Mohanan vs The Authorized Officer
2023 Latest Caselaw 5852 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
                  THE HONOURABLE MR.JUSTICE C.S.DIAS
     WEDNESDAY, THE 24TH DAY OF MAY 2023 / 3RD JYAISHTA, 1945
                       WP(C) NO. 15359 OF 2023
PETITIONER:

          MOHANAN
          AGED 63 YEARS
          S/O KELU, AMBALAKUTTY HOUSE,
          IRINGAL (PO), KOZHIKODE, PIN - 673521

          BY ADVS.
          C.BHASKARAN
          ARJUN C BHASKAR
          JUNY VARGHESE
          POOJA BABU



RESPONDENTS:

    1     THE AUTHORIZED OFFICER
          KERALA STATE CO-OPERATIVE BANK, KALLAYI ROAD,( KERALA
          BANK), CHALAPURAM.P.O, KOZHIKODE, PIN - 673002

    2     KERALA STATE CO-OPERATIVE BANK,( KERALA BANK),
          KALLAYI ROAD, CHALAPURAM.P.O, KOZHIKODE- 673002,
          REPRESENTED BY ITS AUTHORIZED OFFICER

          BY ADV P.C.SASIDHARAN, SC




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
24.05.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 15359 OF 2023             2




                           C.S.DIAS, J.
           --------------------------------------------
                 W.P.(C).No.15359 of 2023
               --------------------------------------------
           Dated this the 24th day of May, 2023

                          JUDGMENT

The writ petition is filed to direct the respondent

Bank to permit the petitioner to pay off the overdue

amount in equated monthly instalments and regularise

the loan account.

2. The petitioner's case is that he had availed a

loan from the respondent Bank by creating an equitable

mortgage. Due to the circumstances beyond his control

he could not repay the loan amount. The respondent

Bank has initiated proceedings under the Securitization

and Reconstruction of Financial Assets and Enforcement

of Security Interest Act (in short, 'Act'), against the

petitioner. The petitioner has ready and willing to pay off

the overdue amount in ten equated monthly instalments,

hence the writ petition.

3. Heard; Sri. Bhaskar, learned counsel appearing

for the petitioner, Sri.P.C.Sasidharan, learned counsel

appearing for the respondents.

4. Sri.P.C.Sasidharan, the learned counsel

appearing for the respondents on instructions submitted

that, as on 02.05.2023 there is an overdue amount of

Rs.3,53,552/-. The 2nd respondent Bank is amenable to

accept the overdue amount in ten equated monthly

instalments along with regular EMI's. The said

submission is recorded. The learned counsel appearing

for the petitioner submitted that the petitioner has

accepted the above conditions of the respondents.

5. Having considered the pleadings and materials

on record, and in the light of the submission made by the

learned counsel appearing for parties, to provide the

petitioner one last opportunity, I am inclined to exercise

the powers of this Court under Article 226 of the

Constitution of India and dispose of 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 Ext.P1 notice, to enable

that the petitioner to discharge the loan amount.

(ii) The petitioner is permitted to pay off the

overdue amount with interest and cost in ten equated

monthly instalments commencing from 01.07.2023 along

with the regular EMI's.

(iii) Needless to mention, if the petitioner commits

default in respect of any of the conditions ordered above,

he will lost 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

LEK

APPENDIX OF WP(C) 15359/2023

PETITIONER EXHIBITS

Exhibit P1 A TRUE COPY OF THE NOTICE UNDER SECTION 13(8) OF SARFAESI ACT DATED 15.02.2023 ISSUED BY THE RESPONDENT BANK TO THE PETITIONER

Exhibit P2 A TRUE COPY OF THE ADVERTISEMENT PUBLISHED IN THE DESHABHIMANI DAILY NEWSPAPER DATED 21/02/2023