Kerala High Court
Vipin V.C vs The Perinthalmanna Urban Co-Operative ... on 11 September, 2024
Author: Dinesh Kumar Singh
Bench: Dinesh Kumar Singh
WP(C) NO. 31772 OF 2024
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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. 31772 OF 2024
PETITIONER:
VIPIN V.C,
AGED 42 YEARS
S/O. VELAYUDHAN, JASVI HOUSE, PALAZHI, GURUVAYURAPPAN
COLLEGE P.O, KOZHIKODE-, MANAGING PARTNER GALAXY
DIGITAL IMAGING, PIN - 673014
BY ADVS.
P.JAYABAL MENON
REKHA AGARWAL
RESPONDENT:
THE PERINTHALMANNA URBAN CO-OPERATIVE BANK LIMITED NO.
1758,
ALTHURPADI-MELMURI BRANCH, H.O PERINTHALMANNA,
MALAPPURAM- REPRESENTED BY ITS AUTHORISED OFFICER., PIN
- 679322
BY ADVS.
JAYASREE K.P.
JOHN JOSEPH
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
11.09.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
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JUDGMENT
Dated this the 11th day of September, 2024
The present Writ Petition has been filed seeking
the following prayers:
(i) Call for the records leading upto Exhibit P2 and the
subsequent taking over of the possession of the secured
assets, which are 4.04 ares and 3.20 ares in Re-Sy. No.
20/2 of Vazhayur Village, Kondotty Taluk, Malappuram
District, by the Advocate commissioner for and on behalf
of the respondent, and quash the same by issue of a writ
of certiorari or other writ, order or direction;
(ii) Issue a writ in the nature of mandamus or such other
writ, order or direction commanding the respondent to
regularise the loan accounts of the petitioner by
permitting hIm to repay the defaulted amount in equal
EMS, which may be fixed by this Honourable Court.
(iii) Issue such other appropriate writ, order or direction as
this Hon'ble Court may deem fit and proper in the facts
and circumstances of the case.
2. The petitioner had availed cash credit loan of
Rs.1,80,00,000/- from the respondent bank. The petitioner
has defaulted in making repayment of the loan taken from
the respondent bank. Therefore, the bank after classifying
the petitioner's loan account 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
WP(C) NO. 31772 OF 2024
2024:KER:69741
upfront and approaches the bank for One Time
Settlement, the bank shall consider the petitioner's
proposal for One Time Settlement. As on today,
Rs.3,10,04,512/- is the total outstanding amount.
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.75,00,000/- within a period of one month ie,
on or before 10.10.2024 and will approach the
bank for One Time Settlement.
ii. Subject to making payment of Rs.75,00,000/- on
or before 10.10.2024, the secured asset shall
not be put to auction, till the bank takes
decision on the One Time Settlement proposal
of the petitioner.
iii. In case of failure to make payment of
Rs.75,00,000/- on or before 10.10.2024, the
bank shall be free to proceed further against the
petitioner for realizing the outstanding loan
amount.
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With the aforesaid directions, the present writ petition
stands finally disposed of.
Sd/-
DINESH KUMAR SINGH
JUDGE
AP
WP(C) NO. 31772 OF 2024
2024:KER:69741
APPENDIX OF WP(C) 31772/2024
PETITIONER EXHIBITS
Exhibit P1 THE TRUE COPY OF CMP NO 3793/2022 FILED BYTHE
RESPONDENT BEFORE THE CJM COURT, MANJERI
Exhibit P2 THE TRUE COPY OF NOTICE ISSUED BY THE
ADVOCATE COMMISSIONER TO THE PETITIONER DATED
20.08.2024
Exhibit P3 . A TRUE COPY OF THE CERTIFICATE, DATED
05/09/2024, ISSUED BY THE VILLAGE OFFICER,
VAZAHAYUR ALONG WITH TYPED COPY
