Kerala High Court
Baby Varghese vs The Muvattupuzha Urban Co-Operative ... on 26 September, 2024
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W.P.(c)33767 of 2024
2024:KER:71874
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. 33767 OF 2024
PETITIONERS:
1 BABY VARGHESE
AGED 48 YEARS
S/O VARKEY, VARAKUPARAYIL HOUSE, KOOTHATTUKULAM P.O.,
ERNAKULAM DISTRICT. 686 662, PIN - 686662
2 JIJIMOL N.I.
AGED 59 YEARS
W/O N.I.BABY NEDUMALAYIL HOUSE, PALAKUZHA B.O.,
ERNAKULAM DISTRICT, PIN - 686662
3 BABY M.I
AGED 70 YEARS
S/O M.A.ITHACK, NEDUMALAYIL HOUSE, PALAKUZHA B.O.,
ERNAKULAM DISTRICT, PIN - 686662
BY ADVS.
BINOY VASUDEVAN
SREEJITH SREENATH
RINCY KHADER
K.V.RAJESWARI
SUSHAMA DEVI M.
RESPONDENTS:
1 THE MUVATTUPUZHA URBAN CO-OPERATIVE BANK LTD.NO.556
HEAD OFFICE, KACHERITHAZHAM, MUVATTUPUZHA REPRESENTED
BY ITS AUTHORIZED OFFICER, PIN - 686661
2 THE AUTHORIZED OFFICER
MUVATTUPUZHA URBAN CO-OPERATIVE BANK LTD.NO.556,
HEAD OFFICE, KACHERITHAZHAM, MUVATTUPUZHA, PIN - 686661
SC SRI. SAJEEV KUMAR K. GOPAL
2
W.P.(c)33767 of 2024
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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)33767 of 2024
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JUDGMENT
(Dated this the 26th day of September, 2024)
The petitioner has taken a loan of Rs.28,00,000/-
from the 1st respondent bank for business purposes,
mortgaging 10 cents of property and the residential house
belonged to the 3rd petitioner. Since there was default in
payment of installments, SARFAESI proceedings were
initiated. A notice under Section 13(2) of the SARFAESI Act
was issued to the petitioner directing to remit an amount of
Rs.37,99,871/- within a period of 60 days.
2. The learned counsel for the petitioners submits
that the Advocate Commissioner has come to the property to
take physical possession. Therefore, he seeks an indulgence
of this Court to permit pay off the entire amount in 20 equal
monthly installments.
3. The learned counsel for the respondents, on
instructions, would submit that the total outstanding amount
comes to Rs.31,78,571/-. It is also submitted by the learned
counsel for the respondents that the petitioner already
approached the DRT and given an undertaking that the
entire amount would be paid within a period of 15 days and
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the time expired yesterday. In such circumstances, the
petitioners have approached this Court and filed this writ
petition.
4. Having heard the learned counsel for the
petitioners as well as the learned standing counsel for the
respondents, taking note of the fact that the physical
possession is to be taken by the Advocate Commissioner and
also the fact that the entire amount due comes
Rs.31,78,571/-, I deem it appropriate to dispose of the Writ
Petition on the following terms:-
(i) The petitioner shall pay a lumpsum amount of
Rs.5,00,000/- (Rupees Five Lakhs only) on or before
1.11.2024.
(ii) After making the payment of Rs.5,00,000/- as
directed above, the petitioner shall pay the
remaining overdue amount 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
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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.5,00,000/- or any one of
the instalments 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
sjb/26-9
W.P.(c)33767 of 2024
2024:KER:71874
APPENDIX OF WP(C) 33767/2024
PETITIONER EXHIBITS
Exhibit P1 TRUE COPY OF THE NOTICE UNDER SECTION 13(4)
OF THE SARFAESI ACT ON 01-02-2022 AND
TRANSLATION
Exhibit P2 TRUE COPY OF THE SALE NOTICE DATED 03-03-2023
ISSUED UNDER SECTION 13 OF THE SARFAESI ACT
R/W RULE 8(5),8(6) AND 9 OF THE SECURITY
INTEREST ENFORCEMENT RULES,2002 ALONG WITH
ITS ENGLISH TRANSLATION
RESPONDENTS' EXHIBITS:NIL
//TRUE COPY//
P.A. TO JUDGE
