Sindhu R vs The Authorized Officer
2023 Latest Caselaw 9103 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. 26629 OF 2023
PETITIONER:

          SINDHU R.
          AGED 46 YEARS, D/O. RADHAKRISHNAN NAIR,
          PARAKKAT HOUSE, PERUMPARAMBA P.O., KUNDAYAR,
          MALAPPURAM, PIN - 679576
          BY ADVS.
          RAGHUL SUDHEESH
          J.LAKSHMI
          ELIZABETH MATHEW
          BINI DAS
          DHARSANA A.
RESPONDENT:

          THE AUTHORIZED OFFICER
          THE PONANI CO-OPERATIVE URBAN BANK LTD. HEAD OFFICE,
          C.V. JUNCTION PONANI MALAPPURAM, PIN - 679577
          SRI. SHOBY K. FRANCIS
     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
23.08.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WPC No.26629 of 2023
                                        2




                               C. S. DIAS, J.
                -------------------------
                       W.P.(C.) No.26629 of 2023
                -------------------------
          Dated this the 23rd day of August, 2023

                               JUDGMENT

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, she had

availed financial assistance from the respondent

bank by creating an equitable mortgage by

deposit of title deeds. Due to Covid-19 pandemic

and other financial crises, she could not pay the

instalments on time. The respondent has

initiated proceedings under the Securitization

and Reconstruction of Financial Assets and

Enforcement of Security Interest Act (in short, WPC No.26629 of 2023

'Act') and is 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.Raghul Sudheesh, the

learned Counsel appearing for the petitioner and

Sri.Shoby K. Francis the learned Counsel

appearing for the respondent.

4. Sri.Shoby K. Francis, on instructions,

submitted that the overdue amount as on

11.08.2023 is Rs.6,95,547/-. The respondent is

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 as the tenure of the loan is

till 2027, the petitioner may be granted atleast

twelve instalments to pay the overdue amount. WPC No.26629 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 respondent is directed to defer

further coercive proceedings pursuant to Ext.P1

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 respondent - Bank - in WPC No.26629 of 2023

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 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 SKP/23-08 WPC No.26629 of 2023

APPENDIX OF WP(C) 26629/2023

PETITIONER'S EXHIBITS:

EXHIBIT P1 TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE BANK TO THE PETITIONERS DATED 19.07.2023.

RESPONDENT'S EXHIBITS:NIL

TRUE COPY

P.A. TO JUDGE