Shijo. V.C vs The Taliparamba Co-Operative ...
2023 Latest Caselaw 9105 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. 26128 OF 2023
PETITIONER:

     1        SHIJO. V.C.
              AGED 45 YEARS
              S/OCHACKO,
              VALAYATH HOUSE, KARUVANCHEETHA,
              THADIKKADAVU P.O,CHAPPARAPADAVU VIA,
              KANNUR DISTRICT, PIN - 670581
              BY ADVS.
              V.T.MADHAVANUNNI
              V.A.SATHEESH
              ANAND V.S

RESPONDENTS:

     1        THE TALIPARAMBA CO-OPERATIVE URBAN BANK LIMITED,
              TALIPARAMBA P.O, KANNUR DISTRICT, PIN - 670141
              REPRESENTED BY THE GENERAL MANAGER
     2        AUTHORIZED OFFICER
              THE TALIPARAMBA CO-OPERATIVE URBAN BANK LIMITED,
              TALIPARAMBA P.O, KANNUR DISTRICT, PIN - 670141
              BY ADVS.
              ARJUN RAGHAVAN
              T.R.HARIKUMAR(K/000295/1992)
              POOJA PANKAJ(K/924/2016)

     THIS     WRIT    PETITION   (CIVIL)   HAVING   COME   UP   FOR   ADMISSION   ON
23.08.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WPC No.26128 of 2023
                                      2




                              C. S. DIAS, J.
                 -------------------------
                       W.P.(C.) No.26128 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 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. The respondents have

initiated proceedings under the Securitization

and Reconstruction of Financial Assets and

Enforcement of Security Interest Act (in short, WPC No.26128 of 2023

'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.Madhavanunni V.T., the

learned Counsel appearing for the petitioner and

Sri.T.R.Harikumar, the learned Counsel

appearing for the respondents.

4. Sri.T.R.Harikumar, on instructions,

submitted that the overdue amount as on

09.08.2023 is Rs.8,68,316/-. The tenure of the

loan is till 2028. The respondents are willing to

permit the petitioner to pay the overdue amount

in eight 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 2028, the petitioner may be granted atleast

twenty instalments to pay the overdue amount. WPC No.26128 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.P1

and P2 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 first respondent - Bank - WPC No.26128 of 2023

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.26128 of 2023

APPENDIX OF WP(C) 26128/2023

PETITIONER'S EXHIBITS:

EXHIBIT P1 TRUE COPY OF THE NOTICE DATED 5.10.2020 ISSUED BY RESPONDENT NO.2 TO THE PETITIONER EXHIBIT P2 TRUE COPY OF THE NOTICE ISSUED BY ADVOCATE COMMISSIONER TO THE PETITIONER RESPONDENTS' EXHIBITS:NIL

TRUE COPY

P.A. TO JUDGE