Ginu Varghese vs Kerala State Cooperative Bank
2024 Latest Caselaw 30748 Ker

Kerala High Court

Ginu Varghese vs Kerala State Cooperative Bank on 30 October, 2024

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W.P.(C) NO.38130 OF 2024




                                                                  2024:KER:80747
                     IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                      PRESENT

                     THE HONOURABLE MR.JUSTICE BASANT BALAJI

         WEDNESDAY, THE 30TH DAY OF OCTOBER 2024 / 8TH KARTHIKA, 1946

                             W.P.(C) NO.38130 OF 2024




PETITIONER:

              GINU VARGHESE, AGED 39 YEARS,
              S/O GEEVARGHESE,GINU SADANAM, ODANAVATTOM P.O.,
              ODANAVATTOM VILLAGE, KOTTARAKKARA TALUK,
              KOLLAM DISTRICT, PIN - 691 512


              BY ADV A.SANIL KUMAR


RESPONDENTS:

     1        KERALA STATE COOPERATIVE BANK,
              REPRESENTED BY ITS BRANCH MANAGER, VELIYAM BRANCH,
              VELIYAM P.O., KOLLAM DISTRICT, PIN - 691 540

     2        THE AUTHORISED OFFICER AND AREA MANAGER,
              KERALA STATE COOPERATIVE BANK, REGIONAL OFFICE,
              THIRUVANANTHAPURAM, P.B. NO.5122, EAST FORT, FORT P.O.,
              THIRUVANANTHAPURAM, PIN - 695 023

              SRI.P.C.SASIDHARAN, SC



     THIS     WRIT    PETITION   (CIVIL)   HAVING   COME   UP   FOR   ADMISSION   ON
30.10.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
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W.P.(C) NO.38130 OF 2024




                                                            2024:KER:80747
                                 JUDGMENT

(Dated:30th October 2024)

The petitioner has availed a cash credit on 12.08.2014 from the

1st respondent/Kerala State Co-operative Bank - Veliyam Branch of the

then Kollam District Co-operative Bank. Due to acute financial

stringency, there was a temporary shortfall in the repayment, notice

under Section 13(2) of the SARFAESI Act was issued by the

respondent/Bank. Even after the issuance of notice under Section

13(2), since there was no payment, and notice under Section 13(4) was

issued for taking possession of the property.

2. The learned Standing Counsel for the respondents, on

instructions, submits that as of today, the total outstanding amount

comes to Rs.1,60,13,598/-.

3. The counsel for the petitioner seeks indulgence of this court to

grant 15 installments to wipe off the overdue amount.

4. Having heard the counsel appearing for the petitioner as well

W.P.(C) NO.38130 OF 2024

2024:KER:80747 as Standing counsel appearing for the respondents, I deem it

appropriate to dispose of the writ petition as follows:

i. The petitioner shall pay a lump sum of Rs.10,00,000/- (Rupees Ten lakh only) on or before 30.11.2024. ii. After making a payment of Rs.10,00,000/- as directed above, the petitioner shall pay the remaining outstanding amount in 14 equated monthly instalments. iii. The 1st instalment shall be paid on or before 30.12.2024. The remaining 13 instalments shall be paid on or before the 30th day of each succeeding month.

iv. In case of failure to make payment of the lump sum amount of Rs.10,00,000/- or any one of the instalments as directed above, the bank shall be free to take possession of the secured assets. The bank shall proceed against the petitioner in accordance with law. v. Till such time, all coercive proceedings against the secured assets shall be deferred.

The writ petition is disposed of.

Sd/-

BASANT BALAJI JUDGE ss

W.P.(C) NO.38130 OF 2024

2024:KER:80747 APPENDIX OF WP(C) 38130/2024

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE POSSESSION NOTICE, DATED 26.03.2024 ISSUED BY THE 2ND RESPONDENT UNDER SECTION 13(4) OF THE SARFAESI ACT, ALONG WITH ITS ENGLISH TRANSLATION

Exhibit P2 TRUE COPY OF THE NOTICE DATED 19.10.2024 ISSUED BY THE ADVOCATE COMMISSION IN M.C. NO.968/2024 ON THE FILES OF THE HON'BLE CHIEF JUDICIAL MAGISTRATE COURT, KOLLAM