Saritha N. R vs The Authorized Officer
2023 Latest Caselaw 7272 Ker

                     IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                      PRESENT
                       THE HONOURABLE MR.JUSTICE C.S.DIAS
            TUESDAY, THE 27TH DAY OF JUNE 2023 / 6TH ASHADHA, 1945
                             WP(C) NO. 9041 OF 2023
PETITIONER:

     1        SARITHA N. R.,
              AGED 47 YEARS
              W/O. SATHYAN ,THARAYILPARAMBU,
              CMC-25, CHERTHALA, ALAPPUZHA -688524
              BY ADVS.
              B.PRAMOD
              AYYAPPADAS V
              BIJU VIGNESWAR

RESPONDENTS:

     1        THE AUTHORIZED OFFICER,
              BANK OF BARODA, CMC 29/483 C, PERUMBATHARA BUILDING, FIRST
              FLOOR, NEAR IRON BRIDGE, CHERTHALA, ALAPPUZHA-688524
     2        BANK OF BARODA,
              CMC 29/483 C, PERUMBATHARA BUILDING, FIRST FLOOR, NEAR IRON
              BRIDGE, CHERTHALA, ALAPPUZHA-688524 REPRESENTED BY ITS
              MANAGER.
              BY ADVS.
              K.M.ANEESH
              K.ANAND, SC, BANK OF BARODA

     THIS     WRIT    PETITION   (CIVIL)   HAVING   COME   UP   FOR   ADMISSION   ON
27.06.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WPC No.9041 of 2023
                                     2




                              C.S.DIAS, J.
                  -------------------------
                       W.P.(C.) No.9041 of 2023
                  -------------------------
             Dated this the 27th day of June, 2023

                              JUDGMENT

The writ petition is filed to direct the

respondents to permit the petitioner to pay off

the outstanding amount in instalments and

regularise the loan account.

2. The petitioner had availed financial

assistance from the second respondent - Bank -

by creating an equitable mortgage. Due to

unforeseen circumstances, the petitioner could

not pay the instalments on time. The respondents

have initiated proceedings against the secured

asset under the Securitization and

Reconstruction of Financial Assets and

Enforcement of Security Interest Act (in short, WPC No.9041 of 2023

'Act'). The petitioner is ready to pay the

outstanding amount in equated monthly

instalments. Hence, the writ petition.

3. Heard; Sri.B.Pramod, the learned

counsel appearing for the petitioner and

Sri.Aneesh K.M., the learned counsel appearing

for the respondents.

4. Sri.Aneesh K.M., on instructions,

submitted that as on 26.06.2023 the outstanding

amount is Rs.27,45,491/-. The respondents are

willing to permit the petitioner to pay off the

outstanding 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.

6. Having considered the pleadings and

materials on record, the submissions made by the WPC No.9041 of 2023

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 respondents are directed to defer

further coercive proceedings pursuant to Exts.P1

and P2 to enable the petitioner to pay the liability

in equated monthly instalments as stated below.

(ii) The petitioner is permitted to pay the

outstanding amount as stated above with future

interest and cost to the second respondent -

Bank - in ten equated monthly instalments

commencing from 27.07.2023.

WPC No.9041 of 2023

(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 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/27-06 WPC No.9041 of 2023

APPENDIX OF WP(C) 9041/2023

PETITIONER'S EXHIBITS:

EXHIBIT P1 TRUE COPY OF THE NOTICE DATED 16.11.2022 ISSUED BY THE 1ST RESPONDENT.

EXHIBIT P2 TRUE COPY OF THE POSSESSION NOTICE DATED 01.03.2023 ISSUED BY THE 1ST RESPONDENT. RESPONDENTS' EXHIBITS:NIL

TRUE COPY

P.A.TO JUDGE