Kerala High Court
Sreejish V. Srinivasan vs The South Indian Bank Ltd., Represented ... on 24 October, 2024
Author: D. K. Singh
Bench: D. K. Singh
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WP(C)No. 32681 OF 2024
2024:KER:79334
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE D. K. SINGH
THURSDAY, THE 24TH DAY OF OCTOBER 2024/2ND KARTHIKA, 1946
WP(C) NO. 32681 OF 2024
PETITIONER/S:
SREEJISH V. SRINIVASAN,
AGED 48 YEARS, S/O. SRINIVASAN,
VALLATH HOUSE, KARUVANNUR P.O.,
PORATHISSERY PART,
THRISSUR DISTRICT, PIN - 680711.
BY ADVS.
S.JIJI
M.M.BABY
PRATHEESH PRABHA
JOSEPH ANU A.A
RESPONDENT/S:
1 THE SOUTH INDIAN BANK LTD., REPRESENTED BY
BRANCH MANAGER,
MAPRANAM BRANCH, MAPRANAM P.O., THRISSUR TALUK
& DISTRICT, PIN - 680712
2 THE AUTHORIZED OFFICER,
THE SOUTH INDIAN BANK LTD., REGIONAL OFFICE,
AKP CENTRE, CHRIST COLLEGE ROAD, CHRIST NAGAR,
IRINJALAKUDA, THRISSUR DISTRICT, PIN - 680125
SRI.MOHAN JACOB GEORGE-SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 24.10.2024, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
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WP(C)No. 32681 OF 2024
2024:KER:79334
D. K. SINGH, J.
--------------------------
W.P.(C) No. 32681 of 2024
-------------------------
Dated this the 24th day of October, 2024
JUDGMENT
1. The present writ petition has been filed for the following
reliefs;
i) Call for the records leading to the issuance of
Exts. P-1 to P-3 notices and issue a writ of
Certiorari or any other appropriate writ, order or
direction quashing Ext. P-1 to P-3 notices,
ii) Issue a Writ of Mandamus or any other
appropriate writ, order or direction directing the
respondents to regularize and reschedule the
loan account of the petitioner and to give him 15
month time and installment facility to pay off the
entire interest arrears,
iii) Issue a Writ of Mandamus or any other
appropriate writ, order or direction directing the
respondents to give him 34 month time and
installment facility to pay off the entire loan
amounts if they are not willing to regularize the
loan account
iv) To pass such orders or direction restraining
the respondent bank from proceeding against
the petitioner's property under the SARFAESI Act.
WP(C)No. 32681 OF 2024
2024:KER:79334
and
v) To issue any other writ, direction or order that
this Hon'ble Court may deem fit and proper
according to the circumstances of the case.
2. The petitioner had availed an agricultural loan of Rs.
1,25,00,000/- from the respondent Bank in the year 2019 which is to
be repaid in equal monthly installments. However, the petitioner had
committed defaults in making repayment of the loan advanced by
the respondent Bank as per the loan agreement and, therefore, the
Bank after classifying the loan accounts of the petitioner as NPA has
proceeded further against the petitioner under the provisions of the
SARFAESI Act and the Rules made thereunder to realize its
outstanding dues.
3. The learned Counsel for the respondent Bank on instructions
submits that, as of today, the total outstanding liability of the
petitioner in respect of the loan is Rs. 2,06,34,664/- and, if the
petitioner makes some substantial upfront payment, the Bank may
consider the request of the petitioner for rescheduling/
restructuring/one time settlement of the loan liability.
WP(C)No. 32681 OF 2024
2024:KER:79334
4. Considering the aforesaid stand of the respondent Bank, the
present writ petition is disposed of with direction to the petitioner
to make payment of Rs. 50,00,000/- on or before 15.11.2024 and
approach the Bank for rescheduling/restructuring/one time
settlement with proper proposal and the Bank shall consider the said
proposal of the petitioner in right earnest. Subject to making
payment of Rs. 50,00,000/- on or before 15.11.2024 by the
petitioner, the further proceedings under the SARFAESI Act and the
Rules made thereunder shall be deferred by the Bank till the Bank
takes a decision on the application of the petitioner for
rescheduling/restructuring/one time settlement. However, if the
petitioner fails to make payment of Rs. 50,00,000/- on or before
15.11.2024, the Bank shall be free to proceed further against the
petitioner under the law to realise its outstanding dues.
Sd/-
D. K. SINGH
JUDGE
Svn
WP(C)No. 32681 OF 2024
2024:KER:79334
APPENDIX OF WP(C) 32681/2024
PETITIONER'S EXHIBITS
EXHIBIT P-1 TRUE COPY OF THE NOTICE U/S. 13 (2) OF THE
SARFAESI ACT DATED 02-12-2023 ISSUED BY THE
2ND RESPONDENT
EXHIBIT P-2 TRUE COPY OF THE NOTICE UNDER SECTION 13(8)
OF THE SARFAESI ACT DATED 14-03-2024 ISSUED
BY THE 2ND RESPONDENT
EXHIBIT P-3 TRUE COPY OF THE NOTICE DATED 02-09-2024
ISSUED BY THE ADVOCATE COMMISSIONER ALONG
WITH ITS ENGLISH TRANSLATION
