Thrideep Kumar vs Versus The State Bank Of India
2024 Latest Caselaw 12091 Ker

Kerala High Court

Thrideep Kumar vs Versus The State Bank Of India on 10 May, 2024

Author: Murali Purushothaman

Bench: Murali Purushothaman

            IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
      THE HONOURABLE MR.JUSTICE MURALI PURUSHOTHAMAN
  FRIDAY, THE 10TH DAY OF MAY 2024 / 20TH VAISAKHA, 1946
                     WP(C) NO. 17429 OF 2024
PETITIONER:

            THRIDEEP KUMAR V. S
            AGED 54 YEARS
            SEVASADANAM, KAVOOR,
            PALAYAMKUNNU P.O,
            THIRUVANANTHAPURAM,
            PIN - 695 146.

            BY ADV M.R.SARIN


RESPONDENT:

            THE STATE BANK OF INDIA
            STRESSED ASSET RECOVERY BRANCH,
            LMS COMPOUND, OPP: MUSEUM,
            WEST GATE, VIKAS BHAVAN P.O,
            THIRUVANANTHAPURAM,
            REPRESENTED BY ITS CHIEF MANAGER
            AND AUTHORISED OFFICER,
            PIN - 695 033.

            SRI. TOM K.THOMAS - SC



     THIS     WRIT   PETITION    (CIVIL)     HAVING    COME    UP    FOR
ADMISSION     ON   10.05.2024,    THE     COURT   ON   THE    SAME   DAY
DELIVERED THE FOLLOWING:
 WP(C).No.17429 OF 2024

                                 2




                             JUDGMENT

The petitioner had availed a Medium Term loan

of Rs.25,80,000/- from the respondent Bank by

mortgaging his immovable properties. Since the

petitioner defaulted payment of installments, the

respondent Bank has initiated proceedings under the

SARFAESI Act. The petitioner has filed this writ

petition for a direction to the respondent to provide

installment facilities to clear off the entire liabilities.

2. The learned Standing Counsel for the Bank,

on instructions, submits that the total outstanding

amount as on today (10.05.2024) is Rs.29,12,222/-

and that if the petitioner pays the amount in four

equal monthly installments, the account can be

closed and the coercive proceedings can be

withdrawn.

3. The learned counsel for the petitioner

submits that the petitioner will clear off the entire WP(C).No.17429 OF 2024

outstanding amount in the loan account in fifteen

equal monthly installments.

4. In view of the submissions made by the

learned counsel for the petitioner and the learned

Standing Counsel for the respondent Bank, there will

be a direction to the petitioner to pay the amount of

Rs.29,12,222/- in fifteen equal monthly installments

commencing from 01.06.2024. In case the petitioner

defaults payment of any of the installments as above,

it will be open for the Bank to proceed against the

petitioner, in accordance with law. To enable the

petitioner to pay the amounts in installments as

above, all coercive proceedings against the petitioner

shall be kept in abeyance.

The writ petition is disposed of with the above

directions.

Sd/-

MURALI PURUSHOTHAMAN JUDGE

SPR WP(C).No.17429 OF 2024

APPENDIX

PETITIONER'S EXHIBITS:-

EXHIBIT P1 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER, DATED 27/04/2024. EXHIBIT P2 TRUE COPY OF THE OTS SANCTION PROPOSAL ISSUED BY THE RESPONDENT, DATED 24/07/2023.

RESPONDENTS EXHIBITS: NIL.