Ananda Kumar J vs Kerala State Co-Operative Bank ...
2023 Latest Caselaw 8728 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. 24505 OF 2023

PETITIONER:

          ANANDA KUMAR J, AGED 47 YEARS
          S/O JOHNSON, KUNCHUMANAVELI, THEKKEPUTHEN VEEDU,
          KANJIRAMKULAM P.O, THIRUVANANTHAPURAM, PIN-695524

          BY ADV V.A.VINOD


RESPONDENT:

          KERALA STATE CO-OPERATIVE BANK LTD
          EPRESENTED BY ITS AUTHORISED OFFICER, HEAD OFFICE,
          VIKAS BHAVAN P.O, THIRUVANANTHAPURAM, PIN - 695033

          BY ADV THOMAS ABRAHAM


      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
09.08.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 24505 OF 2023

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                          JUDGMENT

Dated this the 9th day of August 2023

The writ petition is filed to direct the respondent to

permit the petitioner to pay the overdue amount in

instalments and regularise the loan account.

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

housing loan from the 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. The Bank has now proceeded

against the secured assets under the Securitization and

Reconstruction of Financial Assets and Enforcement of

Security Interest Act (in short, 'Act'). Now, the bank

has initiated proceedings against the secured asset

under the Act, to recover the overdue amount. The

petitioner is willing to pay the overdue amount in

equated monthly instalments. Hence, the writ petition. WP(C) NO. 24505 OF 2023

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3. Heard; Sri.V.A.Vinod, the learned counsel

appearing for the petitioner and Sri.Thomas Abraham,

the learned counsel appearing for the respondent.

4. Sri.Thomas Abraham, on instructions, submitted

that the overdue amount as on 26.7.2023 is

Rs.8,83,889/-. The tenure of the loan is till 2029. The

respondent is willing to permit the petitioner to pay the

overdue amount in ten equated monthly instalments.

The said submission is recorded.

5. The learned counsel appearing for the petitioner

submitted that the petitioner may be granted atleast 15

instalments to pay the overdue amount.

6. Having considered the pleadings and materials

on record and the submission made by the learned

counsel appearing for the parties, to provide the

petitioner one last opportunity to pay off the overdue

amount, I am inclined to exercise the powers of this WP(C) NO. 24505 OF 2023

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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 respondent is directed to defer further coercive 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 respondent - Bank - in 12 equated monthly instalments commencing from 9.09.2023 along with regular EMIs.

(iii) Needless to mention, if the petitioner commits default of the condition ordered above, he 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 jes WP(C) NO. 24505 OF 2023

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APPENDIX OF WP(C) 24505/2023

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 10.07.2023 WP(C) NO. 24505 OF 2023

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APPENDIX OF WP(C) 24505/2023

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 10.07.2023