Sethukumar.B vs The Authorized Officer
2024 Latest Caselaw 27002 Ker

Citation : 2024 Latest Caselaw 27002 Ker
Judgement Date : 6 September, 2024

Kerala High Court

Sethukumar.B vs The Authorized Officer on 6 September, 2024

Author: Dinesh Kumar Singh

Bench: Dinesh Kumar Singh

WP(C) NO. 29601 OF 2024

                                        1

                                                  2024:KER:68258
             IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                  PRESENT

          THE HONOURABLE MR. JUSTICE DINESH KUMAR SINGH

     FRIDAY, THE 6TH DAY OF SEPTEMBER 2024 / 15TH BHADRA, 1946

                      WP(C) NO. 29601 OF 2024

PETITIONER:

             SETHUKUMAR.B,
             AGED 52 YEARS
             CHARUVILAYIL PADUKOTTUKAL,THATTAYIL P.O, PANDALAM
             THEKKEKKARA, PATHANAMTHITTA, PIN - 691525


             BY ADVS.
             C.B.SREEKUMAR
             K.S.SIVA KUMAR


RESPONDENTS:

      1      THE AUTHORIZED OFFICER,
             ICICI BANK LTD. PLOT NO.24, SOUTH PHASE, AMBOTTUR
             INDUSTRIAL ESTATE, AMBOTTUR, CHENNAI- TAMILNADU
             STATE, PIN - 600058

      2      THE BRANCH MANAGER,
             ICICI BANK LTD., PATHANAMTHITTA BRANCH, T.K. ROAD,
             ABAN ARCADE, PATHANAMTHITTA, KERALA, PIN - 689645


             BY ADVS.
             SATHISAN .P
             JAVED HAIDER(K/001709/2018)
             BIJU P.PAUL(K/000648/2022)
             ABHIRAM SUNISH(K/001195/2022)
             SHIBU B.S(K/001060/2021)
             SOORYA MARIYA KURIAN(K/001340/2022)


       THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON    06.09.2024,   THE   COURT    ON       THE   SAME   DAY   DELIVERED   THE
FOLLOWING:
 WP(C) NO. 29601 OF 2024

                                       2

                                                              2024:KER:68258
                                 JUDGMENT

The present writ petition has been filed with the following

prayers:

"a) To issue a writ of mandamus or such other writ, order or direction against the respondents from taking further action on Exht.P1 and P2 till the disposal of this Writ Petition;

b) To issue a writ of mandamus or such other writ, order or direction against the respondents to produce the statement of accounts regarding the entire loan transactions of the petitioner.

c) To issue a writ of mandamus or such other writ, order or direction to the respondents to consider the request of the petitioner for granting 15 installments for remitting the outstanding balance loan amount.

d) To grant such other reliefs which to the petitioner may seek from time to time and this Hon'ble Court may deem fit to be granted to the circumstances.

e) Dispense with filing of the translation of vernacular documents."

2. The petitioner is employed as Jawan in the Border

Security Force (BSF) and obtained loan facility from the respondent

Bank for an amount of Rs.18 lakhs by creating equitable mortgage

of his property having an extent of 05.91 Ares in Re.Sy.No.380/7-

1, 380/17-1 of Pandalam Thekkekara Village, Adoor Taluk,

Pathanamthitta District.

WP(C) NO. 29601 OF 2024

2024:KER:68258

3. The petitioner has committed default in making

repayment of the loan amount and therefore, the Bank after

classifying the loan account of the petitioner as Non-Performing

Asset and issued notice under Section 13(2) of the SARFAESI Acts

and Rules made thereunder demanding a sum of Rs.18,36,059/-

and thereafter the possession of the secured asset was taken on

28.06.2024. As of today, the total outstanding amount is

Rs.19,76,000/-.

4. The learned counsel for the petitioner submits

that the petitioner will pay the substantial amount upfront and the

remaining amount in some installments, as this Court may fix.

Subject to making payment of the substantial amount in few

installments, the Bank should restore back the possession of the

secured asset to the petitioner.

Considering the aforesaid facts and submissions of the learned

counsel for the respondent Bank, the present Writ Petition is disposed of

with the following terms:

i) The petitioner shall pay an upfront amount of Rs.3 lakhs on

or before 30.09.2024. After making payment of Rs.3 lakhs on or before

30.09.2024, the petitioner shall pay the remaining amount along with

future interest in twelve equal monthly installments along with regular WP(C) NO. 29601 OF 2024

2024:KER:68258 installments. The 1 st installment is to be paid on or before 07.11.2024

and remaining 11 installments along with regular installment on or

before 15th day of each succeeding month.

ii) In case of failure to make payment of Rs.3 lakhs or any

other installments as directed above, the respondent Bank shall be free

to proceed with the SARFAESI proceedings against the petitioner for

realization of its dues, in accordance with law.

iii) After making payment as directed above, the Bank shall

restore back the possession of the secured asset to the petitioner.

Sd/-DINESH KUMAR SINGH JUDGE

lsn WP(C) NO. 29601 OF 2024

2024:KER:68258 APPENDIX OF WP(C) 29601/2024

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF PRE SALES NOTICE DATED 04.07.2024

Exhibit P2 TRUE COPY OF THE POST POSSESSION TO BORROWER NOTICE