Kerala High Court
Shri M K Vijayan vs Authorised Officer on 24 October, 2024
Author: D. K. Singh
Bench: D. K. Singh
2024:KER:79305
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. 36292 OF 2024
PETITIONER:
SHRI M K VIJAYAN,
AGED 62 YEARS
S/O YOHANNAN CHACKO, MATHIMALA MANNAMURIYIL,
KAVIYOOR P O, THIRUVALLA, PATHANAMTHITTA
DISTRICT, PIN - 689582
BY ADVS.
T.P.PRADEEP
P.K.SATHEES KUMAR
R.K.PRASANTH
MINIKUMARY M.V.
JIJO JOSEPH
RESPONDENTS:
1 AUTHORISED OFFICER,
STATE BANK OF INDIA, RASMEC, THIRUVALLA,
PANDIYALIL CVM ARCADE, MAZHUVANGADUCHIRA, MC
ROAD, THIRUVALLA, PIN - 689101
2 THE STATE BANK OF INDIA,
KAVIYOOR BRANCH, THIRUVALLA,REPRESENTED BY ITS
BRANCH MANAGER, PIN - 689582
OTHER PRESENT:
SRI. ARUN THOMAS-SC
W.P.(C).No.36292 of 2024
2024:KER:79305
2
THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD
ON 24.10.2024, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
W.P.(C).No.36292 of 2024
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3
JUDGMENT
(Dated this the 24th day of October, 2024)
The petitioner has availed a housing loan of
Rs.10,56,757/- from the 2nd respondent Bank on
23.03.2010, by mortgaging his property having an extent of
4.00 Ares of land and residential building in Resurvey
No.275/21, Block No.14 of Kaviyoor Village, Thiruvalla
Taluk. The tenure for repayment of the loan is up to 2030
in equal monthly instalments.
2. The petitioner had committed default in repaying
the loan amount as per the terms of the loan agreement
and therefore, the Bank, after classifying the petitioner's
loan account as NPA, has proceeded against the petitioner
under the provisions of the SARFAESI Act and Rules made
thereunder to realize its outstanding dues.
3. The learned counsel for the petitioner submits
that the petitioner could not service the loan account
because of some severe financial crisis; however, the
petitioner has every intention to repay the loan provided
2024:KER:79305
the petitioner is granted some time to make payment of the
overdue amount along with the regular instalments.
4. The learned counsel for the respondent finance
company on instructions submits that as of today, the
overdue amount is Rs.2,46,000/- and the total outstanding
amount is Rs.10,86,207/-. He further submits that if the
petitioner makes substantial upfront payment along with
one regular E.M.I and the remaining overdue amount in few
instalments as this Court may fix along with the regular
instalments, the respondent Bank shall not proceed further
under the provisions of the SARFAESI Act and Rules made
thereunder.
5. Considering the aforesaid stand of the parties,
the present writ petition is disposed of on the following
terms:
i) The petitioner shall pay Rs.50,000/- along with
one regular E.M.I on or before 07.11.2024 and the
remaining overdue amount in eight equal monthly
instalments along with the regular instalments.
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ii) The 1st instalment is to be paid on or before
07.12.2024 and the remaining seven instalments on or
before 15th day of each succeeding month.
iii) In case of failure to make payment of
Rs.50,000/- along with one regular E.M.I or any other
instalments as directed above, the respondent Bank shall
be free to proceed further against the petitioner to realize
its outstanding dues.
iv) If the petitioner makes payments as directed
above, the respondent Bank shall regularize the loan
account of the petitioner for making further payments in
terms of the loan agreement.
Sd/-
D. K. SINGH
JUDGE
Mms
2024:KER:79305
APPENDIX OF WP(C) 36292/2024
PETITIONER'S EXHIBITS
Exhibit P1 A TRUE COPY OF THE DEMAND NOTICE ISSUED
BY THE AUTHORIZED OFFICER, SBI DATED
10/06/2024
Exhibit P 2 A TRUE COPY OF THE POSSESSION NOTICE
ISSUED BY THE AUTHORIZED OFFICER, SBI
DATED 03/10/2024
