Kerala High Court
Nissamani vs The Kerala State Co-Operative Bank on 21 November, 2024
Author: D. K. Singh
Bench: D. K. Singh
WP(C) NO. 41233 OF 2024
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE D. K. SINGH
THURSDAY, THE 21ST DAY OF NOVEMBER 2024 / 30TH KARTHIKA, 1946
WP(C) NO. 41233 OF 2024
PETITIONER/S:
1 NISSAMANI,
AGED 54 YEARS
W/O ABDUL LATHEEF, KUTTIYAL VEEDU, PALLISSERIKKAL P.O., SASTHAMCOTTA,
KOLLAM, PIN - 690512
2 ABDUL LATHEEF,
AGED 63 YEARS
S/O ABOOBAKER KUNJU, KUTTIYAL VEEDU, PALLISSERIKKAL P.O., SASTHAMCOTTA,
KOLLAM, PIN - 690512
BY ADV MINTU CHERIYAN
RESPONDENT/S:
THE KERALA STATE CO-OPERATIVE BANK,
REPRESENTED BY ITS AUTHORIZED OFFICER, SASTHAMCOTTA, KOLLAM, PIN - 690512
SRI. P.C. SASIDHARAN-SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21.11.2024, THE COURT ON
THE SAME DAY DELIVERED THE FOLLOWING:
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JUDGMENT
The petitioners took a housing loan of Rs.11 lakhs from the
respondent Bank in 2019. The loan tenure for repayment, along with
interest, is ten years in equal monthly instalments.
2. The petitioners committed default in repaying the loan
amount in terms of the loan agreement. Therefore, the Bank, after
classifying the petitioners' loan account as NPA, proceeded against the
petitioners under the provisions of the SARFAESI Act and the Rules made
thereunder.
3. The learned Counsel for the respondent Bank, on
instructions, submits that the overdue amount is Rs.4,18,832/- and the
outstanding amount comes to Rs.14,73,707/-. If the petitioners make
a substantial upfront payment along with one regular EMI and the
remaining overdue amount in a few instalments as this Court may
direct along with regular instalments, the Bank shall regularize the
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loan account of the petitioners for making further payment in terms
of the loan agreement and the Bank shall not proceed against the
petitioners under the provisions of the SARFAESI Act and the Rules
made thereunder.
4. Considering the said stand of the learned Counsel for the
respondent Bank, the present writ petition is disposed of on the
following terms:
(i) The petitioners shall pay an upfront amount of Rs.1 lakh, along
with one regular EMI by tomorrow, i.e., on or before 22.11.2024.
(ii) The balance overdue amount, along with regular instalments, is to
be paid in ten equal monthly instalments, thereafter.
(iii) The first instalment is to be paid on or before 15.12.2024, and the
remaining nine instalments on or before the 15th day of each succeeding
month, along with regular instalments.
(iv) If the petitioners pay the entire overdue amount, the Bank shall
regularize the petitioners' loan account for making payments in terms
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of the loan agreement.
(v) After making payment of the entire overdue amount along with
regular instalments, the petitioners shall continue to pay the regular
instalments till the entire loan liability is discharged.
(vi) In case of failure to make payment of the upfront amount of Rs.1
lakh along with one regular EMI by tomorrow or any instalments as
directed above, the Bank shall be free to proceed against the petitioners
in accordance with the law.
The writ petition stands disposed of.
Sd/-
D. K. SINGH
JUDGE
jjj
WP(C) NO. 41233 OF 2024
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APPENDIX OF WP(C) 41233/2024
PETITIONER EXHIBITS
Exhibit P1 . A TRUE COPY OF THE DISCHARGE SUMMARY OF THE 2ND
PETITIONER
Exhibit P2 A TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE
COMMISSION DATED 29/10/2024
