Jayan C.R vs The Kerala State Co-Operative ...
2023 Latest Caselaw 8682 Ker

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WP(C) No.26115 of 2023


                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. 26115 OF 2023
PETITIONER/S:

              JAYAN C.R
              AGED 54 YEARS
              S/O RAGHAVAN, CHULLIYIL HOUSE, NENMANIKKARA, PUDUKAD
              PO THRISSUR, PIN - 680301

              BY ADVS.
              T.THASMI
              SINDHU K.S.
              ATHIRA A.MENON


RESPONDENT/S:

       1      THE KERALA STATE CO-OPERATIVE BANK LTD,
              SAHAKARANA SADABHI MANDIRAM, KOVILAKATHUPADAM,
              THRISSUR REPRESENTED BY ITS CHAIRMAN, PIN - 680022

       2      THE BRANCH MANAGER, KERALA STATE CO-OPERATIVE BANK
              LTD (FORMELY THRISSUR DISTRICT CO-OPERATIVE BANK)
              PUDUKAD BRANCH, MUKUNDAPURAM THRISSUR, PIN - 680301

              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:
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WP(C) No.26115 of 2023


                              C.S DIAS,J.
                           ---------------------------
                      WP(C) No.26115 of 2023
                         -----------------------------
                 Dated this the 9th day of August, 2023 .

                            JUDGMENT

The writ petition is filed to direct the respondents

to permit the petitioner to pay off the overdue amount in

equated monthly instalments and regularise the loan

account.

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

financial assistance from the first respondent - Bank -

by creating an equitable mortgage, by deposit of title

deeds. Due to reasons beyond his control, he could

not pay the instalments on time. Now, the Bank has

initiated proceedings against the secured asset under the

Securitization and Reconstruction of Financial Assets

WP(C) No.26115 of 2023

and Enforcement of Security Interest Act, 2002 ( in

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

possession of the secured asset. The petitioner is

willing to pay the overdue amount in equated monthly

instalments. Hence, the writ petition.

3. Heard; Smt.T.Thasmi, the learned counsel

appearing for the petitioner and Sri.P.C Sasidharan, the

learned counsel appearing for the respondents.

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

that the overdue amount as on 9.8.2023 is

Rs.23,54,276/-. The tenure of the loan is till 2025. The

respondents are willing to permit the petitioner to pay

the overdue amount in ten equated monthly instalments

along with regular EMIs. The said submission is

recorded.

WP(C) No.26115 of 2023

5. The learned counsel appearing for the

petitioner submitted that the petitioner may be granted

at least fifteen equated monthly instalments to pay the

overdue amount.

6. Having considered the pleadings and materials

on record, the submissions made by the learned counsel

appearing for the parties, the consensus arrived at

between the parties and to provide the petitioner 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:

WP(C) No.26115 of 2023

(i) The respondents are directed to defer further coercive

proceedings pursuant to Exts P1 and P3, to enable the

petitioner to pay the liability in equated monthly instalments

as stated below.

(ii) The petitioner is permitted to pay the overdue amount

as stated above with future interest and cost to the first

respondent - Bank - in twelve equated monthly instalments

commencing from 9.9.2023 along with regular EMIs.

(iii) Needless to mention, if the petitioner commits

default in any of the conditions ordered above, the petitioner

would lose the benefit of this judgment and the respondents

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/-

sks/9.8.2023                            C.S.DIAS, JUDGE

WP(C) No.26115 of 2023


                         APPENDIX OF WP(C) 26115/2023

PETITIONER EXHIBITS

Exhibit P1                 TRUE COPY OF THE NOTICE DATED 25-09-2021
                           ISSUED BY THE 2ND RESPONDENT TO THE
                           PETITIONER

Exhibit P2                 TRUE COPY OF THE RECEIPT DATED 03-09-2022
                           ISSUED BY THE BANK

Exhibit P3                 TRUE COPY OF THE POSSESSION NOTICE ISSUED

BY THE ADVOCATE COMMISSIONER DATED 28-07- 2023 TO THE PETITIONER