Latheef Villan @ Abdul Latheef vs The Perithalmanna Urban Co-Operative ...
2024 Latest Caselaw 12207 Ker

Kerala High Court

Latheef Villan @ Abdul Latheef vs The Perithalmanna Urban Co-Operative ... on 14 May, 2024

             IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                 PRESENT
              THE HONOURABLE MR.JUSTICE VIJU ABRAHAM
     TUESDAY, THE 14TH DAY OF MAY 2024 / 24TH VAISAKHA, 1946
                      WP(C) NO. 17682 OF 2024
PETITIONER:

             LATHEEF VILLAN @ ABDUL LATHEEF
             AGED 41 YEARS
             S/O. MUHAMMED KUTTY, AGED 41 YEARS, VILLAN HOUSE,
             KOLKKALAM JUMA MASJID, CHENGOTTUR P.O., MALAPPURAM
             DISTRICT, PIN - 676503
             BY ADVS.
             R.RANJITH (MANJERI)
             K.S.SREEJA


RESPONDENT:

           THE PERITHALMANNA URBAN CO-OPERATIVE URBAN BANK
           LTD
           REPRESENTED BY ITS AUTHORISED OFFICER, URBANK
           TOWER, PATTAMBI RD, SHANTI NAGAR, PERINTHALMANNA,
           PIN - 679322
OTHER PRESENT:

             SC U.K.DEVIDAS


      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON   14.05.2024,   THE   COURT    ON   THE   SAME   DAY   DELIVERED   THE
FOLLOWING:
 W.P.(C). No.17682 of 2024      :2:



                           VIJU ABRAHAM, J.
         --     -- -- -- -- -- -- -- -- -- -- -- --
                       W.P.(C) No.17682 of 2024
         --     -- -- -- -- -- -- -- -- -- -- -- --
                   Dated this the 14th day of May, 2024

                             JUDGMENT

The petitioner has approached this Court seeking a direction

to permit him to pay the amount due in instalments.

2. The petitioner had availed a loan from the respondent bank

and due to the extreme financial difficulties, the same was

defaulted and thereupon proceedings have been initiated by the

bank under the Securitization and Reconstruction of Financial

Assets and Enforcement of Security Interest Act (SARFAESI) Act.

3. Heard the learned counsel for the petitioner and the

learned counsel for the respondent bank.

4. The learned counsel for the respondent bank submitted

that the total amount now outstanding is Rs.21,69,746/- and that

the petitioner can be permitted to pay the amount in instalments

with a default clause that in the event of default in payment of any

instalment, the bank will be free to proceed against the petitioner.

5. Considering the facts and circumstances of the case and

submissions made across the bar, I dispose of the writ petition with

the following conditions:

i) The petitioner shall pay the amount of

Rs.21,69,746/- (Twenty one lakh sixty nine

thousand seven hundred and forty six only) in 15

equated monthly instalments, commencing from

01.06.2024 and continue to pay the subsequent

installments on the 1st day of succeeding months.

ii) In the event of any single default in payment

as directed above, the respondent bank shall be

free to continue the recovery proceedings from the

stage at which they presently stand.

iii) It is made clear that if the petitioner complies

with the aforesaid directions, further proceedings

for recovery shall be kept in abeyance.

With the above said directions, this writ petition is disposed

of.

Sd/-

VIJU ABRAHAM JUDGE sm/

APPENDIX OF WP(C) 17682/2024

PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE NOTICE ISSUED TO THE PETITIONER BY THE ADVOCATE COMMISSIONER IN MC- 333/2024, DATED 25/03/2024