Biju A.V vs Kerala State Co-Operative Bank
2024 Latest Caselaw 33303 Ker

Kerala High Court

Biju A.V vs Kerala State Co-Operative Bank on 15 November, 2024

                                                      2024:KER:85947
               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. 37142 OF 2024

PETITIONER:

          BIJU A.V,
          AGED 48 YEARS
          S/O. VASU, ALLAPARAMBIL HOUSE, NEAR KOVILUNGAL TEMPLE,
          CHERAI P.O, ERNAKULAM DISTRICT, PIN - 683514


          BY ADV V.S.ANU MON


RESPONDENTS:

    1     KERALA STATE CO-OPERATIVE BANK,
          REGIONAL OFFICE, THRISSUR, THRISSUR DISTRICT,
          REPRESENTED BY ITS AUTHORIZED OFFICER, PIN - 682022

    2     THE AUTHORIZED OFFICER,
          KERALA STATE CO-OPERATIVE BANK LTD, MAIN BRANCH, NORTH
          PARAVUR, ERNAKULAM DISTRICT, PIN - 683513

    3     THE AUTHORIZED OFFICER,
          KERALA STATE CO-OPERATIVE BANK LTD, MUNAMBAM BRANCH,
          ERNAKULA DISTRICT, PIN - 683515


          BY ADV K.AMMINIKUTTY


     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. 37142 OF 2024



                             2

                     JUDGMENT

(Dated this the 15th day of November, 2024)

The petitioner has availed a loan of Rs.5,00,000/- from

the Kerala State Co-operative Bank on 17.09.2018. Ext.P1

notice is issued under Section 13(4) of the SARFAESI Act and

under Rule 8(1) for taking possession of the Secured Asset.

2. The learned Standing Counsel appearing for the

respondents, on instructions, submits that as of today, the

total overdue amount comes Rs.4,21,300/-.

3. The counsel for the petitioner seeks indulgence of this

Court to grant 15 installments to wipe off the overdue amount.

4. Having heard the counsel appearing for the petitioner

as well as Standing counsel appearing for the respondents, I

deem it appropriate to dispose of the writ petition as follows:

(i)The petitioner shall pay the overdue amount in 10 equal monthly installments along with regular installments.

(ii) The first installment is to be paid on or before 15.12.2024, and the remaining 9 installments on or WP(C) NO. 37142 OF 2024

before the 15th 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. 37142 OF 2024

APPENDIX OF WP(C) 37142/2024

PETITIONER EXHIBITS

Exhibit P-1 THE TRUE COPY OF THE NOTICE DATED 21.06.2024 ISSUED BY THE RESPONDENT BANK ALONG WITH ITS ENGLISH TRANSLATION