Anil K V vs Kerala State Co-Operative Bank ...
2023 Latest Caselaw 11700 Ker

          IN THE HIGH COURT OF KERALA AT ERNAKULAM
                             PRESENT
               THE HONOURABLE MR.JUSTICE N.NAGARESH
THURSDAY, THE 16TH DAY OF NOVEMBER 2023 / 25TH KARTHIKA, 1945
                     WP(C) NO. 38021 OF 2023
PETITIONER:

          ANIL K V
          AGED 44 YEARS
          S/O VELAYUDHAN, KAKKAT HOUSE, WEST KORATTY,
          MAMBRA P.O, THRISSUR, PIN - 608308

          BY ADVS.
               V.K.PEERMOHAMED KHAN
               GIRISH KUMAR V.C
               ASNA M.B.


RESPONDENTS:

    1     KERALA STATE CO-OPERATIVE BANK LTD
          REPRESENTED BY ITS BRANCH MANGER
          KORATTY BRANCH, THRISSUR, PIN - 608308
    2     THE AUTHORIZED OFFICER,
          KERALA STATE CO-OPERATIVE BANK LTD
          THRISSUR TOWN BRANCH, HEAD OFFICE,
          KOVILAKATHUPADAM, THRISSUR, PIN - 680008


          SRI.P. C. SASIDHARAN, STANDING COUNSEL


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 16.11.2023, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
 WP(C) No.38021 of 2023
                              2


                         JUDGMENT

Dated this the 16th day of November, 2023

The petitioner has availed a Mortgage Loan of ₹20 lakhs

in the year 2016. When the petitioner defaulted in making

repayment, the respondents have initiated coercive

proceedings under the Securitisation and Reconstruction of

Financial Assets and Enforcement of Security Interest Act,

2002.

2. The Chief Judicial Magistrate appointed an

Advocate Commissioner for assisting the Bank to take over

the possession of the property. The Advocate Commissioner

has issued Ext.P2 notice on 25.03.2022.

3. The petitioner states that the petitioner defaulted

repayment unintentionally and for reasons beyond the control

of the petitioner. The petitioner has submitted Ext.P3

application to the Bank for One Time Settlement of the loan

account of the petitioner. If the petitioner is given sufficient

time, he will be able to clear the liability selling his other WP(C) No.38021 of 2023

properties. If in the meanwhile, the possession of the secured

property is taken over, the petitioner will be put to untold

hardship and loss.

4. Standing Counsel entered appearance and resisted

the writ petition. The Standing Counsel pointed out that the

Mortgage Loan was granted in the year 2016. The amount of

loan was ₹20 lakhs. Now, the total outstanding due from the

petitioner as on 16.11.2023 is ₹30,88,670/-. The overdue

amount itself would come to ₹14,82,505/-. The writ petition is

not maintainable, contends the Standing Counsel.

5. The Standing Counsel further submitted that if the

petitioner makes a bulk payment now and makes a concrete

proposal for One Time Settlement, the Bank can consider the

same in accordance with the Scheme of One Time

Settlement. The OTS Scheme will be available only upto

30.11.2023.

6. Taking into consideration the entire facts of the

case, I am of the firm view that if the petitioner makes a

substantial payment now, then the respondents shall consider WP(C) No.38021 of 2023

the One Time Settlement proposal, if any, submitted by the

petitioner as per the Scheme of the One Time Settlement.

The writ petition is therefore disposed of directing that if

the petitioner pays an amount of ₹1.5 lakhs on or before

25.11.2023 and in the meanwhile makes a concrete proposal

for One Time Settlement, then the respondents shall consider

the proposal in accordance with law. To enable the petitioner

to make a One Time Settlement proposal, coercive

proceedings, if any, against the petitioner shall stand deferred

till the Bank takes a decision on the One Time Settlement

proposal. If the petitioner is not remitting ₹1.5 lakhs and is

not making a One Time Settlement proposal by 25.11.2023,

the respondents will be at liberty to proceed against the

petitioner.

Sd/-

N.NAGARESH JUDGE spk WP(C) No.38021 of 2023

APPENDIX OF WP(C) 38021/2023

PETITIONER EXHIBITS

Exhibit-P1 TRUE COPY OF THE ORDER OF THE CJM COURT THRISSUR DATED 21.03.2023 Exhibit-P2 TRUE COPY OF THE NOTICE DATED 25.03.2022 ISSUED BY THE ADVOCATE COMMISSIONER Exhibit-P3 TRUE COPY OF THE OTS OFFER LETTER DATED 10.11.2023 SUBMITTED BY THE PETITIONER