Kerala High Court
Muhammed Rafi vs The Federal Bank Limited on 17 October, 2024
Author: D. K. Singh
Bench: D. K. Singh
WP(C) NO. 36367 OF 2024
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE D. K. SINGH
THURSDAY, THE 17TH DAY OF OCTOBER 2024 / 25TH ASWINA, 1946
WP(C) NO. 36367 OF 2024
PETITIONER/S:
1 MUHAMMED RAFI,
AGED 49 YEARS
SON OF ABDUL HAQUE, PUNNILATH, KOOLIMUTTAM P.O., KOOLIMUTTAM
VILLAGE, KODUNGALLOORTALUK, THRISSUR DISTRICT, PIN - 680691
2 SUNITHA,
AGED 45 YEARS
WIFE OF MUHAMMED RAFI, PUNNILATH, KOOLIMUTTAM P.O.,
KOOLIMUTTAM VILLAGE, KODUNGALLOOR TALUK, THRISSUR DISTRICT, PIN
- 680691
BY ADVS.
P.M.ZIRAJ
IRFAN ZIRAJ
RESPONDENT/S:
1 THE FEDERAL BANK LIMITED,
MATHILAKOM BRANCH, J.J.PLAZA, NEAR POLICE QUARTERS, MATHILAKOM
P.O., THRISSUR, REPRESENTED BY ITS MANAGER, PIN - 680685
2 THE MANAGER,
THE FEDERAL BANK LIMITED, MATHILAKOM BRANCH, J.J.PLAZA, NEAR
POLICE QUARTERS, MATHILAKOM P.O., THRISSUR, PIN - 680685
3 AUTHORIZED OFFICER UNDER SARFAESI ACT, ASSOCIATE VICE PRESIDENT,
LCRD/THRISSUR DIVISION, THE FEDERAL BANK, THRISSUR, PIN - 680001
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OTHER PRESENT:
SRI. PAULOCHAN ANTONY-SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17.10.2024, THE
COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
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JUDGMENT
The petitioners availed an overdraft facility of
Rs.2,50,00,000/-, from the respondent Bank and failed to discharge
the loan liability. Therefore, the Bank, after classifying the
petitioner's loan account as NPA, proceeded under the provisions
of the SARFAESI Act and the Rules made thereunder.
2. Learned Counsel for the Bank submits that, as of today,
the total outstanding is Rs.2,45,98,660/-. He further submits that
if the petitioners want to settle the account, they must show their
bona fides and approach the Bank for a One-time Settlement/ re-
structuring of the loan.
3. Considering the aforesaid submission of the learned
Counsel for the respondent Bank, the present writ petition is
disposed of on the following terms:
i. The petitioners shall pay Rs.50 lakhs within ten days from
WP(C) NO. 36367 OF 2024
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today, i.e., on or before 28.10.2024, and approach the Bank for re-
structuring/ rescheduling the payment terms of the loan.
ii. The Bank shall consider the proposal of a One-time
Settlement of the petitioners expeditiously in right earnest.
iii. If a settlement arrives between the parties, the petitioner
should pay as per the terms of the settlement. However, if no
settlement is arrived at between the parties, the Bank shall be free
to proceed further against the petitioner to realize its outstanding
dues in accordance with the law.
iv. For a period of one month from today, no further coercive
measure is to be taken against the petitioner, subject to the
petitioner depositing Rs.50 lakhs on or before 28.10.2024.
Sd/-
D. K. SINGH
JUDGE
jjjs
WP(C) NO. 36367 OF 2024
2024:KER:77053
APPENDIX OF WP(C) 36367/2024
PETITIONER EXHIBITS
Exhibit P1 TRUE COPY OF THE ACCOUNT STATEMENT OF THE FIRST
PETITIONER DATED 6.9.2024
Exhibit P2 TRUE COPY OF THE DEMAND NOTICE DATED 7.8.2024 ISSUED
BY THE THIRD RESPONDENT
Exhibit P3 TRUE COPY OF REPRESENTATION DATED 11.10.2024
SUBMITTED BY THE PETITIONER BEFORE THE SECOND
RESPONDENT WITH COPY TO THIRD RESPONDENT
