Lathakumar vs The Authorized Officer
2023 Latest Caselaw 8484 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. 82 OF 2023
PETITIONER/S:

            LATHAKUMAR,
            AGED 47 YEARS
            S/O KESAVAN.,RESIDING AT CHEENIKUZHIYIL HOUSE,
            KOTTAPURAM, THRIKKADEERI, OTTAPALAM, PALAKKAD., PIN -
            679502

            BY ADVS.
            T.C.SURESH MENON
            B.DEEPAK
            ABRAHAM P.KORAH
            JAYARAJ.M



RESPONDENT/S:

    1       THE AUTHORIZED OFFICER,
            CHERPALCHERI CO-OP URBAN BANK, HEAD OFFICE, MAIN
            ROAD,CHERPALCHERI., PIN - 679503

    2       CHERPALCHERI CO-OP BANK
            CHERPULASSERY TOWN BRANCH, REPRESENTED BY ITS BRANCH
            MANAGER, PIN - 679503., PIN - 679503


     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. 82 OF 2023
                           2


                       JUDGMENT

The writ petition is filed to direct the respondents

to permit the petitioner to pay the overdue amount in

installments and regularise the loan account.

2. The petitioner's case is that he had availed

financial assistance from the 2nd respondent bank, by

creating an equitable mortgage, for the purpose of

constructing a residential building. Due to Covid-19

pandemic, he could not pay the installments on time.

The bank has now proceeded against the secured asset

under the Securitization and Reconstruction of

Financial Assets and Enforcement of Security Interest

Act, 2002 (in short, 'Act') and is threatening to take

physical possession of the property. The petitioner is

willing to pay the overdue amount in installments and

regularise the loan account. Hence, the Writ Petition.

3. Heard; Sri. T.C.Suresh Menon, the learned

Counsel appearing for the petitioner and Sri.Jayaraj M, WP(C) NO. 82 OF 2023

the learned Counsel appearing for the respondents.

4. Sri.Jayaraj M, on instructions, submitted that

the overdue amount as on 07.08.2023 is Rs.4,20,130/-.

The respondents are willing to permit the petitioner to

pay the overdue amount in ten equated monthly

installments. The said submission is recorded.

5. The learned Counsel appearing for the

petitioner submitted that the petitioner is ready to

accept the above offer.

6. Having considered the pleadings and materials

on record and the submission made by the learned

counsel appearing for the parties; the broad consensus

arrived at between the parties and to provide the

petitioner one last opportunity to pay off the loan

amount, I am inclined to exercise the powers of this

Court under Article 226 of the Constitution of India

and dispose of the writ petition.

Resultantly, I dispose of the writ petition in the WP(C) NO. 82 OF 2023

following manner:

(i) The respondents are directed to defer further

proceedings pursuant to Ext.P1, to enable the

petitioner to pay the overdue amount in

instalments.

(ii) The petitioner is permitted to pay the overdue

amount as stated above with future interest

and cost to the 2nd respondent bank in ten

equated monthly installments commencing

from 07.09.2023 along with regular EMIs.

(iii) Needless to mention, if the petitioner defaults

in payment of any one of the installments as

directed above, the petitioner would lose the

benefit of this judgment and the respondents

would be at liberty to revive the recovery

proceedings from the stage it presently stands,

and bring it to its logical conclusion in

accordance with law.

WP(C) NO. 82 OF 2023

(iv) It is made clear that, no further application

for modification/extension of time shall be

entertained.

sd/-

C.S.DIAS JUDGE rkc/07.08.23 WP(C) NO. 82 OF 2023

APPENDIX OF WP(C) 82/2023

PETITIONER EXHIBITS

Exhibit-P1 TRUE COPY OF THE NOTICE UNDER SECTION 13(2) OF THE SARFAESI ACT ISSUED BY THE 1ST RESPONDENT, DATED 08.11.2022.