Kerala High Court
Rahina vs The South Indian Bank Ltd on 13 November, 2024
Author: D. K. Singh
Bench: D. K. Singh
OP (DRT) NO. 337 OF 2024
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2024:KER:84880
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE D. K. SINGH
WEDNESDAY, THE 13TH DAY OF NOVEMBER 2024 / 22ND KARTHIKA, 1946
OP (DRT) NO. 337 OF 2024
AGAINST THE ORDER IN SA NO.583 OF 2024 OF DEBT RECOVERY TRIBUNAL- 2, ERNAKULAM
PETITIONER/S:
RAHINA,
AGED 46 YEARS
W/O SHAJI ISMAIL, MATHAPARAMBIL, THIRUMALA BHAGOM P.O., CHAVADI,
KUTHIYATHODE, ALAPPUZHA DISTRICT, PIN - 688540
BY ADV JOSE ANTONY
RESPONDENT/S:
1 THE SOUTH INDIAN BANK LTD., REGIONAL OFFICE 2ND FLOOR, TMJ COMPLEX,
RAMANCHIRA, THIRUVALLA, PATHANAMTHITTA DISTRICT,REPRESENTED BY ITS
AUTHORIZED OFFICER, PIN - 689107
2 AUTHORIZED OFFICER,
THE SOUTH INDIAN BANK LTD, REGIONAL OFFICE 2ND FLOOR, TMJ COMPLEX,
RAMANCHIRA, PATHANAMTHITTA DISTRICT, PIN - 689107
OTHER PRESENT:
SRI.SUNIL SHANKAR-SC
THIS OP (DEBT RECOVERY TRIBUNAL) HAVING FINALLY HEARD ON 13.11.2024, THE COURT ON
THE SAME DAY DELIVERED THE FOLLOWING:
OP (DRT) NO. 337 OF 2024
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JUDGMENT
The petitioner availed a term loan of Rs.50 lakhs from the respondent
Bank in the year 2018. To secure the aforesaid loan, the petitioner has
mortgaged 02.02 and 02.22 Ares of land comprised in Old Sy No.134/3 of
Kuthiyathode Village, Alappuzha District. As the petitioner failed to
discharge the loan liability in terms of the loan agreement, the Bank,
after classifying the loan account of the petitioner as NPA, has proceeded
further under the provisions of the SARFAESI Act and the Rules made
thereunder.
2. To challenge the SARFAESI proceedings, the petitioner has
filed S.A. No.583/2024 before the Debts Recovery Tribunal-II, Ernakulam,
along with the stay petition. The Tribunal, vide interim order in Ext.P4,
has directed the petitionerto deposit the overdue amount of Rs.10 lakhs
in a few instalments. The petitioner has deposited Rs.8,35,000/-.
However, he could not make payment of the balance of Rs.1,65,000/-, for
OP (DRT) NO. 337 OF 2024
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which he has filed the present OP (DRT) to extend the time for complying
with the interim order passed by the Debts Recovery Tribunal-II,
Ernakulam, in Ext.P4.
3. The learned Counsel for the Bank submits that after making
payment of Rs.1.65 lakhs, the balance overdue would be Rs.2.95 lakhs. He
further submits that the Bank is willing to regularize the petitioner's
loan account if the petitioner pays the balance overdue amount of
Rs.2.95 lakhs in a few instalments as this Court may direct along with the
regular instalments.
4. The learned Counsel for the petitioner submits that the
petitioner is willing to make the payment of Rs.1.65 lakhs along with one
regular EMI on or before 07.12.2024 and the balance overdue amount
along with regular instalments in seven instalments thereafter.
5. Considering the aforesaid stand of the parties, the present OP
DRT is disposed of on the following terms:
i. The petitioner shall make a payment of Rs.1.65 lakhs, along with
OP (DRT) NO. 337 OF 2024
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one regular EMI, on or before 07.12.2024.
ii. The petitioner will thereafter pay the balance overdue amount,
along with the regular EMI, in seven equal monthly instalments.
iii. The first instalment is to be paid on or before 07.01.2025, and the
remaining six instalments on or before the 7th day of each succeeding
month, along with regular instalments.
iv. In case the petitioner fails to make payment of Rs.1.65 lakhs along
with one regular EMI or any of the subsequent instalments as directed
above, the Bank shall be free to proceed further to realise its dues in
accordance with the law.
v. In view of the aforesaid order, the S.A. filed by the petitioner is
hereby closed.
The OP (DRT) stands disposed of.
Sd/-
D. K. SINGH
JUDGE
jjj
OP (DRT) NO. 337 OF 2024
2024:KER:84880
APPENDIX OF OP (DRT) 337/2024
PETITIONER EXHIBITS
Exhibit P1 TRUE COPY OF THE S.A. NO. 583/2024 ON THE FILE OF DEBT
RECOVERY TRIBUNAL-2, ERNAKULAM DATED 21.8.2024 WITHOUT
ANNEXURES
Exhibit P2 TRUE COPY OF THE NOTICE ISSUED TO THE PETITIONER AND
ANOTHER BY THE ADVOCATE COMMISSIONER APPOINTED BY THE
HON'BLE CHIEF JUDICIAL MAGISTRATE COURT, ALAPPUZHA IN M.C.
NO. 399 OF 2024 DATED 25.07.2024
Exhibit P3 TRUE COPY OF THE I.A. NO. 3179/2024 IN S.A. NO. 583/2024 FOR STAY
FILED BY THE PETITIONER ON THE FILE OF DEBT RECOVERY
TRIBUNAL-2, ERNAKULAM DATED 21.8.2024
Exhibit P4 TRUE COPY OF THE ORDER DATED NIL OF THE DEBT RECOVERY
TRIBUNAL-2, ERNAKULAM DOWNLOADED FROM THE OFFICIAL
WEBSITE OF DEBT RECOVERY TRIBUNAL-2, ERNAKULAM WITH
RESPECT TO THE DAILY STATUS REPORT OF 23.08.2024
Exhibit P5 TRUE COPY OF THE ORDER DATED NIL OF THE DEBT RECOVERY
TRIBUNAL-2, ERNAKULAM DOWNLOADED FROM THE OFFICIAL
WEBSITE OF DEBT RECOVERY TRIBUNAL-2, ERNAKULAM WITH
RESPECT TO THE DAILY STATUS OF 09.10.2024
Exhibit P6 TRUE COPY OF THE RECEIPT DATED 28.10.2024 (TRANSACTION ID
FDRLM8302683186) ISSUED BY FEDERAL BANK FOR AN AMOUNT OF
RS.1,35,000/-
Exhibit P7 TRUE COPY OF THE RECEIPT DATED 28.10.2024 (TRANSACTION ID
FDRLM8302594694) ISSUED BY FEDERAL BANK FOR AN AMOUNT OF
RS.2,00,000/-
Exhibit P8 TRUE COPY OF THE ORDER DATED NIL OF THE DEBT RECOVERY
TRIBUNAL-2, ERNAKULAM DOWNLOADED FROM THE OFFICIAL
WEBSITE OF DEBT RECOVERY TRIBUNAL-2, ERNAKULAM WITH
RESPECT TO THE DAILY STATUS OF 30.10.2024
