Muhammed Riyasudheen K vs The Kottakkal Co-Operative Urban ...
2023 Latest Caselaw 5510 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
            THE HONOURABLE MR.JUSTICE MURALI PURUSHOTHAMAN
         TUESDAY, THE 2ND DAY OF MAY 2023 / 12TH VAISAKHA, 1945
                        WP(C) NO. 14791 OF 2023
PETITIONER/S:

            MUHAMMED RIYASUDHEEN K.
            AGED 36 YEARS
            S/O. MUHAMMED, KUNDIL HOUSE, THUVVAPPARA,
            KADAMPUZHA P.O. MALAPPURAM DISTRICT, PIN - 676553
            BY ADV K.K.MOHAMED RAVUF


RESPONDENT/S:

     1      THE KOTTAKKAL CO-OPERATIVE URBAN BANK LIMITED NO. 1378
            KADAMPUZHA BRANCH, KADAMPUZHA, MALAPPURAM DISTRICT ,
            REPRESENTED BY ITS MANAGER., PIN - 676553
     2      THE AUTHORISED OFFICER (CHIEF EXECUTIVE OFFICER),
            THE KOTTAKKAL CO-OPERATIVE URBAN BANK LIMITED NO.
            1378,KOTTAKKAL, MALAPPURAM DISTRICT, PIN - 676503
            BY ADV Devaprasanth P.J


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
02.05.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 14791 OF 2023       ..2..

                          JUDGMENT

The petitioner along with others had availed a loan from

the 1st respondent Bank in the year 2019. Since the petitioner

failed to repay the amount, the 1 st respondent initiated steps

under the SARFAESI Act. Ext.P3 is the notice issued by the

Advocate Commissioner informing the petitioner that the

secured assets will be taken possession on 24.04.2023.

Aggrieved by the same, the petitioner has filed this writ

petition.

2. When the matter is taken up for consideration, the

learned Standing Counsel for the respondent Bank submitted,

on instructions, that the overdue amount as on today comes

to Rs.12,32,092/- and the respondent Bank is willing to

regularise the account provided the petitioner remits an

amount of Rs.2,50,000/- within two weeks and the balance

overdue amount in eight equated monthly installments along

with regular EMIs and other charges.

WP(C) NO. 14791 OF 2023 ..3..

3. The learned counsel for the petitioner agrees to the

said submission made by the Bank.

4. On the basis of the submission made by the learned

Standing Counsel for the respondent Bank, as well the

learned counsel for the petitioner, I am of the view that the

petitioner can be granted an opportunity to repay the overdue

amount in installments and thereafter, if the amount so

directed is repaid within the time as directed, to have the

loan account regularised.

5. Accordingly, there will be a direction to the petitioner

to remit an amount of Rs.2,50,000/- within a period of two

weeks from the date of receipt of a copy of this judgment and

the balance overdue amount in eight equated monthly

installments, commencing from 15.06.2023, along with

regular EMIs. In case the petitioner defaults payment of any

one of the installments as aforesaid, the respondents will be

free to proceed in accordance with law. In order to enable WP(C) NO. 14791 OF 2023 ..4..

the petitioner to repay the amounts as above, coercive steps

shall be kept in abeyance.

The writ petition is disposed of a above.

Sd/-

                              MURALI PURUSHOTHAMAN
                                      JUDGE
SB
 WP(C) NO. 14791 OF 2023       ..5..

                           APPENDIX



PETITIONER EXHIBITS
Exhibit P1          TRUE COPY OF THE NOTICE BEARING NO.

SARFAESI/KAD/EML MT 1824/2022-23 DATED 15/7/2022 ISSUED BY THE 2ND RESPONDENT Exhibit P2 TRUE COPY OF THE POSSESSION NOTICE BEARING NO. SARFAESI/KAD/EML MT 1824/2022-23 DATED 14/2/2023 ISSUED BY THE 2ND RESPONDENT Exhibit P3 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER APPOINTED BY THE CHIEF JUDICIAL MAGISTRATE COURT, MANJERI IN CMP NO. 1284/2023 DATED 24.04.2023