Kerala High Court
Vijayan.G vs Authorized Officer on 25 October, 2024
Author: D. K. Singh
Bench: D. K. Singh
2024:KER:79868
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE D. K. SINGH
FRIDAY, THE 25TH DAY OF OCTOBER 2024 / 3RD KARTHIKA, 1946
WP(C) NO. 37559 OF 2024
PETITIONERS:
1 VIJAYAN.G.,
AGED 60 YEARS
S/O. S.K. GOPINATHAN PILLAI, RAJU SADHANAM,
PARIMANAM, NEENDAKARA.P.O, KOLLAM DISTRICT, PIN -
691583
2 RAJI.R.V.,
AGED 55 YEARS
W/O.VIJAYAN, RAJU SADHANAM,PARIMANAM,
NEENDAKARA.P.O, KOLLAM DISTRICT, PIN - 691583
BY ADVS.
RASHEED C.NOORANAD
R.AJAYGHOSH
RESPONDENTS:
1 AUTHORIZED OFFICER,
STATE BANK OF INDIA, RACPC KOLLAM, 1 ST AND 2 ND
FLOOR, RAVI'S ARCADE, NEAR IRON BRIDGE, KOLLAM,
PIN - 691013
2 THE BRANCH MANAGER,
STATE BANK OF INDIA, CHAVARA BRANCH,
MANNAR,KOLLAM DISTRICT, PIN - 690524
OTHER PRESENT:
SRI.JAWAHAR JOSE-SC
W.P.(C).No.37559 of 2024
2024:KER:79868
2
THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD
ON 25.10.2024, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
W.P.(C).No.37559 of 2024
2024:KER:79868
3
JUDGMENT
(Dated this the 25th day of October, 2024)
The petitioners had obtained a housing loan of
Rs.17,00,000/- from the respondent Bank in the year 2019.
The said loan liability, along with interest, has to be
discharged within a period of ten years in equal monthly
instalments.
2. The petitioners have committed default in
repaying the loan amount as per the terms of the loan
agreement and therefore, the respondent Bank, after
classifying the loan account of the petitioners as NPA, has
proceeded against the petitioners under the provisions of
the SARFAESI Act and Rules made thereunder to realize its
outstanding dues.
3. The learned counsel for the petitioners submits
that the petitioners are willing to pay the overdue amount
in few instalments along with the regular instalments to
regularize the loan account for making payments in terms
of the loan agreement.
2024:KER:79868
4. The learned counsel for the respondent Bank on
instructions, submits that as of today, the overdue amount
is Rs.3,56,688/- and the total outstanding amount is
Rs.17,20,422/- . He further submits that several times the
Bank itself has granted time for regularization; however, the
petitioner has committed default every time. Five times,
Section 13(2) notice has been issued, and two times
possession notice has been issued and therefore he submits
that the petitioners may not be granted the facility of
instalments as they do not have the intention to pay the
loan.
5. Considering the aforesaid submissions, this
Court granted one more opportunity to the petitioners to
regularize the loan account and therefore the present writ
petition is disposed of on the following terms:
i) The petitioners shall pay Rs.1,00,000/- along with
one regular E.M.I on or before 15.11.2024 and the
remaining overdue amount in four equal monthly
instalments along with the regular instalments.
2024:KER:79868
ii) The 1st instalment is to be paid on or before
15.12.2024 and the remaining three instalments on or
before 15th day of each succeeding month.
iii) In case of failure to make payment of
Rs.1,00,000/- 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 petitioners to realize
its outstanding dues.
iv) If the petitioners make payments as directed
above, the respondent Bank shall regularize the loan
account of the petitioners for making further payments in
terms of the loan agreement.
Sd/-
D. K. SINGH
JUDGE
Mms
2024:KER:79868
APPENDIX OF WP(C) 37559/2024
PETITIONERS EXHIBITS
EXHIBIT P1 THE TRUE COPY OF THE POSSESSION NOTICE
UNDER RULE 8(1) OF THE SECURITIZATION
AND RECONSTRUCTION OF FINANCIAL ASSETS
AND ENFORCEMENT OF SECURITY INTEREST
ACT, 2002 DATED 10-10-2024.
EXHIBIT P2 TRUE COPY OF THE DEMAND NOTICE ISSUED
U/S 13 (2) OF SECURITIZATION AND
RECONSTRUCTION OF FINANCIAL ASSETS AND
ENFORCEMENT OF SECURITY INTEREST ACT,
2002 DATED 30-07-2024.
