Liju.C.Nair vs Authorized Officer, Kerala State ...
2024 Latest Caselaw 33293 Ker

Kerala High Court

Liju.C.Nair vs Authorized Officer, Kerala State ... on 15 November, 2024

WP(C) NO. 40392 OF 2024

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                                                2024:KER:85460
            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. 40392 OF 2024

PETITIONER:

            LIJU.C.NAIR,
            AGED 40 YEARS
            W/O.SAJIN MOHANAN, REVATHY, KOLARIKKAL ROAD,
            SOUTH CHITTOR, ERNAKULAM, PIN - 682027


            BY ADVS.
            S.SUNIL KUMAR (PALAKKAD)
            LEKSHMI S.SEKHER
            K.J.SUNIL
            K.P.ARUN
            VISHNU MOHAN DEV




RESPONDENT:

            AUTHORIZED OFFICER, KERALA STATE CO-OPERATIVE
            BANK LTD,
            PACHALAM BRANCH, 73/2163, NEAR KATTUNGAL TEMPLE,
            PACHALAM, ERNAKULAM, PIN - 682012


            BY ADV K.AMMINIKUTTY
OTHER PRESENT:
          SC SRI. N. RAGHURAJ SR
     THIS     WRIT   PETITION    (CIVIL)     HAVING    COME    UP    FOR
ADMISSION     ON   15.11.2024,    THE     COURT   ON   THE    SAME   DAY
DELIVERED THE FOLLOWING:
 WP(C) NO. 40392 OF 2024

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                                              2024:KER:85460
                      JUDGMENT

(Dated this the15th day of November, 2024)

The petitioner has availed a loan of Rs.15,75,000/- from

the Kerala State Co-operative Bank on 17.08.2019. The

tenure of the loan is till 2032. Ext.P1 notice is issued under

Section 13(2) of SARFAESI Act.

2. The learned Standing Counsel appearing for the

respondent, on instructions, submits that as on today, the

total overdue amount comes Rs.2,96,133/-.

3. The counsel for the petitioner seeks indulgence of

this court to grant 6 installments to wipe off the overdue

amount.

4. Having heard the counsel for the petitioner as well as

the Standing counsel for the respondent, I deem it

appropriate to dispose of the writ petition as follows:

(i) The petitioner shall pay the overdue amount in 6 WP(C) NO. 40392 OF 2024

2024:KER:85460 equal monthly installments.

(ii) The first installment is to be paid on or before 15.12.2024, and the remaining 5 installments on or before the 5th day of each succeeding months, along with regular instalments.

(iii) After making payment of the entire overdue amount along with regular installments, the petitioner shall continue to pay the regular installments till the entire loan liability is discharged.

(iv) In case of failure to make payment of any one of the installments 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, to realize its dues.

(v) Till such time, all coercive proceedings against the secured assets shall be deferred.

Sd/-

BASANT BALAJI JUDGE saap WP(C) NO. 40392 OF 2024

2024:KER:85460 APPENDIX OF WP(C) 40392/2024

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE ISSUED UNDER SECTION-13(2) OF THE SARFAESI ACT ISSUED BY THE RESPONDENT BANK DATED 09.09.2024

Exhibit P2 TRUE COPY OF PETITIONER BANK ACCOUNT STATEMENT IN ACCOUNT NO-143912301059557 DATED 13.11.2024