Biju P.G vs The Authorized Officer
2024 Latest Caselaw 30812 Ker

Kerala High Court

Biju P.G vs The Authorized Officer on 30 October, 2024

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W.P.(C) NO.38194 OF 2024




                                                                  2024:KER:80750
                     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.38194 OF 2024




PETITIONER:

              BIJU P.G, AGED 45 YEARS,
              S/O P.V. GEORGE, PUNNACKAL HOUSE, AMBROASE NAGAR,
              S H MOUNT P.O, KOTTAYAM, PIN - 686 006


              BY ADV M.R.SASITH



RESPONDENT:

              THE AUTHORIZED OFFICER,
              INDIAN OVERSEAS BANK, NAGAMPADAM BRANCH,
              ST. ANTONY'S COMPLEX, NAGAMPADAM,
              KOTTAYAM, PIN - 686 001

              SRI.SUNIL SHANKAR, 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.38194 OF 2024




                                                                     2024:KER:80750
                                 JUDGMENT

(Dated: 30th October, 2024)

The petitioner has availed a business loan of

Rs,12,00,000/- from the respondent/bank on 30.03.2020 for a

period of 7 years. Even after the issuance of notice under

Section 13(2), since there was no payment, hence Ext.P1 notice

under Section 13(4) was issued for taking physical possession of

the property.

2. The learned Standing Counsel appearing for the

respondent, on instructions, submits that two loans availed by

the petitioner, as of today the total overdue amount comes to

Rs.2,70,041.6 /-.

3. The counsel for the petitioner seeks indulgence of this

court to grant 5 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:

W.P.(C) NO.38194 OF 2024

2024:KER:80750

(i) The petitioner shall pay the overdue amount in 5 equal monthly installments along with regular installments.

(ii) The first installment is to be paid on or before 30.11.2024, and the remaining 4 installments on or before the 30th day of each succeeding month, along with regular instalments.

(iii) After making payment of the entire overdue amount along with regular installments, the petitioner shall continue to pay the regular installments till the entire loan liability is discharged.

(iv) 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 Bank shall proceed against the petitioner in accordance with law to realize its dues.

(v) Till such time, all coercive proceedings against the secured assets shall be deferred.

Sd/-

BASANT BALAJI, JUDGE ss

W.P.(C) NO.38194 OF 2024

2024:KER:80750 APPENDIX OF WP(C) 38194/2024

PETITIONER EXHIBITS:

Exhibit P1 THE TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE RESPONDENT BANK DATED 28.08.2024