Nissar Kunju J vs The Authorized Officer
2024 Latest Caselaw 27787 Ker

Kerala High Court

Nissar Kunju J vs The Authorized Officer on 13 September, 2024

WP(C) NO. 32520 OF 2024          1


                                             2024:KER:70378
          IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                PRESENT

             THE HONOURABLE MR.JUSTICE BASANT BALAJI

FRIDAY, THE 13TH DAY OF SEPTEMBER 2024 / 22ND BHADRA, 1946

                     WP(C) NO. 32520 OF 2024

PETITIONER:

             NISSAR KUNJU J
             AGED 47 YEARS
             S/O JALALUDEEN KUNJU, CHANDANAPARAMBIL,
             PAVUMBA NORTH,KOLLAM DISTRICT, THAZHAVA,
             KARUNAGAPPALLY, PAVUMBA, PIN - 690574


             BY ADV.SRI. M.R.SASITH

RESPONDENT:

             THE AUTHORIZED OFFICER
             UNION BANK OF INDIA, REGIONAL OFFICE, 2ND FLOOR,
             BSNL TELEPHONE EXCHANGE, CHINNAKADA, KOLLAM.,
             PIN - 691001


             BY ADVS.
             SRI.ASP.KURUP
             SRI.SADCHITH.P.KURUP(K/1419/2002)
             SRI.C.P.ANIL RAJ(K/872/2007)
             SRI.SIVA SURESH(K/2688/2022)
             SMT.B.SREEDEVI(K/169/2024)
             SMT.ATHIRA VIJAYAN(K/199/2024)



OTHER PRESENT:
          SRI. A.S.P. KURUP, STANDING COUNSEL


      THIS    WRIT   PETITION     (CIVIL)     HAVING    COME    UP    FOR
ADMISSION     ON   13.09.2024,       THE   COURT   ON   THE    SAME   DAY
DELIVERED THE FOLLOWING:
 WP(C) NO. 32520 OF 2024                  2


                                                                     2024:KER:70378
                              BASANT BALAJI, J
              ............................................................
                       WP(C) NO. 32520 OF 2024

              .............................................................
          Dated this the 13th day of September, 2024



                                   JUDGMENT

The petitioner along with a co-borrower has

availed a housing loan of Rs. 5,00,000/- in the month of

July,2014. Though, there was repayment of the EMIs in

the initial stages, there was default and securitization

proceedings were initiated against the petitioner. The

respondent has taken the symbolic possession of the

property on 21.02.2024 under Section 13(4) of the

Securitization and Reconstruction of Financial Assets and

Enforcement of Security Interest Act, 2002 and issued a

sale notice on 02.09.2024 as Ext.P1.

3. The Standing counsel for the respondents

submits that the overdue amount is Rs.1,04,000/-.

4. Counsel for the petitioner seeks

indulgence of this court to grant 10 installments to wipe

out the overdue amount.

2024:KER:70378

5. Having heard the counsel appearing for

the petitioner Sri. Sasit M.R as well as the learned

Standing Counsel appearing for the respondent, I deem it

appropriate to dispose of the writ petition as follows:-

(i) The petitioner shall pay a lumpsum amount of

Rs.50,000/- (Rupees Fifty Thousand only) on or before

07.10.2024.

(ii) After making a payment of Rs.50,000/- as

directed above, the petitioner shall pay the remaining

overdue amount in ten equal monthly installments along

with regular installments.

(iii) The first installment is to be paid on or before

15.11.2024, and the remaining nine installments on or

before the 15th day of each succeeding month, along with

regular installments.

(iv) After making payment of the entire overdue

amount along with regular installments, the petitioner

shall continue to pay the regular installments till the

entire loan liability is discharged.

(v) In case of failure to make payment of the

2024:KER:70378 lumpsum amount of Rs.50,000/- or any installments as

directed above, the Bank shall be free to take possession

of the secured assets. The Bank shall proceed against the

petitioner in accordance with the law to realize its dues.

(vi) Till such time, all coercive proceedings against

the secured assets shall be deferred.

Sd/-

BASANT BALAJI JUDGE

Anu

2024:KER:70378 APPENDIX OF WP(C) 32520/2024

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE SALE NOTICE DATED 02.09.2024 ISSUED BY THE RESPONDENT BANK