Shafeeq O.Muhammedkutty vs Ujjivan Small Finance Bank
2023 Latest Caselaw 7103 Ker

                     IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                      PRESENT
                       THE HONOURABLE MR.JUSTICE C.S.DIAS
            FRIDAY, THE 23RD DAY OF JUNE 2023 / 2ND ASHADHA, 1945
                             WP(C) NO. 5959 OF 2022
PETITIONER:

              SHAFEEQ O.MUHAMMEDKUTTY,
              AGED 32 YEARS
              S/O MUHAMMEDKUTTY,
              OZHIPARAMBIL HOUSE, KAIRALI STREET,
              ASHOKA ROAD, KALOOR, ERNAKULAM-682 017
              BY ADV N.A.SHAFEEK(K/767/2004)

RESPONDENT:

              UJJIVAN SMALL FINANCE BANK,
              BRANCH OFFICE, NO 67/2926(1),
              GROUND FLOOR, VITHAYATHIL,
              OLD RAILWAY STATION ROAD, ERNAKULAM-682 018
              REP BY ITS AUTHORIZED OFFICER
              BY ADVS.
              SIKHA G.NAIR
              BEENA N.KARTHA

     THIS     WRIT    PETITION   (CIVIL)   HAVING   COME   UP   FOR   ADMISSION   ON
23.06.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WPC No.5959 of 2022
                                       2




                                C.S.DIAS, J.
                 -------------------------
                       W.P.(C.) No.5959 of 2022
                 -------------------------
            Dated this the 23rd 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 in equated

monthly instalments.

2. The petitioner had availed financial

assistance from the respondent - Bank - by

creating an equitable mortgage. Due to

unforeseen circumstances, the petitioner 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 WPC No.5959 of 2022

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.

3. Heard; Sri. N.A.Shafeek, the learned

counsel appearing for the petitioner and

Smt.Sikha G.Nair, the learned counsel appearing

for the respondent.

4. Smt.Sikha G.Nair,, on instructions,

submitted that as on today the overdue amount is

Rs.4,21,000/-. The responden is willing to permit

the petitioner to pay off the overdue amount in

six 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. But may be permitted

to pay the above amount in twelve instalments. WPC No.5959 of 2022

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

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.P3

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 WPC No.5959 of 2022

ten equated monthly instalments commencing

from 23.07.2023 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

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/23-06 WPC No.5959 of 2022

APPENDIX OF WP(C) 5959/2022

PETITIONER'S EXHIBITS:

EXHIBIT P1 THE TRUE COPY OF THE IDENTITY CARD ISSUED TO THE PETITIONER EXHIBIT P2 THE TRUE COPY OF THE DISCHARGE SUMMARY OF PETITIONERS DAUGHTER EXHIBIT P3 THE TRUE COPY OF THE NOTICE UNDER SECTION 13(40 OF THE SARFAESI ACT RESPONDENTS' EXHIBITS:NIL

TRUE COPY

P.A.TO JUDGE