Unnikrishnan K vs The Authorized Officer /Chief Manager
2024 Latest Caselaw 33051 Ker

Kerala High Court

Unnikrishnan K vs The Authorized Officer /Chief Manager on 14 November, 2024

Author: D. K. Singh

Bench: D. K. Singh

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WP(C)No. 38859 OF 2024
                                               2024:KER:85878

         IN THE HIGH COURT OF KERALA AT ERNAKULAM

                            PRESENT

             THE HONOURABLE MR. JUSTICE D. K. SINGH

THURSDAY, THE 14TH DAY OF NOVEMBER 2024/23RD KARTHIKA,1946

                    WP(C) NO. 38859 OF 2024

PETITIONER:

         UNNIKRISHNAN K,
         AGED 58 YEARS, S/O. KUTTIKRISHNAN NAMBIR,
         KADAMBATT HOUSE, NEDUNGOTTUR, SHORNUR,
         PALAKKAD, PIN - 679121.

         BY ADVS.
         VISHNU NARAYANAN
         THEJALAKSHMI R.S.
         SHENI KRISHNA R.N.



RESPONDENTS:

    1    THE AUTHORIZED OFFICER /CHIEF MANAGER,
         PUNJAB NATIONAL BANK, CIRCLE OFFICE, 40/1461/
         MARKET ROAD, 2ND FLOOR, ERNAKULAM, PIN - 682011.

    2    PUNJAB NATIONAL BANK,
         REPRESENTED BY THE MANAGER, 15/1055,
         VINAYAKA APPARTMENTS, BYEPASS ROAD, OTTUPARA,
         WADAKKANCHERY, THRISSUR, PIN - 680590.

         SRI. SANTHEEP ANKARATH-SC
     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 14.11.2024, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
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WP(C)No. 38859 OF 2024
                                                               2024:KER:85878

                            D. K. SINGH, J.
                          --------------------------
                      W.P.(C) No. 38859 of 2024
                          -------------------------
             Dated this the 14th day of November, 2024

                                JUDGMENT

1. The present writ petition has been filed for the following reliefs;

A) Issue a writ of certiorari or any other appropriate writ, order or direction to stay all coercive steps that may be taken by the respondents pursuant to Ext.P1.

B) Issue a writ of mandamus or any other appropriate writ, order or direction directing the respondent to permit the petitioner to clear off the entire outstanding amount in 30 monthly installments.

C) Grant such other reliefs, which are deemed fit and proper in the facts and circumstances of the case.

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

Bank for an amount of Rs. 8,00,000/- in the year 2015. This loan

liability was to be discharged in equal monthly installments. The

petitioner had failed to discharge the loan liability in terms of the loan

agreement and resultantly the loan account of the petitioner turned

NPA and the respondent Bank has proceeded further against the

petitioner under the provisions of the SARFAESI Act and the Rules

made thereunder to realize its outstanding dues.

WP(C)No. 38859 OF 2024 2024:KER:85878

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. 7,06,043/- and the overdue

amount is Rs. 1,10,851/-. The learned Counsel for the respondent

Bank further submits that if the petitioner makes payment of

substantial upfront amount along with one regular installment, the

balance overdue amount can be paid in few installments along with

regular installments as this Court may direct. If the petitioner makes

payment of the overdue amount in few installments along with regular

installments as this Court may direct, the respondent Bank shall not

proceed further against the petitioner under the SARFAESI Act and the

Rules made thereunder and will regularize the loan account of the

petitioner for making payment in terms of the loan agreement.

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. 50,000/- along

with one regular installment on or before

07.12.2024.

(ii) The petitioner shall pay the balance

overdue amount in six equal monthly installments

along with regular installments.

WP(C)No. 38859 OF 2024 2024:KER:85878

(iii) The first installment as directed above is

to be paid on or before 07.01.2025 and the

remaining five installments on or before the

seventh day of each succeeding month.

(iv) After receiving the entire overdue

amount as directed above, the respondent Bank

shall regularize the loan account of the petitioner

to make payment in terms of the loan agreement.

(v) In case of failure to make payment of Rs.

50,000/- along with one regular installment or the

first installment or any of the subsequent

installments as directed above, the respondent

Bank is 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. 38859 OF 2024 2024:KER:85878

APPENDIX OF WP(C) 38859/2024

PETITIONER EXHIBITS

EXHIBIT P1 TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE 1ST RESPONDENT TO THE PETITIONER DATED 08/10/2024