Kerala High Court
Afsal N vs Idbi Bank on 30 October, 2024
1
2024:KER:81348
WP(C)No. 34867 OF 2024
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
WP(C) NO. 34867 OF 2024
PETITIONER:
AFSAL N,
AGED 50 YEARS, S/O. ABOOBAKER,
NEDUNGATTU HOUSE, DOWNHILL MALAPPURAM,
MALAPPURAM, PIN - 676519
BY ADVS.
SMT. MUMTAZ SHUMSUDDIN
SMT. ALISHA ASLAM
RESPONDENT:
IDBI BANK,
REP BY THE AUTHORIZED OFFICER, V COMPLEX,
NEAR OLD PASSPORT OFFICE, PARAPPANANGADI ROAD,
KIZHAKKETHALA, MALAPPURAM, PIN - 676519.
BY ADV.
SRI. PAULOCHAN ANTONY
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 30.10.2024, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
2
2024:KER:81348
WP(C)No. 34867 OF 2024
BASANT BALAJI, J.
--------------------------
W.P.(C) No. 34867 of 2024
-------------------------
Dated this the 30th day of October, 2024
JUDGMENT
1. The petitioner had availed three loans viz-a-viz (1) Home loan
for Rs. 2,43,50,000/-, (2) Home loan of Rs. 1,90,00,000/- and (3) Loan
Insurance Premium for Rs.3,00,000/- from IDBI Bank, the
respondent. Ext. P-1 notice under Section 13(2) of SARFAESI Act was
issued by the respondent Bank. Even after issuance of notice under
Section 13(2), since there was no payment, notice under Section
13(4) was issued and possession of the property was taken on
11.09.2024.
2. The learned Standing Counsel appearing for the respondent,
on instructions submits that, as of today, the total overdue amount
comes to Rs. 20,92,302/-.
3. The counsel for the petitioner seeks indulgence of this court
to grant some installments to wipe off the overdue amount.
4. Having heard the counsel appearing for the petitioner as well
as Standing counsel appearing for the respondent, I deem it
appropriate to dispose of the writ petition as follows:
2024:KER:81348
WP(C)No. 34867 OF 2024
(i) The petitioner shall pay a lump sum of Rs.
5,00,000/- (Rupees Five lakhs only) on or before
30.11.2024.
(ii) The petitioner shall pay the overdue amount in
9 equal monthly installments along with regular
installments.
(iii) The first installment is to be paid on or before
05.12.2024, and the remaining 8 installments on
or before the 5th day of each succeeding months,
along with regular instalments.
(iv) After making payment of Rs. 5,00,000/-
(Rupees Five lakhs only) and the entire overdue
amount of Rs. 20,92,302/- (Rupees Twenty lakhs
ninety two thousand three hundred and two only)
along with regular installments, the petitioner
shall continue to pay the regular installments till
the entire loan liability is discharged.
(v) In case of failure to make payment of the
installments as directed above, the Bank shall be
free to take possession of the secured assets. The
2024:KER:81348
WP(C)No. 34867 OF 2024
Bank shall proceed against the petitioner in
accordance with law to realize its dues.
(vi) Till such time, all coercive proceedings against
the secured assets shall be deferred.
Sd/-
BASANT BALAJI
JUDGE
Svn
2024:KER:81348
WP(C)No. 34867 OF 2024
APPENDIX OF WP(C) 34867/2024
PETITIONER'S EXHIBITS
EXHIBIT P 1 TRUE COPY OF THE DEMAND NOTICE DATED
03/07/2024 ISSUED BY THE RESPONDENT BANK
EXHIBIT P 2 TRUE COPY OF THE POSSESSION NOTICE DATED
11/09/2024 ISSUED BY THE RESPONDENT BANK
