Kerala High Court
Sandeep.K.R vs Bank Of Baroda on 6 November, 2024
Author: D. K. Singh
Bench: D. K. Singh
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WP(C)No. 39105 OF 2024
2024:KER:83094
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE D. K. SINGH
WEDNESDAY, THE 6TH DAY OF NOVEMBER 2024/15TH KARTHIKA,
1946
WP(C) NO. 39105 OF 2024
PETITIONER:
SANDEEP K. R.,
AGED 33 YEARS, S/O. PALANI,
PROPRIETOR, M/S.VICHU PLASTICS,
ELAVAMPADAM P. O., KIZHAKKENCHERRY,
ALATHUR, PALAKKAD, PIN - 678684.
BY ADV.
SRI. V. A. JOHNSON (VARIKKAPPALLIL)
RESPONDENT:
BANK OF BARODA,
KIZHAKKENCHERRY BRANCH, D NO.C1/258,
KIZHAKKENCHERRY P. O., ALATHUR, PALAKKAD,
REP. BY ITS CHIEF MANAGER, PIN - 678684.
BY ADV.
SRI. ROJO JOSEPH - SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 06.11.2024, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
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WP(C)No. 39105 OF 2024
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D. K. SINGH, J.
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W.P.(C) No. 39105 of 2024
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Dated this the 6th day of November, 2024
JUDGMENT
1. The petitioner had availed term loan of Rs. 9,50,000/- and cash
credit facility for an amount of Rs. 2,85,000/- from the respondent
Bank. The term loan of Rs. 9,50,000/- is to be repaid over a period
of five years in equal monthly installments. However, as the
petitioner had failed to discharge the loan liability in terms of the
loan agreement with respect to both the loans, the Bank after
classifying the loan accounts of the petitioner as NPA has
proceeded further against the petitioner under the provisions of
the SARFAESI Act and the Rules made thereunder to realize its
outstanding dues. The Bank has already taken possession of the
secured assets. At this stage, the petitioner had filed the present
writ petition seeking the following reliefs;
i) Issue a writ a Mandamus or any other writ order or
direction directing the respondent to permit the
petitioner to repay the overdue amount in instalments.
And.
ii) Issue such other writ, order or direction which this
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Hon'ble Court may deem fit and proper in the light of the
facts and circumstances of the case so as to secure the
ends of justice.
2. The learned Counsel for the respondent Bank on instructions
submits that the amount due for regularization is Rs. 5,07,038/- and
the total outstanding is Rs. 11,46,785/-. He further submits that, if
the petitioner makes substantial upfront payment along with one
regular installment in respect of the term loan and the Balance
regularization amount in few installments along with regular
installments of the term loan, the Bank shall regularize the term
loan account of the petitioner after receiving the entire
regularization amount.
3. 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/-
along with one regular installment in respect of
the term loan on or before 20.11.2024 and the
balance regularization amount in ten equal
monthly installments along with regular
installments of the term loan.
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(ii) The first installment as directed above is
to be paid on or before 20.12.2024 and the
remaining nine installments on or before the
twentieth day of each succeeding month
thereafter.
(iii) In case of failure to make payment of Rs.
1,00,000/- along with one regular installment in
respect of the term loan or any of the
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. 39105 OF 2024
2024:KER:83094
APPENDIX OF WP(C) 39105/2024
PETITIONER'S EXHIBITS
EXHIBIT P1 TRUE COPY OF THE POSSESSION NOTICE ISSUED BY
THE RESPONDENT BANK DATED 09.09.2024
