Kerala High Court
Saboora K vs Kerala Bank on 23 October, 2024
Author: D. K. Singh
Bench: D. K. Singh
WP(C) NO. 37121 OF 2024
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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. 37121 OF 2024
PETITIONER/S:
SABOORA K,
AGED 42 YEARS
W/O ARIF, AGED 42, ARUVULANDY HOUSE, VADAKKUMBAD, NR VADAKKUMBAD HSS,
UMMENCHIRA, THALASSERY, KANNUR, PIN - 670649
BY ADVS.
P.C.ANIL KUMAR
MANU.M.THOMAS
FUAD. C.O.T.
RESPONDENT/S:
KERALA BANK,
REPRESENTED BY ITS AUTHORISED OFFICER, KANNUR REGIONAL OFFICE PB NO 35 ,
KANNUR, PIN - 670001
OTHER PRESENT:
SRI.M. SASINDRAN-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 personal loan of Rs.3 lakhs from the
respondent Bank in 2021. The loan repayment term, along with
interest, is ten 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.1,49,696/- If the
petitioner makes a substantial upfront payment along with one regular
EMI, the sale of the secured asset, which is fixed on 25.10.2024, shall be
deferred.
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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.50,000/- along
with one regular EMI on or before 24.10.2024.
(ii) Subject to making the aforementioned payment, the Bank shall
defer the sale of the secured asset.
(iii) If the petitioner makes the payment as directed above, the balance
overdue amount is to be paid in six equal monthly instalments, along
with regular instalments.
(iv) The first instalment is to be paid on or before 15.11.2024, and the
remaining five 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.
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(vi) In case of failure to make payment of the upfront amount of
Rs.50,000/- 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. 37121 OF 2024
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APPENDIX OF WP(C) 37121/2024
PETITIONER EXHIBITS
Exhibit P1 A TRUE COPY OF THE SALE NOTICE DATED 19.09.2024
Exhibit P2 TRANSALTION OF SALE NOTICE DATED 19.09.2024
