Murali K, G vs The Authorized Officer
2024 Latest Caselaw 11362 Ker

Kerala High Court

Murali K, G vs The Authorized Officer on 19 April, 2024

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                              PRESENT
         THE HONOURABLE MRS. JUSTICE SHOBA ANNAMMA EAPEN
     FRIDAY, THE 19TH DAY OF APRIL 2024 / 30TH CHAITHRA, 1946
                      WP(C) NO. 15359 OF 2024
PETITIONER:

          MURALI K, G.,
          AGED 35 YEARS
          S/O GANGADHARAN,KARANGATTU, THIRUVAMBADY, KOZHIKODE,
          PIN - 673603
          BY ADV M.R.SASITH


RESPONDENT:

          THE AUTHORIZED OFFICER,
          THE KERALA STATE CO-OPERATIVE BANK (KERALA BANK),PB
          NO.503, KALLAI ROAD, CHALAPPURAM P.O, KOZHIKODE, PIN -
          673002
          GOVERNMENT PLEADER, SRI. V.VENUGOPALAN



     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
19.04.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 15359 OF 2024
                                     2

                             JUDGMENT

The petitioner has availed a property loan from the

respondent bank in the year 2016. Since the petitioner

committed default in repayment, the respondent initiated steps

under the SARFAESI Act and thereafter a possession notice

was issued by the respondent bank under Section 13(4) of the

SARFAESI Act r/w Rule 8 of the Security Interest Enforcement

Rules 2002 on 09.02.2024. Aggrieved by the same, the

petitioner has filed this writ petition.

2. When the matter is taken up for consideration, the

learned Standing Counsel for the respondent bank submits, on

instructions, that the total outstanding amount as on

09.04.2024 is Rs.15,23,749/- and the overdue amount as on

31.03.2024 comes to Rs.5,19,691/-. The respondent is willing to

regularise the account provided the petitioner clears off the

overdue amount in ten equated monthly instalments along with

regular EMIs.

3. On the basis of the submission made by the learned

Standing Counsel for the respondent bank as well as the

learned counsel for the petitioner, I am of the view that the WP(C) NO. 15359 OF 2024

petitioner can be granted an opportunity to repay the overdue

amount in ten equated monthly instalments and thereafter, if

the amount is repaid within the time as directed above, the loan

account can be regularised.

Accordingly, there will be a direction to the petitioner to

clear off the entire overdue amount of Rs.5,19,691/- (Rupees

Five Lakh Nineteen Thousand Six hundred and Ninety One

Only) in ten equated monthly installments, commencing from

05.05.2024 along with regular EMI. In case the petitioner

defaults payment of any one of the installments as aforesaid,

the respondent Bank will be free to proceed with, in accordance

with law. In order to enable the petitioner to repay the amounts

as above, coercive steps shall be kept in abeyance.

The writ petition is disposed of as above.

Sd/-

SHOBA ANNAMMA EAPEN JUDGE RK WP(C) NO. 15359 OF 2024

APPENDIX OF WP(C) 15359/2024

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF POSSESSION NOTICE ISSUED BY RESPONDENT DATED 09.02.2024