Kerala High Court
Sidharthan T.A vs The Branch Manager on 26 September, 2024
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W.P.(C.) No. 33769 of 2024
2024:KER:71880
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE BASANT BALAJI
THURSDAY, THE 26TH DAY OF SEPTEMBER 2024 / 4TH ASWINA, 1946
WP(C) NO. 33769 OF 2024
PETITIONERS:
SIDHARTHAN T.A
AGED 53 YEARS
S/O AYYAPPANKUTTY, THANDASSERY HOUSE, MATTIL
DESOM, KARAYAMPADAM P.O,
VARANTHARAPPILLY,THRISSUR,
PIN - 680303
BY ADVS.
MAHESH V.MENON
RAJITHA V.K
RESPONDENTS:
1 THE BRANCH MANAGER
SOUTH INDIAN BANK LTD., CHENGALOOR BRANCH,
DOOR NO. 2/588/B, MOUNT CARMEL CHURCH BUILDING,
CHENGALOOR THRISSUR DISTRICT, PIN - 680312
2 THE AUTHORISED OFFICER
SOUTH INDIAN BANK LTD, REGIONAL OFFICE, JUBILEE
BUILDING , CIVIL LANE ROAD, AYYANTHOLE, THRISSUR
DISTRICT -, PIN - 680003
SC SRI. MILLU DANDAPANI
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 26.09.2024, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
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W.P.(C.) No. 33769 of 2024
2024:KER:71880
JUDGMENT
(Dated this the 26th day of September, 2024)
The petitioner has availed an Overdraft facility with a limit of
Rs.4,50,000/- on 13.08.2020. Since there was default in payment of the
amounts, proceedings under the SARFAESI Act were initiated and Ext. P1 notice
under Section 13 (2) of the Act was issued for an amount of Rs. 5,62,576.00/-
as on 25.03.2022 and Ext. P2 Possession Notice was issued and the possession
was taken on 10.06.2024 . The petitioner has approached this Court seeking
installment facility to pay the amount in 20 equated monthly instalments.
2. The standing counsel appearing for the respondents, on instructions,
submits that there are two loans; one Kisan Credit Loan and the other is Cash
Credit. As per Kisan Credit Overdraft is concerned, the outstanding amount is
Rs.8,15,524/- and that of the Cash Credit is Rs.7,10,569/- and the total amount
comes to Rs.15,26,093/-. Since the possession is already taken by the
respondents and the amount due is Rs.15,26,093/-, I deem it appropriate to
dispose of this writ petition on the following terms:-
(i) The petitioner shall pay a lumpsum amount of Rs.2,00,000/-
(Rupees Four Lakh only) each in the two loans on or before
1.11.2024.
2024:KER:71880
(ii) After making the payment of Rs.4,00,000/- as directed
above, the petitioner shall pay the remaining overdue amount in
the two loans in ten equal monthly instalments along with
regular EMI.
(iii) The first instalment is to be paid on or before 1.12.2024, and
the remaining nine instalments on or before the 5th day of each
succeeding month, along with regular instalments.
(iv) After making payment of the entire overdue amount along
with regular instalments, the petitioner shall continue to pay the
regular instalments till the entire loan liability is discharged.
(v) In case of failure to make payment of the lumpsum amount
of Rs.4,00,000/- or any one of the instalments as directed above,
the Bank shall proceed against the petitioner, in accordance with
the law, to realize its dues.
(vi) After the entire amount is remitted as directed above and
the loan accounts are closed, the physical possession of the
property taken by the respondents shall be returned to the
petitioner.
Sd/-
BASANT BALAJI
JUDGE
sjb/26-9
2024:KER:71880
APPENDIX OF WP(C) 33769/2024
PETITIONER EXHIBITS
Exhibit P1 A TRUE COPY OF NOTICE DATED 28.03.2022
UNDER SECTION 13(2) OF THE SARFAESI ACT
ISSUED BY THE 2ND RESPONDENT
Exhibit P2 A TRUE COPY OF NOTICE DATED 19.05.2023
UNDER SECTION 13(4) OF THE SARFAESI ACT
ISSUED BY THE 2ND RESPONDENT
Exhibit P3 A TRUE COPY OF NOTICE DATED 03.05.2024
ISSUED BY THE ADVOCATE COMMISSIONER
RESPONDENTS' EXHIBITS:NIL
//TRUE COPY//
P.A. TO JUDGE
