Ajimon vs The Authorized Officer
2024 Latest Caselaw 27377 Ker

Citation : 2024 Latest Caselaw 27377 Ker
Judgement Date : 11 September, 2024

Kerala High Court

Ajimon vs The Authorized Officer on 11 September, 2024

Author: Dinesh Kumar Singh

Bench: Dinesh Kumar Singh

WP(C) NO. 32212 OF 2024

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                                                  2024:KER:69319
             IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                 PRESENT

         THE HONOURABLE MR. JUSTICE DINESH KUMAR SINGH

WEDNESDAY, THE 11TH DAY OF SEPTEMBER 2024 / 20TH BHADRA, 1946

                      WP(C) NO. 32212 OF 2024

PETITIONER:

             AJIMON
             AGED 48 YEARS
             S/O USSAF CHARUVILA VEEDU,KALAYAPURAM, AYIROOR
             P.O,, PIN - 695310


             BY ADV M.R.SASITH


RESPONDENT:

             THE AUTHORIZED OFFICER
             UCO BANK, VARKALA BRANCH, MYTHANOM,OPPOSITE POLICE
             STATION, THIRUVANANTHAPURAM,, PIN - 695141




             SRI. DEEPAK JOY K.-SC


      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON   11.09.2024,   THE   COURT    ON       THE   SAME   DAY   DELIVERED   THE
FOLLOWING:
 WP(C) NO. 32212 OF 2024

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                                                          2024:KER:69319
                                JUDGMENT

The present writ petition has been filed for the following

prayers:

"i) Issue a writ of mandamus or any other appropriate writ, order or direction directing the respondent to grant 25 monthly installments to pay the entire default amount, till that period Exhibit P1 shall be kept in abeyance.

ii) Issue a writ of mandamus or any other appropriate writ, order or direction directing the respondent to grant 25 equal monthly installments for repayment of entire outstanding amounts.

iii) Grant such other reliefs as this Hon'ble Court may deem fit and proper in the facts and circumstances of the case."

2. The petitioner had availed three loans from the

respondent Bank. One housing loan and two business loans. The

petitioner had created equitable mortgage over his property having

an extent of 3.50 Ares in Re.Sy.No.41/27 in Block No.20 in

Chemmaruthy Village, Varkala Taluk, Thiruvananthapuram District.

The petitioner has committed defaults in making repayment of the

loan amount and therefore, the respondent Bank after classifying

the loan account of the petitioner as Non-Performing Asset has WP(C) NO. 32212 OF 2024

2024:KER:69319 proceeded under the provisions of the SARFAESI Act and Rules

made thereunder. Today is the date of auction. But the learned

counsel for the respondent Bank submits that there are no bidders

and therefore, the auction did not take place.

3. The learned counsel for the respondent Bank submits

that if the petitioner pays the substantial upfront amount and

remaining amount in few installments, as this Court may fix, the

respondent Bank will accept the discharge of liability by the

petitioner in installments. As of today, the total outstanding is

Rs.37,29,162/-.

Considering the said stand of the learned counsel for the

respondent Bank, the present writ petition is disposed of with

following directions:

1. The petitioner shall pay Rs.5 lakhs upfront amount on or

before 10.10.2024 and the remaining outstanding amount to be

paid in 10 equal monthly installments along with future interest.

The 1st installment is to be paid on or before 10.11.2024 and the

remaining 9 installments to be paid on or before 10 th day of each

succeeding month.

2. In case of failure to make payment Rs.5 lakhs or any

subsequent installments as directed above, the respondent Bank

shall be free to proceed with the SARFAESI proceedings against the WP(C) NO. 32212 OF 2024

2024:KER:69319 petitioner for realization of the outstanding amount, in accordance

with law.

Sd/-DINESH KUMAR SINGH JUDGE

lsn WP(C) NO. 32212 OF 2024

2024:KER:69319 APPENDIX OF WP(C) 32212/2024

PETITIONER EXHIBITS