Kerala High Court
Maya Vinod Kumar vs Esaf Small Finance Bank Limited on 12 June, 2023
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE C.S.DIAS
MONDAY, THE 12TH DAY OF JUNE 2023 / 22ND JYAISHTA, 1945
WP(C) NO. 18962 OF 2023
PETITIONER/S:
MAYA VINOD KUMAR
AGED 49 YEARS
D/O VASU, MAPRAPILLY HOUSE, PUTHENVELIKARA P. O, MINI
COLONY, MALA, ERNAKULAM, PIN - 683594
BY ADVS.
P.V.JEEVESH
C.K.RADHAKRISHNAN (CHALIL)
RESPONDENT/S:
1 ESAF SMALL FINANCE BANK LIMITED
BUILDING NO. VII/83, ESAF BHAVAN, MANNUTHY, THRISSUR,
THROUGH ITS AUTHORISED OFFICER., PIN - 680851
2 THE AUTHORIZED OFFICER
ESAF SMALL FINANCE BANK LIMITED, BUILDING NO. VII/83,
ESAF BHAVAN, MANNUTHY, THRISSUR, PIN - 680851
BY ADV RASHMI.K.V
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
12.06.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 18962 OF 2023
2
JUDGMENT
The writ petition is filed to direct the respondents to
permit the petitioner to pay off the overdue amount in
installments and regularise the loan account.
2. The petitioner's case is that she had availed a loan
from the 1st respondent - Bank by creating an equitable
mortgage. Due to Covid-19 pandemic and her ill health,
she could not pay the installments in time. The
respondents have now proceeded against the secured
asset under the Securitization and Reconstruction of
Financial Assets and Enforcement of Security Interest
Act, 2002 (in short, 'Act'). The petitioner is prepared to
pay off the overdue amount in installments. Hence, the
writ petition.
3. Heard; Sri.P.V.Jeevesh, the learned Counsel
appearing for the petitioner and Smt.Reshmi K.V., the
learned Standing Counsel appearing for the respondents.
4. Smt.Reshmi K.V., on instructions, submitted that
as on today, the overdue amount is Rs.5,26,696.18/-. The
WP(C) NO. 18962 OF 2023
respondents are ready to accept 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 a lady and the tenure of
the loan is valid till 2027. Therefore, the petitioner may
be permitted to pay off the overdue amount in 20
equated monthly installments.
6. Having considered the pleadings and materials on
record and the submission made by the learned counsel
appearing for the parties, to provide the 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 respondents are directed to defer further
proceedings pursuant to Exts.P1 and P2, to
WP(C) NO. 18962 OF 2023
enable the petitioner to pay off the overdue
amount in instalments.
(ii) The petitioner is permitted to pay off the overdue
amount as stated above with future interest and
cost to the respondents in ten equated monthly
instalments commencing from 12.07.2023 to the
respondent bank along with regular EMIs.
(iii) Needless to mention, if the petitioner defaults in
payment of any one of the installments as
directed above, the respondents would be at
liberty to revive the proceedings from the stage
it has been stopped 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/12.06.23
WP(C) NO. 18962 OF 2023
APPENDIX OF WP(C) 18962/2023
PETITIONER EXHIBITS
Exhibit P1 THE TRUE COPY OF THE NOTICE, DATED
19/2/2022, UNDER SECTION 13(2) SARFAESI
ACT ISSUED BY THE 2ND RESPONDENT
Exhibit P2 THE TRUE COPY OF THE NOTICE
DATED,20/5/2023,ISSUED BY THE ADVOCATE
COMMISSIONER
