Sanju Sivan vs Authorized Officer (Sarfaesi)
2024 Latest Caselaw 17257 Ker

Kerala High Court

Sanju Sivan vs Authorized Officer (Sarfaesi) on 20 June, 2024

Author: N.Nagaresh

Bench: N.Nagaresh

        IN THE HIGH COURT OF KERALA AT ERNAKULAM
                        PRESENT
          THE HONOURABLE MR.JUSTICE N.NAGARESH
 THURSDAY, THE 20TH DAY OF JUNE 2024/30TH JYAISHTA, 1946
                WP(C) NO. 13935 OF 2024
PETITIONER:

         SANJU SIVAN,
         AGED 49 YEARS,
         S/O. K. SIVAN,
         GURUKULAM,
         THIRUVANVANDOOR,
         ALAPUZHA, KERALA,
         PIN - 689109

         BY ADVS.
         T.P.PRADEEP
         P.K.SATHEES KUMAR
         R.K.PRASANTH
         MINIKUMARY M.V.
         JIJO JOSEPH


RESPONDENTS:

    1    AUTHORIZED OFFICER (SARFAESI),
         KERALA STATE CO-OPERATIVE BANK LTD.,
         REGIONAL OFFICE, PB NO. 104,
         OPP. OF MUNICIPAL TOWN HALL,
         ALAPPUZHA, PIN - 688011
    2    DEPUTY TAHASILDAR,
         CHENGANNUR TALUK,
         TALUK OFFICE,
         ENGINEERING COLLEGE RD,
         NEAR MINI CIVIL STATION,
         CHENGANNUR,
         KERALA,
         PIN - 689121
    3    THE JOINT REGISTRAR (GENERAL) OF CO-OPERATIVE
         SOCIETIES,
         MULLAKKAL, ALAPPUZHA,
         KERALA,
         PIN - 688011
 W.P.(C) No.13935/2024
                            :2:


    4     KERALA STATE CO - OPERATIVE BANK LTD.,
          CHANGANNUR BRANCH,
          KIZHAKKE NADA, CHENGANNUR,
          ALAPPUZHA, KERALA,
          REPRESENTED BY ITS MANAGER,
          PIN - 689121
    5     THE MANAGER,
          KERALA STATE CO - OPERATIVE BANK LTD,
          CHANGANNUR BRANCH,
          KIZHAKKE NADA, CHENGANNUR,
          ALAPPUZHA, KERALA,
          PIN - 689121

          BY ADV.
          SRI.THOMAS ABRAHAM
          SRI.S.GOPINATHAN, SR. GOVERNMENT PLEADER

     THIS WRIT PETITION (CIVIL) HAVING COME UP       FOR
ADMISSION ON 20.06.2024, THE COURT ON THE SAME       DAY
DELIVERED THE FOLLOWING:
 W.P.(C) No.13935/2024
                               :3:



                          JUDGMENT

Dated this the 20th day of June, 2024

The petitioner availed ₹5 lakhs as financial

assistance from the Kerala State Co-operative Bank in the

year 2020. The petitioner mortgaged his residential property

for availing the loan.

2. The petitioner states that due to Covid-19

pandemic certain instalments were defaulted. The Bank

initiated proceedings invoking Section 13(2) of the

Securitisation and Reconstruction of Financial Assets and

Enforcement of Security Interest Act, 2002 as per Ext.P1

notice dated 15.12.2023.

3. The petitioner states that subsequently the

petitioner was issued with Ext.P2 Revenue Recovery notice

under the Kerala Revenue Recovery Act, 1968 requiring the

petitioner to remit an amount of ₹5,98,968/-. The petitioner

is a coolie worker. The loan was taken for house

construction. The petitioner is not in a position to pay the

amount in lump. Unless the petitioner is given easy

instalments facility to repay the loan, the petitioner will be

put to untold hardship and irreparable loss.

4. Standing Counsel entered appearance and

resisted the writ petition on behalf of the Bank. The

Standing Counsel submitted that the loan was availed in the

year 2020 and the tenure of the loan is up to 2030. There

was consistent default on the part of the petitioner. The

petitioner was required to maintain the loan account

properly. The petitioner failed to do so. It is in such

circumstances that the Bank had to invoke proceedings

under the Securitisation and Reconstruction of Financial

Assets and Enforcement of Security Interest Act, 2002.

Exts.P1 and P2 are perfectly legal. However, the petitioner

can be granted a reasonable time to pay the overdue

amount in instalments. Standing Counsel submits that the

outstanding amount payable by the petitioner as on

19.06.2024 is ₹6,23,782/- and the overdue amount is

₹2,82,102/-.

5. Considering the fact that what has been availed

by the petitioner is a Housing Loan and that the proceedings

would render the petitioner roofless, I am inclined to grant a

reasonable time to the petitioner to repay the dues as on

date, in instalments.

The writ petition is therefore disposed of directing

the petitioner to remit the overdue amount of ₹2,82,102/- in

12 consecutive and equal monthly instalments commencing

from 15.07.2024 along with accruing interest and other Bank

charges, if any. Coercive proceedings pursuant to Exts.P1

and P2 shall stand deferred. The petitioner shall also pay

current EMIs promptly in the meanwhile. If the petitioner

commits default in making payments as directed above, the

respondents will be at liberty to proceed against the

petitioner in accordance with law.

Sd/-

N. NAGARESH JUDGE SR

APPENDIX OF WP(C) 13935/2024

PETITIONER'S EXHIBITS:

Exhibit P1 A TRUE COPY OF THE NOTICE ISSUED UNDER SECTION 13(2) OF SARFAESI ACT DATED 15/12/2023 Exhibit P2 A TRUE COPY OF THE FORM -1 DEMAND NOTICE UNDER SECTION 7 OF REVENUE RECOVERY ACT DATED 17/11/2023 Exhibit P3 A TRUE COPY OF THE FORM 10 NOTICE UNDER SECTION 34 OF REVENUE RECOVERY ACT DATED 20/11/2023.