Kerala High Court
Ajikumar vs Indian Overseas Bank on 3 May, 2024
Author: Kauser Edappagath
Bench: Kauser Edappagath
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE DR. JUSTICE KAUSER EDAPPAGATH
FRIDAY, THE 3RD DAY OF MAY 2024 / 13TH VAISAKHA, 1946
WP(C) NO. 16673 OF 2024
PETITIONER:
AJIKUMAR,
AGED 55 YEARS
S/O MADHAVAN, RESIDING AT PUTHANVILA VEEDU, THATTAVARAM,
KODUVAZHANNUR P.O.,PULIMATH, THIRUVANANTHAPURAM,
PIN - 695612
BY ADVS.
R.S.KALKURA
M.S.KALESH
HARISH GOPINATH
P.I.NAJUMAL HUSSAIN
SILPA S.
RESPONDENTS:
1 INDIAN OVERSEAS BANK,
ATTINGAL BRANCH ASHHAR COMPLEX PALACE ROAD ATTINGAL,
THIRUVANANTHAPURAM,REPRESENTED BY ITS CHIEF MANAGER,
PIN - 695101
2 AUTHORISED OFFICER,
INDIAN OVERSEAS BANK ATTINGAL BRANCH, ASHHAR COMPLEX
PALACE ROAD ATTINGAL, THIRUVANANTHAPURAM, PIN - 695101
SC - SRI SUNIL SHANKAR,
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
03.05.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P.(C).No. 16673 of 2024
2
JUDGMENT
Dated this the 3rd day of May, 2024
The petitioner availed a loan from the 1 st
respondent bank by creating equitable mortgage. Since the
petitioner defaulted the repayment of the loan amount,
recovery proceedings have been initiated under the
Securitization and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002.
2. The learned counsel for the petitioner submits that
the property mortgaged is put for sale on 21.05.2024 and the
petitioner is prepared to pay a sum of Rs.10,00,000/- on or
before that date and he is also ready to clear off the entire
balance amount by instalments.
3. The learned counsel for the respondents submits that
the total amount outstanding as on today is Rs.49,25,586/-.
4. Having heard both sides, this writ petition is disposed
of granting an opportunity to the petitioner to clear off the entire
loan amount in the following manner:
(i) The petitioner shall remit a sum of Rs.10,00,000/- to the
bank on or before 21.05.2024.
(ii) The balance amount shall be paid in seven equal
monthly instalments commencing from 01.07.2024 along with
interest.
(iii) The subsequent instalments shall be paid by the
petitioner on the 5th day of every succeeding months.
(iv) In case of default on the part of the petitioner in
payment of the initial amount or any of the instalments
thereafter, the aforesaid facility extended shall stand cancelled,
upon which the Bank will be at liberty to proceed with the
recovery proceedings.
(v) Subject to the above direction, the recovery proceedings
against the petitioner is directed to be kept in abeyance.
Sd/-
DR. KAUSER EDAPPAGATH
SK
JUDGE
APPENDIX OF WP(C) 16673/2024
PETITIONER EXHIBITS :
Exhibit P1 TRUE COPY OF THE NOTICE DATED 08.01.2024
ISSUED BY THE 2ND RESPONDENT UNDER SECTION
13(2) OF THE SARFAESI ACT TO THE PETITIONER
Exhibit P2 TRUE COPY OF THE REPLY TO SECTION 13 (2)
NOTICE DATED NIL ISSUED BY THE COUNSEL FOR
PETITIONER TO THE 2ND RESPONDENT
Exhibit P3 TRUE COPY OF THE NOTICE DATED 08.02.2024
ISSUED BY THE COUNSEL OF THE 2ND RESPONDENT
TO THE PETITIONER
Exhibit P4 TRUE COPY OF THE CERTIFICATE ISSUED BY THE
AGRICULTURAL OFFICER, KRISHY BHAVAN, PULIMATH
DATED 06.04.2024
Exhibit P5 TRUE COPY OF THE POSSESSION NOTICE AFFIXED AT
THE PREMISES OF THE PETITIONER AND HIS
BROTHER BY THE 2ND RESPONDENT DATED 26.3.2024
Exhibit P6 TRUE COPY OF THE PAPER PUBLICATION
MATHRUBHOOMI DAILY DATED 16.04.2024 PUBLISHED
BY THE 2ND RESPONDENT IN RESPECT OF THE
POSSESSION NOTICE ISSUED TO THE PETITIONER
Exhibit P7 TRUE COPY OF THE STATEMENT OF ACCOUNTS KEPT
IN THE NAME OF THE PETITIONER AT THE 1ST
RESPONDENT BANK INDICATING THE TRANSFER OF
THE AFORESAID AMOUNT ON 20.04.2024
Exhibit P8 TRUE COPY OF THE SALE NOTICE DATED 16.04.2024
ISSUED BY THE 2ND RESPONDENT TO THE
PETITIONER
