Kerala High Court
M/S, Punchiri Snacks vs Punjab National Bank on 22 October, 2024
Author: D. K. Singh
Bench: D. K. Singh
2024:KER:78346
WP(C) NO. 37022 OF 2024
1
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE D. K. SINGH
TUESDAY, THE 22ND DAY OF OCTOBER 2024 / 30TH ASWINA, 1946
WP(C) NO. 37022 OF 2024
PETITIONER/S:
1 M/S, PUNCHIRI SNACKS
DOOR NO.X/478, UDAYANAPURAM PADINJAREKARA P.O, NADUVILE
VILLAGE, PADINJAREKARA, VAIKOM, KOTTAYAM REPRESENTED BY
PROPRIETOR SRI. MARTIN KP, S/O PETER. KANNIVEETTIL
HOUSE, PADINJAREKARA P.O, NADUVILE VILLAGE,
PADINJAREKARA VAIKOM, KOTTAYAM, PIN - 686146
2 MARTIN K.P
AGED 51 YEARS
, S/O PETER. KANNIVEETTIL HOUSE, PADINJAREKARA P.O,
NADUVILE VILLAGE, PADINJAREKARA, VAIKOM, KOTTAYAM, PIN
- 686146
3 SMT. RINCYMOL STEPHEN
AGED 48 YEARS
W/O MARTIN PADINJAREKARA P.O, NADUVILE VILLAGE,
PADINJAREKARA, VAIKOM, KOTTAYAM, PIN - 686146
BY ADVS.
MAHIMA
VAISHNAV DEV
RESPONDENT/S:
PUNJAB NATIONAL BANK
CIRCLE SASTRA CENTRE, VAISHNAVI TOWERS, BYE PASS ROAD,
KUMARICHANTHA, AMBALATHARA P.O, THIRUVANANTHAPURAM-
REPRESENTED BY ITS AUTHORISED OFFICER, PIN - 695026
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
22.10.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
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WP(C) NO. 37022 OF 2024
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JUDGMENT
The present writ petition has been filed with the
following prayers:-
"i. Issue a writ, order or direction in the nature of Mandamus,
or such other writ, order or direction, directing the respondent
to give 25 installments in the overdue amount and to
regularize the loan account after the payment of the same.
ii. Issue a writ, order or direction in the nature of Mandamus,
or such other writ, order or direction, directing the respondent
to grant eight months to clear the overdue amounts in the loan
accounts and to regularize the loan account.
iii. To issue such other appropriate writ, order or direction as
is deemed just and necessary in the circumstances of the
case."
2.The petitioners had taken four loans from the
respondent Bank. The petitioners committed serious defaults in
repaying the loan amounts, and therefore, the Bank, after
classifying the loan accounts as NPA, proceeded under the
provisions of the SARFAESI Act and rules made thereunder.
3.The learned counsel for the respondent submits that as of
today, the total outstanding is Rs.64,55,000/-. The Bank has
already filed an original application before the Debt Recovery
Tribunal. He also submits that the possession of the one secured
asset has been taken, and possession of the second secured asset
is scheduled for today. However, if the petitioner makes a
substantial upfront payment and approaches the Bank for
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WP(C) NO. 37022 OF 2024
restructuring the loan / rescheduling the payment in terms of one-
time settlement, the Bank will consider the petitioner's request
in right earnest.
4.Considering the aforesaid submission advanced on behalf
of the Bank, the present writ petition is disposed of with a direction
to the petitioners to pay Rs.15,00,000/- on or before 06.11.2024
and approach the Bank for One-Time Settlement or restructuring
the loan as per the terms of the loan agreement.
5.Subject to making a payment of Rs.15,00,000/--on or
before 06.11.2024, the petitioner shall not be dispossessed from
the secured asset until the Bank takes a final decision on the
petitioner's request. After making a payment of Rs.15,00,000/-, the
petitioner should approach the Bank for
restructuring/rescheduling the payment terms of the loan
agreement.
With the aforesaid directions, the present writ petition is
disposed of.
Sd/-
D. K. SINGH
JUDGE
SJ
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WP(C) NO. 37022 OF 2024
APPENDIX OF WP(C) 37022/2024
PETITIONER EXHIBITS
Exhibit P1 THE TRUE COPY OF THE DEMAND NOTICE ISSUED TO
THE PETITIONERS DATED 17/04/2023 BY THE
RESPONDENT BANK
Exhibit P2 THE TRUE COPY OF THE SALE NOTICE FOR SALE OF
IMMOVALE PROPERTIES ISSUED TO THE PETITIONER
DATED 20/09/2024 BY THE RESPONDENT BANK
