Nidish. M.J vs The Authorized Officer
2023 Latest Caselaw 6712 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                              PRESENT
                THE HONOURABLE MR.JUSTICE C.S.DIAS
    TUESDAY, THE 20TH DAY OF JUNE 2023 / 30TH JYAISHTA, 1945
                      WP(C) NO. 18205 OF 2023
PETITIONER:

          NIDISH. M.J,
          AGED 30 YEARS
          S/O JAYAN, MAMBULLY HOUSE, STUDENTS ROAD,
          MANAKODY (P.O.), THRISSUR, PIN - 680012

          BY ADV K.RAJESH KANNAN


RESPONDENT:

          THE AUTHORIZED OFFICER,
          THRISSUR URBAN CO-OPERATIVE BANK ,
          KUNNATHANGADI BRANCH, THRISSUR,
          PIN - 680012

          BY ADV DEVAPRASANTH P.J

      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
20.06.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C)No.18205/2023

                                       -:2:-




                       Dated this the 20th day of June,2023

                              JUDGMENT

The writ petition is filed to direct the respondent

to permit the petitioner to pay the overdue amount in

equated monthly instalments and regularise the loan

account.

2. The petitioner had availed financial assistance

from the respondent - Bank - by creating an equitable

mortgage. Due to unforeseen circumstances, he could

not pay the instalments on time. The respondent has

initiated proceedings against the secured asset under

the Securitization and Reconstruction of Financial

Assets and Enforcement of Security Interest Act (in

short, 'Act'). The petitioner is ready to pay the overdue

amount in equated monthly instalments. Hence, the

writ petition.

W.P.(C)No.18205/2023

3. Heard; Sri. K.Rajesh Kannan the learned

counsel appearing for the petitioner and

Sri.Devaprasanth.P.J., the learned counsel appearing

for the respondent.

4. Sri. Devaprasanth.P.J, on instructions,

submitted that as on today, the overdue amount

amount is Rs.4,03,591/-. The respondent is willing to

permit the petitioner to pay off the overdue amount in

eight equated monthly instalments. 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, the submissions made by the

learned counsel appearing for the parties, the

consensus arrived at between the parties and to W.P.(C)No.18205/2023

provide the petitioner one last opportunity to clear off

the liability, I am inclined to exercise the powers of

this Court under Article 226 of the Constitution of

India and entertain the writ petition.

Resultantly, I dispose of the writ petition in the

following manner:

(i) The respondent is directed to defer further coercive proceedings pursuant to Ext P1, to enable the petitioner to pay the liability in equated monthly instalments as stated below.

(ii) The petitioner is permitted to pay the overdue amount as stated above with future interest and cost to the respondent - Bank - in eight equated monthly instalments commencing from 20.07.2023 along with regular EMIs.

(iii) Needless to mention, if the petitioner commits default in any of the conditions ordered above, the petitioner would lose the benefit of this judgment and the respondent would be at W.P.(C)No.18205/2023

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

DST/20.06.23                                         //True copy//

                                                     P.A.To Judge
 W.P.(C)No.18205/2023






                             APPENDIX



PETITIONER EXHIBITS
EXHIBIT P1          TRUE COPY OF THE NOTICE IN M.C. NO.266/2022

PENDING ON THE FILE OF CHIEF JUDICIAL MAGISTRATE COURT, THRISSUR DATED 25/05/2023 SERVED TO THE PETITIONER BY THE ADVOCATE COMMISSIONER

RESPONDENT'S EXHIBITS: NIL