Kerala High Court
Sreenath K.V vs The Authorised Officer on 30 September, 2024
Author: Dinesh Kumar Singh
Bench: Dinesh Kumar Singh
WP(C) NO. 33598 OF 2024
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE DINESH KUMAR SINGH
MONDAY, THE 30TH DAY OF SEPTEMBER 2024 / 8TH ASWINA, 1946
WP(C) NO. 33598 OF 2024
PETITIONER:
SREENATH K.V.
AGED 32 YEARS
S/O VELAYUDHAN, KALLURMARASSERI HOUSE, KALLUR P.O,
THRISSUR DISTRICT, PIN - 680317
BY ADVS.
K.S.RAJESH
M.SHAJU PURUSHOTHAMAN
RESPONDENTS:
1 THE AUTHORISED OFFICER
THE KERALA STATE CO-OPERATIVE BANK LTD, TUDA ROAD,
KOVILAKATHUMPADAM, P.O. THIRUVAMBADY, THRISSUR, PIN -
680022
2 THE KERALA STATE CO-OPERATIVE BANK LTD,
PUTHUKAD BRANCH, PUTHUKAD P.O., THRISSUR DIST,
REPRESENTED BY IT'S BRANCH MANAGER, PIN - 680301
BY ADV K.S.ARUN KUMAR
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
30.09.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
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JUDGMENT
Dated this the 30th day of September, 2024
The present Writ Petition has been filed seeking
the following prayers:
I. issue a Writ of Mandamus directing the respondents to
permit the petitioner to regularize the loan referred to in
Exhibit P1 passbook by way of remitting the entire
overdue amount in twenty equal monthly installments
and till then all the recovery steps initiated by the
respondents pursuant to Exhibit P2 notice may be kept in
abeyance.
II. grant such other reliefs that may deem fit by this
Hon'ble Court, in the facts and circumstances of the
case.
2. The petitioner had availed two loans, one housing
loan of Rs.13,00,000/- and Covid Suraksha loan of
Rs.3,50,000/- from the respondent bank. The petitioner has
defaulted in making repayment of the loans taken from the
respondent bank. Therefore, the bank after classifying the
petitioner's loan accounts as NPA, has proceeded under
the provisions of the SARFAESI Act and Rules made
thereunder.
3. The learned counsel for the bank submits that if the
petitioner makes payment of substantial amount upfront
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and remaining overdue amount in few instalments, along
with the regular instalments, the bank shall regularize the
loan accounts of the petitioner. As on today, the overdue
amount is Rs.8,02,664/- and the total outstanding amount
is Rs.19,92,501/-.
4. Considering the said stand of the learned counsel for
the bank, the present writ petition is disposed of in the
following terms:
i. The petitioner shall pay an upfront amount of
Rs.1,00,000/- along with one instalment on or
before 15.10.2024 and remaining overdue
amount in 5 equal monthly instalments, along
with the regular instalments. The 1st instalment
is to be paid on or before 15.11.2024 and
remaining 4 instalments on or before 15 th day of
each succeeding month.
ii. Once the petitioner pays the entire overdue
amount, the bank shall regularize the loan
account of the petitioner.
iv. In case of failure to make payment of
Rs.1,00,000/- along with one instalment or any
subsequent instalments as directed above, the
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bank shall be free to proceed further against the
petitioner for realizing the outstanding loan
amount.
With the aforesaid directions, the present writ petition
stands finally disposed of.
Sd/-
DINESH KUMAR SINGH
JUDGE
AP
WP(C) NO. 33598 OF 2024
2024:KER:72954
APPENDIX OF WP(C) 33598/2024
PETITIONER EXHIBITS
Exhibit P1 THE TRUE COPY OF THE RELEVANT EXTRACT OF THE
LOAN PASS BOOK DATED 08.10.2018 ISSUED BY THE
2ND RESPONDENT TO THE PETITIONER
Exhibit P2 A TRUE COPY OF THE POSSESSION NOTICE DATED
14.08.2024 WITH ENGLISH TRANSLATION
