Sunil vs The Authorized Officer, The ...
2023 Latest Caselaw 9094 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
                  THE HONOURABLE MR.JUSTICE C.S.DIAS
     WEDNESDAY, THE 23RD DAY OF AUGUST 2023 / 1ST BHADRA, 1945
                       WP(C) NO. 26806 OF 2023
PETITIONER:

    1     SUNIL
          AGED 38 YEARS
          S/O SANKUNNI, KOKKATPARAMBIL HOUSE,
          MANISSERI(P.O), OTTAPALAM TALUK,
          PALAKKAD DISTRICT., PIN - 679521
          BY ADV K.RAVI (PARIYARATH)
RESPONDENTS:

    1     THE AUTHORIZED OFFICER, THE OTTAPALAM CO-OPERATIVE
          URBAN BANK LTD, F 1647, HEAD OFFICE, MAIN ROAD,
          OTTAPALAM, PALAKKAD DISTRICT., PIN - 679101
    2     THE BRANCH MANAGER, THE OTTAPALAM CO-OPERATIVE URBAN
          BANK LTD, F1647, VANIYAMKULAM BRANCH, VANIYAMKULAM,
          PALAKKAD., PIN - 679522
          BY ADVS.
          VINOD MADHAVAN
          M.V.BOSE(K/8/1967)
          BIJU VARGHESE ERUMALA(B-197)
          SANIYA C.V.(K/749/2021)
     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
23.08.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WPC No.26806 of 2023
                                     2




                             C. S. DIAS, J.
                -------------------------
                       W.P.(C.) No.26806 of 2023
                -------------------------
          Dated this the 23rd day of August, 2023

                             JUDGMENT

The writ petition is filed to direct the

respondents 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 financial assistance from the second

respondent bank by creating an equitable

mortgage by deposit of title deeds of a property

that belongs to the family. Due to reasons beyond

his control, he could not pay the instalments on

time. The respondents have initiated proceedings

under the Securitization and Reconstruction of

Financial Assets and Enforcement of Security WPC No.26806 of 2023

Interest Act (in short, 'Act') and are threatening

to take physical possession of the secured asset.

The petitioner is willing to pay the overdue

amount in instalments. Hence, the writ petition.

3. Heard; Sri.K.Ravi, the learned Counsel

appearing for the petitioner and Sri.Vinod

Madhavan, the learned Counsel appearing for the

respondents.

4. Sri.Vinod Madhavan, on instructions,

submitted that the overdue amount as on today is

Rs.1,01,104/-. The tenure of the loan is till 2027.

The respondents are willing to permit the

petitioner to pay the overdue amount in six

equated monthly instalments. The said

submission is recorded.

5. The learned Counsel appearing for the

petitioner prayed that the petitioner may be

granted atleast twelve instalments to pay the

overdue amount.

WPC No.26806 of 2023

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

and P3 to enable the petitioner to pay the

overdue amount 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 second respondent - WPC No.26806 of 2023

Bank - in twelve equated monthly instalments

commencing from 23.09.2023 along with regular

EMIs.

(iii) Needless to mention, if the petitioner

commits default in the condition 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 SKP/23-08 WPC No.26806 of 2023

APPENDIX OF WP(C) 26806/2023

PETITIONER'S EXHIBITS:

EXHIBIT - P1 TRUE COPY OF THE RELEVANT PAGES OF PASS BOOK, WITH CUSTOMER NO. 117883 , ISSUED BY THE 2ND RESPONDENT BANK, DATED , NIL. EXHIBIT -P2 TRUE COPY OF THE NOTICE ISSUED TO THE PETITIONER AT THE INSTANCE OF THE 1ST RESPONDENT , UNDER SECTION 13(2) OF THE (SARFAESI), ACT 2002, DATED 07.01.23. EXHIBIT -P3 TRUE COPY OF THE NOTICE ISSUED BY THE ADV.

COMMISSIONER AS PER ORDER PASSED IN M.C. NO. 367/2023, ON THE FILE OF THE HON'BLE CHIEF JUDICIAL MAGISTRATE, PALAKKAD, DATED 26.07.23.

RESPONDENTS' EXHIBITS:NIL

TRUE COPY

P.A. TO JUDGE