Kerala High Court
Nazeer Hassan Kutty Rowther Alias ... vs The Federal Bank Ltd on 23 August, 2023
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. 26495 OF 2023
PETITIONER:
NAZEER HASSAN KUTTY ROWTHER ALIAS NAZEER
AGED 65 YEARS
S/O HASSANH KUTTY, BUNGLAVIL (H), KARIYARA (P.O)
PUNALUR, KOLLAM KERALA -, PIN - 691331
BY ADV AJITH M. JIJI
RESPONDENT:
THE FEDERAL BANK LTD
REPRESENTED BY THE AUTHORIZED OFFICER,
LCRD/THIRUVANANTHAPURAM DIVISION, 4TH FLOOR
FEDERAL TOWERS, STATUE
THIRUVANANTHAPURAM 695 001
BY ADV P.PAULOCHAN ANTONY
SRI SUNIL SHANKAR
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.26495 OF 2023
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JUDGMENT
Dated this the 23rd day of August 2023
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, he had availed a
loan from the 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 Bank has 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 is willing to pay the overdue amount in
equated monthly instalments and regularise the loan
account. Hence, the writ petition.
WP(C) NO.26495 OF 2023
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3. Heard; Sri.Ajith M. Jiji, the learned counsel
appearing for the petitioner and Sri.Sunil Sankar, the
learned counsel appearing for the respondent.
4. Sri.Sunil Sankar, on instructions, submitted that
the overdue amount as on 22.8.2023 is Rs.2,24,744/-.
The respondent is willing to permit the petitioner to pay
the above 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 2030, the
petitioner may be granted atleast 12 equated monthly
instalments to pay the overdue amount.
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 overdue
amount, I am inclined to exercise the powers of this
WP(C) NO.26495 OF 2023
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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 respondent is directed to defer further
coercive proceedings pursuant to Exts.P1 and
P2, to enable the petitioner to pay the overdue
amount in instalments.
(ii) The petitioner is permitted to pay the overdue
amount as stated above with future interest
and cost to the 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
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
jes
WP(C) NO.26495 OF 2023
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APPENDIX OF WP(C) 26495/2023
PETITIONER EXHIBITS
Exhibit -P1 TRUE COPY OF THE PAPER PUBLICATION OF THE
POSSESSION NOTICE DATED 23.06.2023
Exhibit -P2 TRUE COPY OF THE REQUEST LETTER DATED
03.08.2023 SUBMITTED BY THE PETITIONER TO THE
RESPONDENT
