Thankamani vs The Authorized Officer
2024 Latest Caselaw 12540 Ker

Citation : 2024 Latest Caselaw 12540 Ker
Judgement Date : 21 May, 2024

Kerala High Court

Thankamani vs The Authorized Officer on 21 May, 2024

Author: N.Nagaresh

Bench: N.Nagaresh

                 IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                 PRESENT
                   THE HONOURABLE MR.JUSTICE N.NAGARESH
         TUESDAY, THE 21ST DAY OF MAY 2024 / 31ST VAISAKHA, 1946
                         WP(C) NO. 15297 OF 2024
PETITIONERS:

     1        THANKAMANI
              AGED 42 YEARS
              W/O ANANDAN T,
              MALAMKUNNU,T.T.ROAD,
              BEKAL P.O,
              KASARAGOD DISTRICT,
              PIN - 671318

     2        ANANDAN TRIKKANNAD
              AGED 50 YEARS
              S/O KUNJIKANNA P,
              MALAMKUNNU,T.T.ROAD,
              BEKAL P.O,
              KASARAGOD DISTRICT,
              PIN - 671318
              BY ADVS.
              V.SHYAM
              SAHEERA K.
              P.ARUN
RESPONDENT:

              THE AUTHORIZED OFFICER
              THE KERALA STATE CO-OPERATIVE BANK LTD,
              PALAKUNNU EVENING BRANCH,
              ALBAYAN CENTER,PALAKUNNU,
              BEKAL P.O KASARGODE,
              PIN - 671318

              BY SRI. M.SASINDRAN, STANDING COUNSEL


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
21.05.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO.15297 OF 2024
                               2



                         JUDGMENT

Dated this the 21st day of May, 2024

The petitioners are husband and wife. They availed a

loan of ₹20 lakhs and ₹2 lakhs respectively for constructing a

house. The loan was availed mortgaging property having an

extent of 41 cents in Kottikalam Village in Kasargod.

2. The petitioners state that due to reasons beyond

their control, there were some defaults in making the

repayment. The Bank has initiated coercive proceedings

invoking the provisions of the Securitisation and

Reconstruction of Financial Assets and Enforcement of

Security Interest Act, 2002. When notices were issued, the

petitioners earlier approached this Court filing W.P.(C.) No.

6630/2022. This Court disposed of the writ petition permitting

the petitioners to pay the overdue amount of ₹11,52,959/- in

15 equated monthly installments.

WP(C) NO.15297 OF 2024

3. The first installment ought to have been paid on or

before 29.03.2022. The petitioners could not adhere to the

time schedule.

4. The petitioners state that the respondent is now

going to take over physical possession of the property

mortgaged by the petitioners. The petitioners have sold a

piece of their property and have obtained substantial

amounts. The petitioners are ready to make substantial

payment towards clearance of overdue amount within a period

of one month and the balance amount in monthly installments.

5. Standing Counsel entered appearance and resisted

the writ petition. The Standing Counsel pointed out that there

was deliberate default in repayment of the loan. The

petitioners were required to maintain the loan account, making

monthly installments. The petitioners omitted to do so. It is in

these circumstances, that the respondent-Bank was forced to

initiate proceedings under the Securitisation and

Reconstruction of Financial Assets and Enforcement of WP(C) NO.15297 OF 2024

Security Interest Act, 2002.

6. The respondent has issued due notice under the

SARFAESI Act, 2002. The proceedings are not vitiated with

any illegality. However, if the petitioners make a bulk payment

immediately towards the overdue amount and clear the

balance overdue amount immediately thereafter, the question

of regularisation of the loan account of the petitioners can be

considered. The Standing Counsel submitted that the

outstanding amount due to the Bank from the petitioners as

on 21.05.2024 is ₹29,24,758/- and the overdue amount as on

21.05.2024 is ₹20,83,630/-.

7. I have heard the counsel for the petitioners and the

Standing Counsel representing the respondent Bank.

8. As the petitioners had availed the loan for the

construction of a house and since the petitioners have now

gathered amounts selling other properties and are now in a

position to clear the overdue amount, I am of the view that the

petitioners can be granted a short time for clearing the WP(C) NO.15297 OF 2024

overdue amount.

9. The writ petition is accordingly disposed of with the

following directions:

(i) The petitioners shall remit an amount of

₹10,00,000/- within a period of one month

from today and the balance overdue amount

in subsequent consecutive five equal monthly

instalments thereafter, along with accruing

interest and other Bank charges, if any.

(ii) After clearing the overdue amounts as

directed above, the petitioners shall

approach the Bank for regularisation of the

loan account, in which case, the respondent

shall consider their application

sympathetically.

(iii) If the petitioners commit default in

making payments as directed above, the

respondent will be at liberty to continue with WP(C) NO.15297 OF 2024

the coercive proceedings against the

petitioners in accordance with law.