Muhammed Amshukhan vs The Authorised Officer
2024 Latest Caselaw 29120 Ker

Kerala High Court

Muhammed Amshukhan vs The Authorised Officer on 10 October, 2024

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W.P.(C) NO.35687 OF 2024




                                                                  2024:KER:75236
                     IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                      PRESENT

                     THE HONOURABLE MR.JUSTICE BASANT BALAJI

         THURSDAY, THE 10TH DAY OF OCTOBER 2024 / 18TH ASWINA, 1946

                             W.P.(C) NO.35687 OF 2024


PETITIONER:

              MUHAMMED AMSHUKHAN,
              AGED 40 YEARS,
              S/O MR. ABDUL KAREEM, SAJITHA MANZIL, KANIKKA KUTTY JN.,
              KALLODU, KUTTICHAL P.O., MANNOORKARA, PARUTHIPALLY,
              THIRUVANANTHAPURAM, PIN - 695 574


              BY ADVS.
              R.SUNIL KUMAR
              A.SALINI LAL
              J.M.DEEPAK
              JINU P. BINU



RESPONDENTS:

     1        THE AUTHORISED OFFICER,
              SOUTH INDIAN BANK LTD., 3RD FLOOR, YMCA, SPENCER JUNCTION.
              M.G ROAD, THIRUVANANTHAPURAM, PIN - 695 001

     2        THE BRANCH MANAGER,
              SOUTH INDIAN BANK LTD., CHAKAI BRANCH, CHAKAI P.O,
              THIRUVANANTHAPURAM, PIN - 695,024


OTHER PRESENT:

               SRI. P.A HARIS, SC


     THIS     WRIT    PETITION   (CIVIL)   HAVING   COME   UP   FOR   ADMISSION   ON
10.10.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
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W.P.(C) NO.35687 OF 2024




                                                           2024:KER:75236




                                JUDGMENT

(Dated: 10th October, 2024)

The petitioner availed a business loan (overdraft facility) for an

amount of Rs.35,00,000/- in the year 2018 from the 2nd respondent

bank. He mortgaged a property having an extent of 2.70 Ares with a

residential building by way of deposit of title deeds. Since there was

a default on the part of the petitioner in remitting the amounts

SARFAESI (Securitization and Reconstruction of Financial Assets and

Enforcement of Security Interest) proceedings were initiated, and

ultimately Ext.P1 notice was issued by the Advocate Commissioner to

take physical possession of the secured assets on 14.10.2024.

2. Learned standing counsel appearing for the respondents

submits that after taking the loan of Rs.35,00,000/- in the year 2018,

not even the interest was paid, therefore the bank considered taking

the account as NPA.

W.P.(C) NO.35687 OF 2024

2024:KER:75236

3. Learned standing counsel for the respondents on

instructions submits that as of 09.10.2024, the outstanding amount is

Rs.61,53,355/-. The counsel for the petitioner seeks indulgence of this

court and also seeks instalment facility. The possession of the secured

assets is to be taken on 14.10.2024. The counsel for the petitioner

seeks 8 instalments.

4. Heard the counsel for the petitioner as well as the

respondents.

Considering the averments in the writ petition, I deem it

appropriate to dispose of the writ petition with the following

directions:

i. The petitioner shall pay a lump sum amount of

Rs.10,00,000/- (Rupees Ten lakhs only), on or before

10.11.2024.

ii. After making payment of Rs.10,00,000/- as directed

above, the petitioner shall pay the remaining outstanding

amount in 7 equated monthly instalments.

W.P.(C) NO.35687 OF 2024

2024:KER:75236 st iii. The 1 instalment shall be paid on or before 10.12.2024.

The remaining 6 instalments shall be paid on or before

the 10th day of each succeeding month along with regular

instalments.

iv. In case of failure to make payment of the lump sum

amount of Rs.10,00,000/- 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.

v. Till such time, all coercive proceedings against the

secured assets shall be deferred.

The writ petition is disposed of.

Sd/-

BASANT BALAJI, JUDGE ss

W.P.(C) NO.35687 OF 2024

2024:KER:75236 APPENDIX OF WP(C) 35687/2024

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE LETTER ISSUED BY THE ADVOCATE COMMISSIONER DATED NIL