Jayan Punjavi vs The Authorized Officer/Chief ...
2023 Latest Caselaw 6526 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                   THE HONOURABLE MR.JUSTICE C.S.DIAS
     TUESDAY, THE 13TH DAY OF JUNE 2023 / 23RD JYAISHTA, 1945
                        WP(C) NO. 18990 OF 2023
PETITIONER/S:

          JAYAN PUNJAVI
          AGED 58 YEARS
          S/O. PUNJAVI KUNHIKANNAN, RESIDING AT PUNJAVI HOUSE,
          PUNJAVI KADAPPURAM, KANHANGAD SOUTH P.O., KASARAGOD
          DISTRICT, PIN - 671315

          BY ADVS.
          T.MADHU
          C.R.SARADAMANI
          RENJISH S. MENON
          VRINDA T.S.
          AISWARYA JAYAPAL



RESPONDENT/S:

    1     THE AUTHORIZED OFFICER/CHIEF MANAGER
          CANARA BANK, KANHANGAD BRANCH-1, DHAMODHAR BUILDING,
          KOTTACHERY, KANHANGAD, KASARAGOD DISTRICT, PIN - 671315

    2     THE MANAGER
          CANARA BANK, KANHANGAD BRANCH-I, DHAMODHAR BUILDING,
          KOTTACHERY, KANHANGAD, KASARAGOD DISTRICT, PIN - 671315

          SRI.GOPIKRISHNAN NAMBIAR


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
13.06.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 18990 OF 2023
                                2

                          JUDGMENT

The writ petition is filed to direct the respondents to

permit the petitioner to pay the overdue amount in

installments and regularise the loan account.

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

housing loan from the 2nd respondent - Bank in the year

2013 by creating an equitable mortgage. Due to reasons

beyond his control, he 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') and taking

possession of the secured asset. The petitioner is

prepared to pay off the overdue amount in installments.

Hence, the writ petition.

3. Heard; Sri.T.Madhu, the learned Counsel

appearing for the petitioner and Sri.Gopikrishnan

Nambiar, the learned Counsel appearing for the

respondents.

WP(C) NO. 18990 OF 2023

4. Sri.Gopikrishnan Nambiar, on instructions,

submitted that as on today, the overdue amount is

Rs.4,70,662/-. The respondents have already taken

possession of the secured asset. The respondents are

willing to permit the petitioner to pay off the overdue

amount in installments. The respondents are also ready

to return the possession of the property subject to the

condition that the petitioner pays off the above said

overdue amount. The said submission is recorded.

5. The learned Counsel appearing for the petitioner

submitted that the petitioner may be permitted to pay the

overdue amount in six installments and immediately after

the overdue amount is paid, the respondents may be

directed to return possession of the property.

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 WP(C) NO. 18990 OF 2023

the Constitution of India and dispose of the writ petition.

Resultantly, I dispose of the writ petition in the

following manner:

(i) The petitioner is permitted to pay off the

overdue amount as stated above with

interest and cost to the 2nd respondent Bank

in 6 equated monthly instalments along with

regular EMIs.

(ii) Immediately after the petitioner pays the

overdue amount as ordered above, the

respondents shall return the possession of

the secured asset to the petitioner. The

petitioner would also be at liberty to clear off

the overdue amount before the afore fixed

time period.

(iii) Needless to mention that, if the petitioner

fails to comply with the directions stipulated

above, the respondents would be at liberty to WP(C) NO. 18990 OF 2023

proceed further against the petitioner and

his assets to realise the loan amount.

The writ petition is ordered accordingly.

Sd/-

C.S.DIAS JUDGE rkc/13.06.23 WP(C) NO. 18990 OF 2023

APPENDIX OF WP(C) 18990/2023

PETITIONER EXHIBITS

Exhibit P1 THE TRUE COPY OF THE NOTICE DATED 29/8/2022 BEARING NO.CBK0724KHD1-2022- 23JP ISSUED BY THE FIRST RESPONDENT TO THE PETITIONER AND HIS WIFE WHO IS THE GUARANTOR TO THE LOAN

Exhibit P2 THE TRUE COPY OF THE NOTICE DATED 3/11/2022 ISSUED BY THE FIRST RESPONDENT TO THE PETITIONER

Exhibit P3 THE TRUE COPY OF THE PETITION IN CMP NO.896/2023 DATED 3/3/2023 ON THE FILES OF THE LEARNED CHIEF JUDICIAL MAGISTRATE'S COURT, KASARAGOD

Exhibit P4 THE TRUE COPY OF THE NOTICE DATED 25/05/2023 ISSUED BY THE LEARNED ADVOCATE COMMISSIONER IN CMP NO.896/2023 ON THE FILES OF THE LEARNED CHIEF JUDICIAL MAGISTRATE'S COURT, KASARAGOD