Kerala High Court
Sunil Kumar vs The Authorised Officer on 15 November, 2024
WP(C) NO. 40342 OF 2024 2024:KER:86238
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE BASANT BALAJI
FRIDAY, THE 15TH DAY OF NOVEMBER 2024 / 24TH KARTHIKA, 1946
WP(C) NO. 40342 OF 2024
PETITIONERS:
1 SUNIL KUMAR,
AGED 49 YEARS
S/O BASKARAN NAIR,MELEDATH HOUSE
PERINGATTUPURAM,KUNNAMANGALAM P.O,KOZHIKODE,
PIN - 673571
2 BHASKARAN NAIR,
AGED 85 YEARS
S/O NARAYANAN NAIR,MELEDATH
HOUSE,PERINGATTUPURAM,KUNNAMANGALAM
P.O,KOZHIKODE, PIN - 673571
BY ADV ANISH ANTONY ANATHAZHATH
RESPONDENTS:
1 THE AUTHORISED OFFICER,
KERALA STATE CO-OPERATIVE BANK LTD (KERALA BANK),
CALICUT MAIN BRANCH, KALLAI ROAD, CHALAPPURAM
P.O., KOZHIKODE, PIN - 673002
2 KERALA STATE CO-OPERATIVE BANK LTD (KERALA BANK),
CALICUT MAIN BRANCH, KALLAI ROAD, CHALAPPURAM
P.O., KOZHIKODE, PIN - 673002
SC SRI. D.P RENU
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR FINAL
HEARING ON 15.11.2024, THE COURT ON THE SAME DAY DELIVERED
THE FOLLOWING:
WP(C) NO. 40342 OF 2024 2024:KER:86238
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BASANT BALAJI, J.
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W.P(C).No. 40342 of 2024
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Dated this the 15th day of November, 2024
JUDGMENT
The petitioner availed two loans for a period of 10
years. Since there was a default in payment of the
installments, SARFAESI proceedings were initiated against
the petitioners, and Exhibit P1 notice is issued, the petitioner
approached this court to regularize the loan and to pay the
defaulted overdue amount in installments.
2. The learned standing counsel appearing for
the respondents submitted that in the first loan, the overdue
amount as on 9.10.2024 is Rs.2,23,315/- and the second
loan is Rs.7,54,139/- as on 15.11.2024.
3. I have heard learned counsel appearing for
the petitioners, as well as the standing counsel for the
respondents.
Considering the above aspects, the writ petition is
disposed of as follows:-
WP(C) NO. 40342 OF 2024 2024:KER:86238
I. The petitioner shall remit overdue amount of first
loan which comes Rs.2,23,315 within a period of one
month from today .
II. After making a payment of Rs.2,23,315- as directed
above, the petitioner shall pay the overdue amount of
second loan will be paid in 10 instalments, along with
regular instalments.
III. The 1st instalment shall be paid on or before
05.01.2025, and the remaining 9 instalments on or
before the 5th day of each succeeding month.
IV. After making payment of the entire overdue amount
along with regular instalments, the petitioner shall
continue to pay the regular instalments till the entire
loan liability is discharged.
V. In case of failure to make the overdue amount or any
one of the instalments as directed above, the bank
shall be free to take possession of the secured assets.
The bank shall proceed against the petitioner in
accordance with law.
VI. Till such time, all coercive proceedings against the
secured assets shall be deferred.
The writ petition is disposed of.
Sd/-
BASANT BALAJI,
JUDGE
NM
WP(C) NO. 40342 OF 2024 2024:KER:86238
APPENDIX OF WP(C) 40342/2024
PETITIONER EXHIBITS
Exhibit P1 A TRUE COPY OF THE NOTICE ISSUED BY THE
1ST RESPONDENT
