Nazar N. K vs The Authorized Officer
2023 Latest Caselaw 10969 Ker

         IN THE HIGH COURT OF KERALA AT ERNAKULAM
                            PRESENT
              THE HONOURABLE MR.JUSTICE N.NAGARESH
THURSDAY, THE 26TH DAY OF OCTOBER 2023 / 4TH KARTHIKA, 1945
                    WP(C) NO. 27637 OF 2023
PETITIONER:

         NAZAR N. K,
         AGED 40 YEARS, S/O. LATE KAMALUTHEEN,
         KIZHAKKENANNEKKATTU, VAYALAR P. O., CHERTHALA,
         ALAPPUZHA, PIN - 688 536.

         BY ADV
              BIJU VIGNESWAR


RESPONDENTS:

    1    THE AUTHORIZED OFFICER,
         MANAGER (SARC), STATE BANK OF INDIA, RASMEC,
         1ST FLOOR, KALLUPALATHIL BUILDING,
         IRON BRIDGE P.O, ALAPPUZHA, PIN - 688 012.

    2    STATE BANK OF INDIA,
         SOUTH KUTHIATHODU BRANCH, KUTHIATHODE P. O,
         CHERTHALA, ALAPPUZHA, PIN - 688 533,
         REPRESENTED BY ITS MANAGER.

         BY ADV
              S.MANU

     THIS WRIT PETITION       (CIVIL) HAVING COME UP      FOR
ADMISSION ON 26.10.2023,      THE COURT ON THE SAME       DAY
DELIVERED THE FOLLOWING:
 W.P.(C) No.27637 of 2023
                                 :2:




                           JUDGMENT

Dated this the 26th day of October, 2023

The petitioner is before this Court seeking to set

aside Ext.P1 and to direct the respondents to permit the

petitioner to liquidate the liability towards the 2 nd

respondent-Bank in 12 equated monthly installments and to

direct the respondents to drop the coercive proceedings

against the secured assets.

2. The petitioner availed a loan of ₹ 12,00,000/- in

the year 2017. Though during the initial repayment period the

petitioner made remittances, subsequently the remittances

went into arrears and the respondents took coercive

proceedings. Now the petitioner is before this Court

submitting that if the petitioner is granted sufficient time to

clear the amount, the petitioner can repay the entire amount

with due interest.

W.P.(C) No.27637 of 2023

3. Standing Counsel entered appearance on behalf

of the 2nd respondent-Bank and resisted the writ petition. On

behalf of the respondents, it is submitted that the petitioner

has been deliberately committing default from the beginning

and in spite of repeated reminders and notices, the petitioner

did not pay the amount. The account of the petitioner was

declared as NPA as early on 28.11.2020. At this distance of

time, the petitioner cannot seek further time to pay the

amount.

4. I have heard the learned Counsel appearing for

the petitioner and the learned Standing Counsel representing

the respondents.

5. Taking into consideration the facts of the case, I

am inclined to dispose of the writ petition granting the

petitioner a reasonable time to repay the entire amount.

6. The writ petition is therefore disposed of with the

following directions:

(i) The petitioner shall remit an amount of

₹5,00,000/- within a period of one month from W.P.(C) No.27637 of 2023

today.

(ii) The petitioner shall remit the balance due to

the respondents with accruing interest and other

charges, if any, in eight equal monthly

installments thereafter.

(iii) If the petitioner commits any default in

making the repayment as directed above, the

respondents will be at liberty to proceed against

the petitioner in accordance with law.

Sd/-

N. NAGARESH JUDGE AMR W.P.(C) No.27637 of 2023

APPENDIX OF WP(C) 27637/2023

PETITIONER'S EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE DATED 08.07.2022 ISSUED U/S. 13 (2) OF THE SARFAESI ACT TO THE PETITIONER.

Exhibit P2 TRUE COPY OF THE DEMAND DRAFT DATED 29.12.2022 FOR AN AMOUNT OF RS. 49,000/-

Exhibit P3 TRUE COPY OF THE DEMAND DRAFT DATED 29.12.2022 FOR AN AMOUNT OF RS. 46,000/-