E. Govindan Kutty vs The General Manager (Authorized ...
2023 Latest Caselaw 5877 Ker

WP(C) NO. 15637 OF 2023              1

                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. 15637 OF 2023
PETITIONER/S:

          E. GOVINDAN KUTTY
          AGED 64 YEARS
          S/O MADHAVAN, ELAMKULATH HOUSE, MANISSERY POST, 5/51,
          OTTAPALAM TALUK, PALAKKAD DISTRICT., PIN - 679521
          BY ADV K.RAVI (PARIYARATH)


RESPONDENT/S:

    1     THE GENERAL MANAGER (AUTHORIZED OFFICER), THE OTTAPALAM
          CO-OPERATIVE URBAN BANK LTD, NO. F 1647
          HEAD OFFICE, MAIN ROAD, OTTAPALAM, PALAKKAD DISTRICT.,
          PIN - 679101
    2     THE BRANCH MANAGER, THE OTTAPALAM CO-OPERATIVE URBAN
          BANK LTD, VANIYAMKULAM BRANCH,
          VANIYAMKULAM , OTTAPALAM, PALAKKAD., PIN - 679522

          SRI.VINOD MADHAVAN
     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. 15637 OF 2023             2



                           JUDGMENT

The writ petition is filed to direct the respondents to

permit the petitioner a reasonable time to pay off the loan

amount.

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

financial assistance from the 2nd respondent for Rs.25/-

lakh, after creating an equitable mortgage. Due to reasons

beyond his control he could not repay the loan amount.

The respondents have initiated proceedings under the

Securitisation and Reconstruction of Financial Assets and

Enforcement of Security Interest Act (in short, 'Act') and

an Advocate Commissioner has issued Ext.P2 notice. The

petitioner is prepared to pay off the loan amount in

equated monthly instalments. Hence, the writ petition.

3. Heard; Sri.K. Ravi, the learned counsel

appearing for the petitioner and Sri.Vinod Madhavan, the

learned counsel appearing for the respondents.

4. Sri. Vinod Madhavan, on instructions, submitted

that the petitioner had availed a cash credit loan from the

2nd respondent bank. As on today, a total amount of

Rs.43,06,541/- is due from the petitioner. The 2 nd

respondent is ready to accept the said amount in ten

equated monthly instalments. The said submission is

recorded.

5. The learned counsel appearing for the petitioner

submitted that the petitioner is prepared to accept the

above offer.

6. 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 Exts.P1 and P2 notices, to enable that the petitioner to discharge the loan amount.

(ii) The respondents shall accept the amounts from the petitioner as ordered herein below.

(iii) The petitioner shall pay the entire loan amount with interest and costs in ten equated monthly instalments commencing from 01.07.2023.

(iv) Needless to mention, if the petitioner commits default in respect of any of the conditions ordered above, he will lose the benefit of this judgment and the respondents would be at liberty to proceed with recovery proceedings from the stage it presently stands.

(v) It is made clear that, no further application for modification/extension of time shall be entertained.

The writ petition is disposed of accordingly.

Sd/-

C.S.DIAS, JUDGE okb/24.5.23

APPENDIX OF WP(C) 15637/2023

PETITIONER EXHIBITS Exhibit - P1 TRUE COPY NOTICE ISSUED TO THE PETITIONER UNDER SECTION 13(2) OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT,2002, DATED 28.11.22.

Exhibit-P2 TRUE COPY OF THE NOTICE SERVED ON THE PETITIONER, AT THE INSTANCE OF THE ADV. COMMISSIONER, ABOUT TAKING POSSESSION OF THE PROPERTIES, PURSUANT TO THE DIRECTION ISSUED BY THE HON'BLE CJM, PALAKKAD IN M.C. NO. 218/2023, DATED 29.04.23.