23795 OF 2023

APPENDIX OF WP(C) 23795/2023

PETITIONER EXHIBITS :

EXHIBIT P1 TRUE COPY OF THE POSSESSION NOTICE TO THE 1ST PETITIONER ISSUED BY THE RESPONDENT DATED 7.07.2023 EXHIBIT P1(A) TRUE COPY OF THE POSSESSION NOTICE TO THE 2NDPETITIONER ISSUED BY THE RESPONDENT DATED 7.07.2023

// True Copy // PA To Judge