Kerala High Court
K. K Chacko vs The South Indian Bank Ltd on 2 November, 2024
Author: D. K. Singh
Bench: D. K. Singh
1
WP(C)No. 38571 OF 2024
2024:KER:81491
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE D. K. SINGH
SATURDAY, THE 2ND DAY OF NOVEMBER 2024/11TH KARTHIKA, 1946
WP(C) NO. 38571 OF 2024
PETITIONER/S:
K. K CHACKO
AGED 72 YEARS
S/O LATE KURIAKOSE, KOCHUPURACKAL HOUSE, KURICHY
P.O, CHANGANCHERRY TALUK, KOTTAYAM DISTRICT., PIN
- 686532
BY ADVS.
C.S.MANILAL
S.NIDHEESH
RESPONDENT/S:
THE SOUTH INDIAN BANK LTD
REGIONAL OFFICE, 1ST FLOOR, REGENCY SQUARE, KK
ROAD, COLLECTORATE P.O. KOTTAYAM,KERALA,, REP. BY
THE AUTHORIZED OFFICER, PIN - 686002
OTHER PRESENT:
SRI.P.A. AUGUSTINE-SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 02.11.2024, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
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WP(C)No. 38571 OF 2024
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D. K. SINGH, J.
--------------------------
W.P.(C) No. 38571 of 2024
-------------------------
Dated this the 2nd day of November, 2024
JUDGMENT
1. The present writ petition has been filed for the following
reliefs;
i. Issue a writ of Certiorari or any other
appropriate writ, order or direction, calling for
the records leading to Ext.P1, P3 and P4 and
quash the same as illegal.
ii. Issue a writ of Mandamus or any other
appropriate writ, order or direction, directing the
respondent to permit the petitioner to pay the
entire loan amount in affordable monthly
installments with a further direction to keep in
abeyance all further proceedings pursuant to
Ext.P4 including publication of sale notice.
iii. Grant such other Relief.
2. The petitioner had availed cash credit over draft facility of Rs.
70,00,000/- and Rs. 15,00,000/- as machinery loan from the
respondent Bank by mortgaging his residential property having an
extent of 13.30 Ares in Re. Sy. No. 430/27 of Kurichy Village which is
to be repaid in equal monthly installments. However, the petitioner
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had committed defaults in making repayment of the loans advanced
by the respondent Bank as per the loan agreement and, therefore,
the Bank after classifying the loan accounts of the petitioner as NPA
in the year 2022 and has proceeded further against the petitioner
under the provisions of the SARFAESI Act and the Rules made
thereunder to realize its outstanding dues.
3. The learned Counsel for the respondent Bank on instructions
submits that, as of today, the total outstanding liability of the
petitioner in respect of the loan is Rs. 49,53,193/- and the total
overdue amount is Rs. 2,14,226/- and, if the petitioner makes
substantial upfront payment, the remaining outstanding amount
can be paid in few installments as this Court may direct.
4. Considering the aforesaid stand of the respondent Bank, the
present writ petition is disposed of on the following terms;
(i) The petitioner shall pay Rs. 1,00,000/- on
or before 30.11.2024 along with one regular
installment.
(ii) The remaining outstanding amount
along with future interest shall be paid in eight
equal monthly installments along with the
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regular installments.
(iii) The first installment is to be paid on or
before 15.12.2024 and the remaining seven
installments on or before the fifteenth day of
each succeeding month thereafter.
(iv) In case of failure to make payment Rs.
1,00,000/- along with one regular installment or
the first installment or any of the subsequent
installments as directed above, the respondent
Bank shall be free to proceed further against the
petitioner in accordance with the law to realise
its outstanding dues.
Sd/-
D. K. SINGH
JUDGE
Svn
WP(C)No. 38571 OF 2024
2024:KER:81491
APPENDIX OF WP(C) 38571/2024
PETITIONER EXHIBITS
Exhibit P1 A TRUE COPY OF THE NOTICE U/S 13(2) OF
THE SARFAESI ACT DATED 4.3.2024
Exhibit P2 TRUE COPY OF THE DETAILS OF PAYMENT
MADE BY THE FIRM
Exhibit P3 TRUE COPY OF THE POSSESSION NOTICE
DATED 16.10.2024
Exhibit P4 TRUE COPY OF THE NOTICE U/S 13(8) OF
THE SARFAESI ACT DATED 19.10.2024
