Padmanabhan K vs The Authorized Officer
2023 Latest Caselaw 8485 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. 23738 OF 2023
PETITIONER/S:

            PADMANABHAN K.,
            AGED 77 YEARS
            S/O KUNJAN, KOTTAPALLIL, VAIKAPRAYAR P.O., VAIKOM,
            KOTTAYAM DISTRICT, PIN - 686146

            BY ADVS.
            JOBI.A.THAMPI
            BINNY.A.THOMAS
            SHOUKATH HUSAIN



RESPONDENT/S:

    1       THE AUTHORIZED OFFICER,
            VAIKOM URBAN CO-OPERATIVE BAHEAD OFFICE, VAIKOM, VAIKOM
            P.O., P.B. NO.10, PIN - 686141

    2       THE BRANCH MANAGER,
            VAIKOM URBAN CO-OPERATIVE BANK, BRANCH OFFICE VAIKOM,
            VAIKOM P.O., P.B. NO.10, PIN - 686141

            BY ADVS.
            Julian Xavier.J Joseph
            FIROZ K.ROBIN(F-15)
            ROY JOSEPH(K/55/2006)
            ANIES MATHEW(K/952/2007)
            NIRMAL KURIEN EAPEN(K/000151/2022)




     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. 23738 OF 2023
                             2

                          JUDGMENT

The writ petition is filed to direct the respondents

to permit the petitioner to pay the outstanding amount

in installments and close 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 by deposit of title

deeds, for carrying out the renovation work of his

house. Due to Covid-19 pandemic and other reasons

beyond his control, he could not pay the installments on

time. The respondents have 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 entire outstanding

amount and close the loan account. Hence, the writ

petition.

3. Heard; Sri. Jobi A.Thampi, the learned Counsel WP(C) NO. 23738 OF 2023

appearing for the petitioner and Sri.Julian Xavier, the

learned Counsel appearing for the respondents.

4. Sri.Julian Xavier, on instructions, submitted that

the outstanding amount as on 31.07.2023 is

Rs.9,15,608/-. The tenure of the loan is already over.

Nonetheless, the respondents are willing to permit the

petitioner to pay the outstanding amount in ten equated

monthly installments. The said submission is recorded.

5. The learned Counsel appearing for the petitioner

prayed that the petitioner may be granted atleast 15

installments to pay the outstanding amount.

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.

WP(C) NO. 23738 OF 2023

Resultantly, I dispose of the writ petition in the

following manner:

(i) The respondents are directed to defer further

proceedings pursuant to Exts.P1 and P2, to

enable the petitioner to pay the outstanding

amount in instalments.

(ii) The petitioner is permitted to pay the

outstanding 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. 23738 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. 23738 OF 2023

APPENDIX OF WP(C) 23738/2023

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE DTD.17-01-2019 ISSUED BY THE 1ST RESPONDENT BANK UNDER SECTION 13(2) OF THE SECURITIZATION AND RECONSTRUCTION OF THE FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002

Exhibit P2 TRUE COPY OF THE NOTICE DATED 03-07-2023 ISSUED BY THE ADVOCATE COMMISSIONER TO THE PETITIONER

Exhibit P3 TRUE COPY OF THE REPRESENTATION DATED 10-07-2023 SUBMITTED BY THE PETITIONER BEFORE THE 1ST RESPONDENT BANK