Manu Joseph vs The Authorised Officer
2023 Latest Caselaw 9314 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                   THE HONOURABLE MR.JUSTICE C.S.DIAS
      FRIDAY, THE 25TH DAY OF AUGUST 2023 / 3RD BHADRA, 1945
                        WP(C) NO. 27622 OF 2023
PETITIONER/S:

          MANU JOSEPH
          AGED 35 YEARS
          S/O.JOSEPH PHILIP,RESIDING AT THUNDAZHIKATHU,GREEN
          HOUSE SRI NAGAR -18,ERAVIPURAM P.O KOLLAM, PIN - 691011

          BY ADVS.
          JOHNSON GOMEZ
          S.BIJU (KIZHAKKANELA)
          SANJAY JOHNSON
          JOHN GOMEZ
          ARUN JOHNY
          ABIN JACOB MATHEW
          DEEBU R.



RESPONDENT/S:

          THE AUTHORISED OFFICER
          THE QUILON CO-OPERATIVE URBAN BANK LTD Q- 960,KOLLAM-,
          PIN - 691001


OTHER PRESENT:

          SMT D P RENU




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
25.08.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 27622 OF 2023
                             2

                          JUDGMENT

The writ petition is filed to direct the respondent

to permit the petitioner to pay the overdue amount in

equated monthly installments and regularise the loan

account.

2. The petitioner's case is that he had availed

financial assistance 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 installments on time. The respondent has

initiated proceedings under the Securitization and

Reconstruction of Financial Assets and Enforcement of

Security Interest Act, 2002 (in short, 'Act') and is

threatening to take physical possession of the secured

asset. Although this Court by Ext.P3 judgment had

permitted the petitioner to pay the overdue amount in

installments, the petitioner could not avail the benefit

of the said judgment. Nonetheless, the petitioner is

willing to pay the overdue amount in installments and WP(C) NO. 27622 OF 2023

regularise the loan account. Hence, the writ petition.

3. Heard; Sri. Johnson Gomez, the learned

Counsel appearing for the petitioner and

Smt.D.P.Renu, the learned Counsel appearing for the

respondent.

4. Smt.D.P.Renu, on instructions, submitted that

the overdue amount as on 25.08.2023, that is after the

petitioner complied with the interim order dated

18.08.2023, is Rs.8,84,827/-. The respondent is willing

to permit the petitioner to pay the overdue amount in

six equated monthly installments. The said submission

is recorded.

5. The learned Counsel appearing for the

petitioner submitted that the petitioner is ready to

accept the above offer.

6. Having considered the pleadings and materials

on record and the submission made by the learned

counsel appearing for the parties; the broad consensus

arrived at between the parties and to provide the WP(C) NO. 27622 OF 2023

petitioner one last opportunity to pay off the loan

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 respondent is directed to defer further

proceedings pursuant to Ext.P4, to enable the

petitioner to pay the overdue amount in

installments.

(ii) The petitioner is permitted to pay the overdue

amount as stated above with future interest

and cost to the respondent bank in six equated

monthly installments commencing from

25.09.2023 along with regular EMIs.

(iii) Needless to mention, if the petitioner defaults

in payment of any one of the installments as

directed above, the petitioner would lose the WP(C) NO. 27622 OF 2023

benefit of this judgment and the respondent

would be at liberty to revive the recovery

proceedings from the stage it presently stands,

and bring it to its logical conclusion in

accordance with law.

(iv) It is made clear that, no further application

for modification/extension of time shall be

entertained.

sd/-

C.S.DIAS JUDGE

rkc/25.08.23 WP(C) NO. 27622 OF 2023

APPENDIX OF WP(C) 27622/2023

PETITIONER EXHIBITS

Exhibit P1 A TRUE COPY OF THE WP(C) NO. 3842/2023 FILED BY THE PETITIONER BEFORE THIS HON'BLE COURT

Exhibit P2 A TRUE COPY OF THE ORDER DATED 03/02/2023 IN WP(C) NO. 3842/2023

Exhibit P3 A TRUE COPY OF THE JUDGEMENT DATED 21/03/2023 IN WP(C) NO. 3842/2023 PASSED BY THIS HON'BLE COURT

Exhibit P4 A TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 15/07/2023

Exhibit P5 A TRUE COPY OF THE RP 877/2023 FILED BY THE PETITIONER BEFORE THIS HON'BLE COURT