Kerala High Court
Lalu K V vs Authorised Officer on 13 September, 2024
WP(C) NO. 32766 OF 2024 1
2024:KER:70380
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. 32766 OF 2024
PETITIONERS:
1 LALU K V
AGED 54 YEARS
S/O STEPHEN, RESIDING AT VALIYAVEETIL HOUSE,
VIKASVANI,THENGODE P.O , KAKKANADU,
ERNAKULAM DISTRICT, PIN - 682030
2 BEENA LALU
AGED 49 YEARS
W/O LALU, RESIDING AT VALIYAVEETIL HOUSE,
VIKASVANI,THENGODE P.O , KAKKANADU,
ERNAKULAM DISTRICT, PIN - 682030
BY ADVS.
SMT.MEGHA S.
SRI.C.A.ABDUL KHADER
RESPONDENT:
AUTHORISED OFFICER
UNION BANK OF INDIA,EDACHIRA BRANCH,
EDACHIRA JUNCTION,THENGOD P O, ERNAKULAM
DISTRICT, PIN - 682030
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)
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. 32766 OF 2024 2
2024:KER:70380
BASANT BALAJI, J
............................................................
WP(C) NO. 32766 OF 2024
.............................................................
Dated this the 13th day of September, 2024
JUDGMENT
The petitioners have availed a housing loan of
Rs.7,00,000/- in the year 2016. Though, there was
repayment of the EMIs in the initial stages, there was
default and securitization proceedings were initiated
against the petitioners. Ext.P3 notice was issued under
section 13(4) of the Securitization and Re-construction of
Financial Assets and Enforcement of Security Interest Act,
2002. The petitioners thereafter requested the Bank for
reasonable time to repay the amount. But the Bank was
not ready to grant the same.
2. The learned Standing counsel for the
respondent submits that the overdue amount is
Rs. 2,21,300/-.
3. Counsel for the petitioners seek
2024:KER:70380
indulgence of this court to grant 10 installments to wipe
out the overdue amount.
4. Having heard the counsel appearing for the
petitioners Smt. Megha S. 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 petitioners shall pay a lumpsum amount of
Rs.25,000/- (Rupees Twenty Five Thousand only) on or
before 07.10.2024.
(ii) After making a payment of Rs.25,000/- as
directed above, the petitioners 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 petitioners
shall continue to pay the regular installments till the
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entire loan liability is discharged.
(v) In case of failure to make payment of the
lumpsum amount of Rs.25,000/- or any installments as
directed above, the Bank shall be free to take possession
of the secured assets. The Bank shall proceed against the
petitioners 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:70380
APPENDIX OF WP(C) 32766/2024
PETITIONER EXHIBITS
Exhibit P1 THE TRUE COPY OF THE BANK PASS BOOK
AND RECEIPTS OF THE REPAYMENT FROM
2016 TO 2023.
Exhibit P2 THE TRUE COPY OF THE MEDICAL RECORDS
OF THE FIRST PETITIONER DATED
29.11.2023
Exhibit P3 THE TRUE COPY OF THE NOTICE FROM THE
RESPONDENT BANK DATED 22.04.2024
Exhibit P4 THE TRUE COPY OF THE MEDICAL RECORDS
OF THE 2ND PETITIONER DATED 08.06.2024
Exhibit P5 THE TRUE COPY OF THE NOTICE FROM THE
RESPONDENT BANK DATED 06.09.2024
