Jagadeesan V vs The Authorized Officer
2023 Latest Caselaw 1473 Ker

                     IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                      PRESENT
                     THE HONOURABLE MR. JUSTICE GOPINATH P.
         FRIDAY, THE 20TH DAY OF JANUARY 2023 / 30TH POUSHA, 1944
                             WP(C) NO. 42927 OF 2022
PETITIONER:

     1        JAGADEESAN V
              AGED 53 YEARS
              S/O K.VELU, VENGASSERI KIZHAKKETHIL,
              MANTHIKAPPURAM, KANNIMEL CHERRY,
              TKMC P.O, KOLLAM, PIN - 691004
              BY ADV SIBI THOMAS JACOB

RESPONDENTS:

     1        THE AUTHORIZED OFFICER
              KOLLAM CO-OPERATIVE URBAN BANK LTD.NO.960,
              CHANDANATHOPPU BRANCH ,
              KOLLAM DISTRICT., PIN - 691001
     2        THE MANAGER
              KOLLAM CO-OPERATIVE URBAN BANK LTD.
              NO.960, CHANDANATHOPPU BRANCH ,
              KOLLAM DISTRICT. , PIN - 691001

     THIS     WRIT    PETITION   (CIVIL)   HAVING   COME   UP   FOR   ADMISSION   ON
20.01.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WPC No.42927 of 2022
                                    2



                             JUDGMENT

Dated this the 20th day of January, 2023

The petitioner availed a loan of Rs.3,00,000/- for

the purpose of house maintenance. The account

became a Non-Performing Asset as early as on

19.07.2018. The only remittance made by the

petitioner towards the loan liability is a sum of

Rs.40,000/- on 01.12.2021. On proceedings being

initiated against the petitioner under the provisions

on the SARFAESI Act, 2002, the petitioner has

approached this Court by filing the above writ

petition.

2. On 30.12.2021, this Court issued an interim

order staying coercive proceedings on condition that

the petitioner remits a sum of Rs.1,00,000/- towards

loan liability on or before 16.01.2023.

3. Learned counsel appearing for the petitioner

submits that the petitioner has remitted a sum of

Rs.40,000/- on 16.01.2023. He submits that the WPC No.42927 of 2022

petitioner may be permitted to clear the liability in

instalments.

4. Learned counsel appearing for the respondent

bank would submit that according to the instructions

received by her, the only payment made by the

petitioner is the payment made on 01.12.2021. It is

submitted that the outstanding amount as on today is

Rs.4,94,807/- after giving credit to the amount paid

by the petitioner and the bank has no objection if the

entire liability is settled in some instalments.

5. Learned counsel appearing for the petitioner

submits that the petitioner will pay the entire liability

in six (06) monthly instalments.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire

outstanding amount of Rs.4,94,807/- along with bank

charges from the petitioner on the following

conditions:

(i) The outstanding amount of Rs.4,94,807/- WPC No.42927 of 2022

together with any accrued interest/costs shall

be repaid in six (06) equated monthly

instalments;

(ii) The first instalment shall be paid on or before

15.02.2023 and subsequent instalments shall

be paid on or before 15th of every succeeding

month;

(iii) In the event of default of any one instalment,

the respondent bank shall be entitled to

proceed in accordance with law;

(iv) In order to enable the petitioner to repay the

entire amounts, all coercive proceedings shall

be kept in abeyance.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE SKP/20-01 WPC No.42927 of 2022

APPENDIX OF WP(C) 42927/2022

PETITIONER'S EXHIBITS:

EXHIBIT P1 A TRUE COPY OF THE DISCHARGE SUMMARY OF THE PETITIONER EXHIBIT P2 A TRUE COPY OF THE DEMAND NOTICE ISSUED BY THE RESPONDENT BANK DATED 20/11/2020 EXHIBIT P3 A TRUE COPY OF THE JUDGMENT IN W. P.(C) 26671/2022 DATED 19/8/2022 EXHIBIT P4 A TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER IN. M.C. NO.256/2022 PENDING BEFORE THE HON'BLE CHIEF JUDICIAL MAGISTRATE COURT, KOLLAM RESPONDENTS' EXHIBITS:NIL

TRUE COPY

P.A. TO JUDGE