Noushad Nariyampully Abdul ... vs The Authorized Officer
2023 Latest Caselaw 5540 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. 14905 OF 2023
PETITIONER:

              NOUSHAD NARIYAMPULLY ABDUL RAHIMAN
              AGED 42 YEARS, S/O ABDUL RAHIMAN
              NARIYAMPULLY HOUSE
              NEAR AYNOOR JUNCTION, THRISSUR, PIN - 680542
              BY ADV M.R.SASITH


RESPONDENT:

              THE AUTHORIZED OFFICER
              BANK OF BARODA, SUDARSANS BUILDING,
              WADAKKANCHERY ROAD KUNNAMKULAM,
              THRISSUR, PIN - 680503
              SRI. ROJO JOSEPH - SC


     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. 14905 OF 2023         ..2..



                          JUDGMENT

The petitioner had availed loans from the respondent

Bank. Since the petitioner defaulted payment of

instalments, the bank initiated proceedings under the

Securitisation and Reconstruction of Financial Assets and

Enforcement of Security Interest Act, 2002 (SARFAESI ACT,

for short). This writ petition is filed challenging Ext.P2

notice issued by the Advocate Commissioner under the

SARFAESI Act, informing the petitioner that the secured

assets will be taken possession of within ten days from the

date of notice.

2. The learned counsel for the respondent, on

instruction, submits that the total overdue amount is

Rs.31,00,650/- and that if the petitioner pays Rs.5,00,000/-

on or before 01.06.2023, and the balance amount in 12

equated monthly instalments along with regular EMI's, the

bank will regularise the loan account. The learned counsel WP(C) NO. 14905 OF 2023 ..3..

for the petitioner submits that the petitioner is prepared to

remit the amount as suggested by the counsel for the

respondent.

3. In view of the submissions made by the learned

counsel for the petitioner as well as the learned counsel for

the respondent, I am of the view that the petitioner can be

given an opportunity to repay the overdue amount in

instalments and thereafter, if the amount so directed is

repaid within the time as directed, to have the loan account

regularised.

Accordingly this writ petition is disposed of with the

following direction:

(i) The petitioner shall remit an amount of

Rs.5,00,000/- on or before 01.06.2023. The balance

overdue amount shall be remitted in 12 equated

monthly instalments along with regular EMI's

commencing from 01.07.2023. In case the WP(C) NO. 14905 OF 2023 ..4..

petitioner defaults in payment of any of the

aforesaid instalments, the respondent will be free

to proceed in accordance with law. The petitioner

shall also produce an audited financial report

before the Bank.

Sd/-

MURALI PURUSHOTHAMAN JUDGE anm WP(C) NO. 14905 OF 2023 ..5..

APPENDIX OF WP(C) 14905/2023

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE POSSESSION NOTICE DATED 10/1/2023 ISSUED BY THE RESPONDENT TO THE PETITIONER Exhibit P2 THE TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 26/4/2023 TO THE PETITIONER

RESPONDENT EXHIBITS : NIL