Kerala High Court
Muraleedharan Nair vs The Kerala State Co-Operative Bank ... on 5 September, 2024
Author: Dinesh Kumar Singh
Bench: Dinesh Kumar Singh
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE DINESH KUMAR SINGH
THURSDAY, THE 5TH DAY OF SEPTEMBER 2024 / 14TH BHADRA, 1946
WP(C) NO. 30978 OF 2024
PETITIONER:
MURALEEDHARAN NAIR,
AGED 61 YEARS, S/O. JANARDHANAN NAIR,
KOCHUKANICHERI VEEDU, SANTHI NAGAR-24,
KAVANADU P. O., KOLLAM, PIN - 691003.
BY ADV.
SRI. M. RAJESH
RESPONDENTS:
1 THE KERALA STATE CO-OPERATIVE BANK (KERALA BANK),
REPRESENTED BY ITS BRANCH MANAGER,
KAVANADU BRANCH, KAVANADU P. O., KOLLAM, PIN - 691003.
2 THE BRANCH MANAGER,
THE KERALA STATE CO-OPERATIVE BANK (KERALA BANK),
KAVANADU BRANCH, KAVANADU P. O., KOLLAM, PIN - 691003.
BY ADV.
SRI. P. C. SASIDHARAN - SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
05.09.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 30978 OF 2024 2
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DINESH KUMAR SINGH, J.
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W.P.(C) No. 30978 of 2024
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Dated this the 5th day of September, 2024
JUDGMENT
1. The present writ petition has been filed for the following
prayers;
a) To issue a Writ of Mandamus or any other
appropriate writ, order or direction commanding
the respondents to grant the petitioner a
reasonable time to remit the interest and
principle due in the loan account in instalments
and regularise the same as Regular Account and
to continue to pay the monthly instalments.
b) To issue a Writ of Mandamus or any other
appropriate writ, order or direction commanding
the respondents to grant the petitioner a
reasonable time to repay the entire loan amount
in reasonable instalments and close the account
and to keep in abeyance all further proceedings
under the SARFAESI Act.
c) Any other appropriate writ, order or direction,
this Hon'ble Court may deem fit on the facts
and in the circumstances of the case and allow
this petition with all costs.
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2. The petitioner had obtained consumption loan of Rs.
25,00,000/- in the year 2018 from the respondent Bank by creating
equitable mortgage of his land having an extent of 2.80 ares of land
situated in Re-survey No. 66, Block No. 306 of Kollam West Village,
Kollam Taluk with a residential house therein with common
boundaries.
3. As per the learned Counsel for the Bank, the tenure for
repayment of he loan is up to 2028. However, the petitioner has
committed defaults in making repayment in terms of the loan
agreement and, therefore, the Bank after classifying the loan
accounts of the petitioner as NPA has proceeded under the
provisions of the SARFAESI Act and the Rules made thereunder.
4. The learned Counsel for the respondent Bank submits that, as
on 03.09.2024, the overdue amount is Rs. 24,18,760/- and the total
outstanding amount is Rs. 46,16,665/-. She further submits that, if
the petitioner makes substantial upfront payment and remaining
outstanding amount in few installments along with regular
installments, the Bank shall regularise the loan accounts of the
petitioner after receiving the entire overdue amount for making
payment by the petitioner in terms of the loan agreement.
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5. Considering the aforesaid stand of the respondent Bank, the
present writ petition is disposed of on the following terms;
(i) The petitioner shall make upfront payment
of Rs. 5,00,000/- on or before 05.10.2024 and
remaining overdue amount in ten equal monthly
installments along with regular installment.
(ii) The first installment as directed above is
to be paid on or before 07.11.2024 and the
remaining nine installments on or before the
seventh day of each succeeding month
thereafter.
(iii) In case of failure to make payment of the
first installment or any subsequent installments
as directed above, the respondent Bank shall be
free to proceed against the petitioner to realise
its outstanding dues.
Sd/-
DINESH KUMAR SINGH
JUDGE
Svn
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APPENDIX OF WP(C) 30978/2024
PETITIONER'S EXHIBITS
EXHIBIT P1 THE TRUE COPY OF THE ADVOCATE COMMISSIONER'S
NOTICE DATED 14.08.2024 ADDRESSED TO THE
PETITIONER
