Padmini P.A vs Kerala State Co-Operative Bank ...
2023 Latest Caselaw 8666 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
                 THE HONOURABLE MR.JUSTICE C.S.DIAS
   WEDNESDAY, THE 9TH DAY OF AUGUST 2023 / 18TH SRAVANA, 1945
                       WP(C) NO. 26211 OF 2023
PETITIONERS:

    1     PADMINI P.A
          AGED 64 YEARS
          W/O ACHUTHAN NAIR KANIPAYYUR HOUSE, ANDAPARAMBU
          DESOM, ANJOOR VILLAGE, THRISSUR TALUK, THRISSUR
          DISTRICT-, PIN - 680586

    2     ANILKUMAR
          AGED 41 YEARS
          S/O ACHUTHAN NAIR KANIPAYYUR HOUSE, ANDAPARAMBU
          DESOM, ANJOOR VILLAGE, THRISSUR TALUK, THRISSUR
          DISTRICT-, PIN - 680586

    3     ANOOP
          AGED 35 YEARS
          S/O ACHUTHAN NAIR KANIPAYYUR HOUSE, ANDAPARAMBU
          DESOM, ANJOOR VILLAGE, THRISSUR TALUK, THRISSUR
          DISTRICT-680586, PIN - 680586

          BY ADVS.      K.M.MUHAMMED HUSSAIN
                        MANUMON A.


RESPONDENTS:

    1     KERALA STATE CO-OPERATIVE BANK LTD (KERALA BANK).
          REGIONAL OFFICE, SAHAKARANA SADABDI MANDIRAM,
          KOVILAKATHUMPADAM, THRISSUR, - REPRESENTED BY ITS
          AUTHORIZED OFFICER, PIN - 680010

    2     THE KERALA STATE CO-OPERATIVE BANK LTD, MUNDUR
          BRANCH,
          MUNDUR THRISSUR DISTRICT REPRESENTED BY ITS BRANCH
          MANAGER-, PIN - 680586

          BY ADV P.C.SASIDHARAN

      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
09.08.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C)No.26211/2023

                                       -:2:-




                       Dated this the 9th day of August,2023

                               JUDGMENT

The writ petition is filed to direct the respondents

to permit the petitioners to pay off the overdue amount

in equated monthly instalments and regularise the loan

account.

2. The petitioners' case is that, they had availed

financial assistance from the second respondent - Bank

- by creating an equitable mortgage. Due to

unforeseen circumstances, they could not pay the EMIs

on time. Now, the respondents have initiated

proceedings under the Securitization and

Reconstruction of Financial Assets and Enforcement of

Security Interest Act, 2002 and are proceeding against

the secured asset. The petitioners are prepared to pay

off the overdue amount in equated monthly

instalments. Hence, the writ petition. W.P.(C)No.26211/2023

3. Heard; Sri. K.M.Muhammed Hussain, the

learned counsel appearing for the petitioners and

Sri. P.C. Sasidharan, the learned counsel appearing for

the respondents.

4. Sri. P.C. Sasidharan, on instructions,

submitted that, as on today, the overdue amount is

Rs.11,13,433/-. The tenure of the loan is till 2027. The

respondents are willing to permit the petitioners to pay

off the overdue amount in eight equated monthly

instalments. The said submission is recorded.

5. The learned counsel for the petitioners has

submitted that, as the tenure of the loan is till 2027,

the petitioners may be granted at least 15 instalments

to pay off the overdue amount with EMIs.

6. Having considered the pleadings and

materials on record, and in the light of the submission

made by the learned counsel appearing for parties, to W.P.(C)No.26211/2023

provide the petitioners one last opportunity, 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

following manner:

(i) The respondents are directed to defer further proceedings pursuant to Exts P1 to P4, to enable the petitioners to pay off the overdue amount in instalments.

(ii) The petitioners are permitted to pay the overdue amount with future interest and cost to the second respondent in twelve equated monthly instalments commencing from 09.09.2023 along with regular EMIs.

(iii) Needless to mention, if the petitioners commit default in respect of any of the conditions ordered above, they will lose the benefit of this judgment and the respondents would be at liberty to proceed with recovery proceedings W.P.(C)No.26211/2023

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

DST/09.08.23                                         //True copy//

                                                     P.A.To Judge
 W.P.(C)No.26211/2023






                              APPENDIX


PETITIONER EXHIBITS
EXHIBIT P1          TRUE COPY OF THE NOTICE DATED 28-12-2018

ISSUED BY THE 1ST RESPONDENT AS PER SECTION 13(2) OF SARFEASI ACT

EXHIBIT P2 TRUE COPY OF NOTICE DATED 11-11-2019 ISSUED BY THE 1ST RESPONDENT AS PER SECTION 13(4) OF SARFEASI ACT

EXHIBIT P3 THE TRUE COPY OF THE ORDER PASSED BY THE CHIEF JUDICIAL MAGISTRATE COURT, THRISSUR IN M.C.NO 165 OF 2023 DATED 07-03-2023

EXHIBIT P4 THE TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 24-07-2023

RESPONDENTS' EXHIBITS: NIL