Nishida N. N vs The Authorised Officer, Kerala ...
2023 Latest Caselaw 8869 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                 PRESENT

                   THE HONOURABLE MR.JUSTICE C.S.DIAS

        MONDAY, THE 14TH DAY OF AUGUST 2023 / 23RD SRAVANA, 1945

                         WP(C) NO. 39969 OF 2022

PETITIONER:

              NISHIDA N. N.
              AGED 32 YEARS
              MULANDATHU HOUSE, KOCHUKADAVU, ERAVATHOOR P. O.,
              CHALAKUDY TALUK, THRISSUR DISTRICT.,
              PIN - 680734

              BY ADVS.   ARUN SAMUEL
                         JITHIN BABU A


RESPONDENTS:

    1         THE AUTHORISED OFFICER, KERALA GRAMIN BANK
              REGIONAL OFFICE, EAST FORT, PALLIKKULAM, THRISSUR
              DISTRICT, KERALA, PIN - 680005

    2         KERALA GRAMIN BANK, REPRESENTED BY ITS BRANCH MANAGER
              ANNAMANADA BRANCH, THRISSUR DISTRICT, KERALA,
              PIN - 680741

    3         KERALA GRAMIN BANK, REPRESENTED BY ITS CHAIRMAN
              AK ROAD, UPHILL, P. B. NO. 10, MALAPPURAM DISTRICT,
              KERALA, PIN - 676505

OTHER PRESENT:

              SRI JAWAHAR JOSE


      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
14.08.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C)No.39969/2022

                                    -:2:-




                   Dated this the 14th day of August, 2023

                           JUDGMENT

The writ petition is filed to direct the respondents

to permit the petitioner to pay the outstanding amount

in equated monthly instalments and close the loan

account.

2. The petitioner's case is that, she and her

husband had availed financial assistance from the

second respondent - Bank - by creating an equitable

mortgage by deposit of title deeds. Due to the Covid-19

pandemic and other adverse financial conditions, the

petitioner and her husband could not pay the

instalments on time. The respondents have initiated

proceedings against the secured asset under the

Securitization and Reconstruction of Financial Assets

and Enforcement of Security Interest Act,2002 , and is

threatening to take physical possession of the secured

asset. The petitioner is willing to pay the outstanding W.P.(C)No.39969/2022

amount in equated monthly instalments and close the

loan account. Hence, the writ petition.

3. Heard; Sri. Arun Samuel, the learned counsel

appearing for the petitioner and Sri. Jawahar Jose, the

learned counsel appearing for the respondents.

4. Sri. Jawahar Jose, on instructions, submitted

that the respondents had filed C.S.No.289/2021 before

the Commercial Court, Thrissur. The suit was decreed

in favour of the respondents, as early as on 22.01.2022.

The outstanding amount as on today is Rs.10,25,113/-.

In view of the decree, the respondents cannot

regularise the loan account. Nonetheless, it would be

up to the petitioner to pay the outstanding amount.

The respondents are willing to permit the petitioner to

pay off the outstanding amount in six equated monthly

instalments. The said submission is recorded.

5. The learned counsel appearing for the

petitioner submitted that the petitioner may be granted W.P.(C)No.39969/2022

at least 12 equated monthly instalments to pay off the

outstanding 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:

(i) The respondents are directed to defer further coercive proceedings pursuant to Exts P2 & P5, to enable the petitioner to pay the outstanding amount in equated monthly instalments as stated below.

(ii) The petitioner is permitted to pay the outstanding amount as stated above with W.P.(C)No.39969/2022

future interest and cost to the second respondent - Bank - in 10 equated monthly instalments commencing from 14.09.2023.

(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/-

                                          C.S.DIAS,JUDGE

DST/14.08.23                                                  //True copy//

                                                              P.A.To Judge
 W.P.(C)No.39969/2022






                              APPENDIX




PETITIONER EXHIBITS
EXHIBIT1            A TRUE COPY OF THE PETITIONER'S           LOAN
                    ACCOUNT STATEMENT DATED NIL

EXHIBIT2               A TRUE COPY OF THE NOTICE DATED 21/10/2022

ISSUED BY THE 1ST RESPONDENT TO THE PETITIONER UNDER SECTION 13 (4) OF THE ACT

EXHIBIT3 A TRUE COPY OF THE REPRESENTATION DATED NIL SUBMITTED BY THE PETITIONER BEFORE THE 2ND RESPONDENT

EXHIBIT4 A TRUE COPY OF THE POSTAL RECEIPT DATED 28/11/2022 EVIDENCING THE SUBMISSION OF EXT. P3 REPRESENTATION

EXHIBIT P5 A TRUE COPY THE SALE NOTICE DATED 19/07/2023 ISSUED TO THE APPLICANT/PETITIONER BY THE 1ST RESPONDENT.

RESPONDENT'S EXHIBITS: NIL