Kerala High Court
Anilkumar V vs The Authorized Officer on 23 October, 2024
Author: D. K. Singh
Bench: D. K. Singh
WP(C) NO. 37196 OF 2024
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2024:KER:78857
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE D. K. SINGH
WEDNESDAY, THE 23RD DAY OF OCTOBER 2024 / 1ST KARTHIKA, 1946
WP(C) NO. 37196 OF 2024
PETITIONER/S:
ANILKUMAR V, AGED 40 YEARS
S/O VIJAYAN, PAVOOR PADEETHATHIL, KAPPIL MEKKU, KRISHNAPURAM P.O.,
ALAPPUZHA., PIN - 690533
BY ADVS. M.R.SASITH; R.K.CHIRUTHA; ANJANA SURESH.E
M.R.SARIN; REETHU JACOB; NANMA.B.B; LIDHIYA GEORGE
RESPONDENT/S:
THE AUTHORIZED OFFICER
BANK OF INDIA, KAPPIL KUTTIPPURAM, KRISHNAPURAM, KERALA, ALAPPUZHA, PIN -
690533
OTHER PRESENT:
SRI. JAWAHAR JOSE-SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23.10.2024, THE COURT ON
THE SAME DAY DELIVERED THE FOLLOWING:
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JUDGMENT
The petitioner took a housing loan of Rs.10 lakhs from the
respondent Bank in 2018 by mortgaging 1.61 Ares, 0.14 Ares and 0.14
Ares of land in Re-Survey No.521/5/2/2, 521/5/2 and 521/5 in Block
No.24 of Krishnapuram Village, Alappuzha District. The loan tenure for
repayment, along with interest, is 15 years in equal monthly
instalments.
2. The petitioner committed default in repaying the loan
amount in terms of the loan agreement. Therefore, the Bank, after
classifying the petitioner's loan account as NPA, proceeded against the
petitioner under the provisions of the SARFAESI Act and the Rules made
thereunder.
3. The learned Counsel for the respondent Bank, on instructions,
submits that the overdue amount is Rs.4,03,600/- and the outstanding
amount is Rs.11,76,760/-. The physical possession of the secured asset is
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fixed to be taken on 29.10.2024. It is further submitted that if the
petitioner makes a substantial upfront payment of the overdue amount
along with one regular EMI, the Bank shall not proceed to take physical
possession of the secured asset and will regularize the loan account of
the petitioner if the petitioner pays the remaining overdue amount in a
few instalments as this Court may direct.
4. Considering the said stand of the learned Counsel for the
respondent Bank, the present writ petition is disposed of on the
following terms:
(i) The petitioner shall pay an upfront amount of Rs.2 lakhs along with
one regular EMI on or before 28.10.2024.
(ii) Subject to making the aforementioned payment, the Bank shall
defer taking physical possession of the secured asset.
(iii) If the petitioner makes the payment as directed above, the balance
overdue amount is to be paid in eight equal monthly instalments, along
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with regular instalments.
(iv) The first instalment is to be paid on or before 15.11.2024, and the
remaining seven instalments on or before the 15th day of each succeeding
month, along with regular instalments.
(v) If the petitioner pays the entire overdue amount, the Bank shall
regularize the petitioner's loan account for making payments in terms
of the loan agreement.
(vi) In case of failure to make payment of the upfront amount of Rs.2
lakhs along with one regular EMI or any instalments as directed above,
the Bank shall be free to proceed against the petitioner in accordance
with the law.
The writ petition stands disposed of.
Sd/-
D. K. SINGH
JUDGE
jjj
WP(C) NO. 37196 OF 2024
2024:KER:78857
APPENDIX OF WP(C) 37196/2024
PETITIONER EXHIBITS
Exhibit P1 THE TRUE COPY OF THE POSSESSION NOTICE DATED 12.09.2023
Exhibit P2 THE TRUE COPY OF NOTICE DATED 09.10.2024 ISSUED BY THE
ADVOCATE COMMISSIONER
