Siddhique vs Tirur Urban Co Operative Bank Ltd
2023 Latest Caselaw 9110 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. 26742 OF 2023

PETITIONER:

          SIDDHIQUE, AGED 54 YEARS, S/O ABOOBACKER PALLIMALIL
          HOUSE, KOTT, TIRUR, MALAPPURAM DISTRICT, PIN - 676101

          BY ADVS.JAMSHEED HAFIZ
          K.K.NESNA
          T.S.SREEKUTTY


RESPONDENTS:

    1     TIRUR URBAN CO OPERATIVE BANK LTD
          NO. F. 1818 . HEAD OFFCE TIRUR MALAPPURAM DISTRICT
          REPRESENTED BY ITS AUTHORIZED OFFICER / SECRETARY,
          PIN - 676101

    2     THE AUTHORIZED OFFICER
          TIRUR URBAN CO OPERATIVE BANK LTD NO. F. 1818 , HEAD
          OFFICE TIRUR MALAPPURAM DISTRICT, PIN - 676101


          SRI M SASINDRAN


      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
23.08.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO.26742 OF 2023

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                         JUDGMENT

Dated this the 23rd day of August 2023

The writ petition is filed to direct the respondents

to permit the petitioner to pay the outstanding amount

in instalments and close 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 now

proceeded against the secured assets under the

Securitization and Reconstruction of Financial Assets

and Enforcement of Security Interest Act (in short,

'Act') and is threatening to take physical possession of

the secured asset. The petitioner had filed W.P.

(C)No.14368/22 before this Court, which was disposed

of by Ext.P3 judgment holding that the respondents WP(C) NO.26742 OF 2023

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have already considered the petitioner's request. The

petitioner is willing to pay the outstanding amount in

instalments and close the loan account. Hence, the writ

petition.

3. Heard; Sri.Jamsheed Hafiz, the learned counsel

appearing for the petitioner and Sri.M.Saseendran, the

learned counsel appearing for the respondents.

4. Sri.M.Saseendran, on instructions, submitted

that the petitioner had availed a cash credit facility.

The tenure of the facility is over. The outstanding

amount as on 23.8.2023 is Rs.97,01,844/-. The

respondents are willing to permit the petitioner to pay

the above outstanding amount in ten equated monthly

instalments. The said submission is recorded.

5. The learned counsel appearing for the petitioner

prayed that the petitioner may be granted atleast 12

instalments to pay the outstanding amount. WP(C) NO.26742 OF 2023

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6. Having considered the pleadings and materials

on record and the submission 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 pay off the

outstanding amount, I am inclined to exercise the

powers of this 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 respondents are directed to defer further coercive proceedings pursuant to Ext.P1, to enable the petitioner to pay the outstanding amount in instalments.

(ii) The petitioner is permitted to pay the outstanding amount as stated above with future interest and cost to the first respondent

- Bank - in 12 equated monthly instalments commencing from 23.9.2023 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 WP(C) NO.26742 OF 2023

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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 jes WP(C) NO.26742 OF 2023

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APPENDIX

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE UNDER SECTION 13(2) OF SARFAESI ACT, 2002 ISSUED BY THE RESPONDENT TO THE PETITIONER DATED 16.10.2019

Exhibit P2 TRUE COPY OF THE REPLY ISSUED BY THE RESPONDENT DATED 12.07.2023

Exhibit P3 TRUE COPY OF THE JUDGMENT OF THIS HON'BLE COURT IN WP.C.NO. 14368/2022 DATED 21.07.2023