Ashokan vs Authorised Officer
2023 Latest Caselaw 6277 Ker

                     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. 7857 OF 2023
PETITIONER:

     1        ASHOKAN
              AGED 60 YEARS
              S/O. KUTTAPPAN NAIR KOOTHANALLY HOUSE,
              KUTTUR P.O, THRISSUR, PIN - 680013
              BY ADV P.M.HABEEB

RESPONDENTS:

     1        AUTHORISED OFFICER
              KERALA STATE CO-OPERATIVE BANK SAHAKARANA SHATHABDI
              MANDIRAM, KOVILAKATHUMPADY P.O, THIRUVAMBADY,
              THRISSUR,, PIN - 680022
     2        JOINT REGISTRAR
              KERALA STATE CO-OPERATIVE BANK SAHAKARANA SHATHABDI
              MANDIRAM, KOVILAKATHUMPADY P.O, THIRUVAMBADY,
              THRISSUR,, PIN - 680022
              BY ADV P.C.SASIDHARAN

     THIS     WRIT    PETITION   (CIVIL)   HAVING   COME   UP   FOR   ADMISSION   ON
12.06.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WPC No.7857 of 2023
                                        2




                                C.S.DIAS, J.
                -------------------------
                       W.P.(C.) No.7857 of 2023
                -------------------------
            Dated this the 12th day of June, 2023
                               JUDGMENT

The writ petition is filed to direct the

respondents to permit the petitioner to pay off the

overdue amount in instalments and to regularise

the loan account.

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

a loan from the second respondent bank by

creating an equitable mortgage. Due to reasons

beyond his control, he could not repay the

instalments in time. The respondents are now

proceedings against the secured asset under the

Securitisation and Reconstruction of Financial

Assets and Enforcement of Security Interest Act,

2002 (in short 'Act'). The petitioner is now WPC No.7857 of 2023

prepared to pay the overdue amount in

instalments. Hence, the writ petition.

3. Heard; Sri.P.M.Habeeb, the learned

Counsel appearing for the petitioner and

Sri.P.C.Sasidharan, the learned Counsel

appearing for the respondents.

4. Sri.P.C.Sasidharan, on instructions,

submitted that as on 31.05.2023 the overdue

amount is Rs.24,61,714/-. The respondent is ready

to permit the petitioner to pay the outstanding

amount in ten instalments. The said submission is

recorded.

5. Sri.P.M.Habeeb, the learned Counsel

appearing for the petitioner submitted that the

petitioner may be granted twenty 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, to WPC No.7857 of 2023

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 Ext.P1, to

enable the petitioner to pay off the overdue

amount in instalments.

(ii) The petitioner is permitted to pay the

overdue amount as state above with future

interest and costs to the respondent bank in

twelve equated monthly instalments commencing

from 12.07.2023 along with regular EMIs.

(iii) Needless to mention, if the petitioner

commits default of the condition ordered above, WPC No.7857 of 2023

he would lose the benefit of this judgment and 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 SKP/12-06 WPC No.7857 of 2023

APPENDIX OF WP(C) 7857/2023

PETITIONER'S EXHIBITS:

EXHIBIT-P1 TRUE COPY OF THE NOTICE DATED 15.2.2023 UNDER THE SARFAESI ACT SEND BY THE 1ST RESPONDENT TO THE PETITIONER RESPONDENTS' EXHIBITS:NIL

TRUE COPY

P.A.TO JUDGE