Kerala High Court
Sanil Kumar P.K vs Kerala Bank Ltd on 30 October, 2024
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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. 38258 OF 2024
PETITIONER:
SANIL KUMAR P.K.,
AGED 48 YEARS
S/O. PRABHAKARAN, KNP HOUSE, KALLUVETTAMKUZHI,
MANKODE P.O., KOLLAM DISTRICT, PIN - 691569
BY ADV LATHEESH SEBASTIAN
RESPONDENTS:
1 KERALA BANK LTD.,
CO BANK TOWERS, PALAYAM, THIRUVANANTHAPURAM,
REPRESENTED BY ITS CHIEF EXECUTIVE OFFICER, PIN -
695033
2 THE AUTHORIZED OFFICER & AREA MANAGER UNDER THE
SARFAESI ACT
KERALA BANK LTD.,FORT P.O., THIRUVANANTHAPURAM,
PIN - 695023
3 THE BRANCH MANAGER,
KERALA BANK LTD., CHITHARA BRANCH, KOLLAM
DISTRICT, PIN - 651569
THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD
ON 30.10.2024, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
W.P.(C).No.38258 of 2024
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2
JUDGMENT
(Dated this the 30th day of October, 2024)
The petitioner has availed a loan from the 3 rd
respondent Bank. Because of the failure in the business, the
petitioner committed default in repaying the instalments.
Ext.P1 is issued by the respondent Bank for remittance of
the amounts due. Even after issuance of notice, the Bank
approached CJM Court, Kollam and filed MC.No.748/2024
and Advocate Commissioner was appointed by the Court to
take physical possession of the secured assets. Advocate
Commissioner thereafter issued Ext.P2 to the petitioner to
surrender physical possession of the property.
2. The learned Standing Counsel appearing for the
respondents, on instructions, submits that as of today, the
total overdue amount comes Rs.12,12,493/- and the total
outstanding amount comes Rs.20,57,488/-.
3. The counsel for the petitioner seeks indulgence
of this court to grant ten installments to wipe off the
overdue amount.
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4. Having heard the counsel appearing for the
petitioner as well 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 lumpsum amount
of Rs. 2,00,000/- (Two lakhs only) on or before
05.12.2024.
ii. After making a payment of Rs.2,00,000/- as
directed above, the petitioner shall pay the
remaining overdue amount in ten equated
monthly instalments along with regular EMI.
iii. The 1st instalment shall be paid on or
before 05.01.2025. The remaining nine
instalments shall be paid on or before the 5 th
day of each succeeding month, along with
regular instalments.
iv. After making payment of the entire
overdue amount along with regular
instalments, the petitioner shall continue to
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pay the regular instalments till the entire loan
liability is discharged.
v. In case of failure to make payment of the
lump sum amount of Rs.2,00,000/- 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.
vi. Till such time, all coercive proceedings
against the secured assets shall be deferred.
Sd/-
BASANT BALAJI
JUDGE
Mms
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APPENDIX OF WP(C) 38258/2024
PETITIONER'S EXHIBITS
Exhibit P1 TRUE COPY OF THE NOTICE OF THE 2ND
RESPONDENT DATED 27.09.2024
Exhibit P2 TRUE COPY OF THE NOTICE OF THE ADVOCATE
COMMISSIONER DATED 07.10.2024
