Kerala High Court
Dr Shaju Asokan vs The Branch Manager on 14 November, 2024
Author: D. K. Singh
Bench: D. K. Singh
2024:KER:85766
WP(C) NO. 39962 OF 2024
1
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. 39962 OF 2024
PETITIONER:
DR SHAJU ASOKAN,
AGED 52 YEARS
MANAKUNNATH KATTUNGACHIRA, IRINJALAKUDA NORTH P.O,
IRINJALAKUDA THRISSUR DISTRICT, & ALSO AT AHALIA
FOUNDATION, EYE HOSPITAL, KATTUNGACHIRA, IRINJALAKUDA
THRISSUR DISTRICT, KERALA, PIN - 680125
BY ADVS.
M.ANIL KUMAR
PREETHI K.PURUSHOTHAMAN
RESPONDENTS:
1 THE BRANCH MANAGER,
YES BANK LTD., WEST FORT, THRISSUR, PIN - 680004
2 THE AUTHORIZED OFFICER,
YES BANK LTD., M.G ROAD, KOCHI, PIN - 682011
BY ADVS.
SREEJITH K.(K/380/2005)
SRI.P.PAULOCHAN ANTONY-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. 39962 OF 2024
2
JUDGMENT
The present writ petition has been filed with the following
prayers:-
"I. To issue a writ of mandamus or any other appropriate
writ order or direction compelling and commanding the
respondents to permit the petitioner to clear the overdue
in 25 equal monthly installments and to regularize the loan
account thereafter, extending the full period of repayment.
II. To issue a writ of mandamus or any other appropriate
writ order or direction compelling and commanding the
respondents to consider Exhibit. P1 representation in
accordance with law and to take appropriate actions
thereon towards redressing the grievances of the
petitioner.
III. Issue such other Writ, Order or Direction that this
Honorable Court may deem fit and proper in the nature
and circumstances of the case."
2.The petitioner and his wife availed a housing loan for an
amount of Rs.3,15,00,000/- from the respondent Bank in the
year 2023. The said loan liability is to be discharged over a
period of 15 years with equal monthly instalments. The
petitioners have also availed a professional loan of
Rs.30,00,000/-. The tenure of the professional loan is expiring
in January 2025. In respect of the professional loan, the total
outstanding is Rs. 17,79,741/- in respect of the housing loan
the overdue amount is Rs.31,86,895/-. The petitioners have
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WP(C) NO. 39962 OF 2024
committed serious defaults in repaying the loan amounts, and
therefore, the Bank after classifying the loan account as NPA
has proceeded under the provisions of the SARFAESI Act and
rules made thereunder.
3.The learned counsel for the Bank submitted that if the
petitioner makes a substantial upfront payment and
approaches the Bank for One-Time Settlement, restructuring
the loan, or rescheduling the payment terms, the Bank shall
take appropriate decisions on such a request.
4.Considering the aforesaid submissions made on behalf
of the Bank, the present writ petition is disposed of on following
terms:-
1.The petitioners shall pay Rs.50,00,000/- to the Bank
on or before 10.12.2024 and approach the Bank for
One Time Settlement/ restructuring of the loan /
rescheduling the payment terms, in respect of the
outstanding liability.
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WP(C) NO. 39962 OF 2024
2.If the petitioner makes the payment of Rs.50,00,000/-
as directed above and approaches the Bank, the Bank
should take an informed decision on such a request of
the petitioner.
3. Subject to making payment of Rs.50,00,000/- on or
before 10.12.2024, the Bank shall not proceed further
under the provisions of the SARFAESI Act and rules
made thereunder till a decision on the request of the
petitioner for restructuring the loan / rescheduling the
payment terms is taken by the Bank.
4.In case of failure to make payment of Rs.50,00,000/-
on or before 10.12.2024, the Bank shall be free to
proceed further under the provisions of the SARFEASI
Act and rules made thereunder to realise its
outstanding dues from the petitioners.
Sd/-
D. K. SINGH
JUDGE
SJ
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WP(C) NO. 39962 OF 2024
APPENDIX OF WP(C) 39962/2024
PETITIONER EXHIBITS
Exhibit P1 A TRUE COPY OF THE REPRESENTATION DATED 22-
05-2024 SUBMITTED BY THE PETITIONER BEFORE
THE 1ST RESPONDENT
Exhibit P2 A TRUE COPY OF THE NOTICE DATED 8/11/2024
UNDER SECTION 13(4) OF THE SARFAESI ACT
ISSUED BY THE 2ND RESPONDENT
