Issac Fernadez vs Kerala Bank Ltd., Erstwhile Kerala ...
2024 Latest Caselaw 28644 Ker

Kerala High Court

Issac Fernadez vs Kerala Bank Ltd., Erstwhile Kerala ... on 26 September, 2024

                                                    2024:KER:72098
WP(C) NO. 33630 OF 2024
                                     1
              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. 33630 OF 2024

PETITIONERS:

     1      ISSAC FERNADEZ,
            AGED 62 YEARS
            S/O. FERNANDEZ,
            RESIDING AT MADATHILPARAMBIL HOUSE,
            CHEREPADAM ROAD, OLANAD,
            VARAPUZHA P.O., NORTH PARAVUR,
            ERNAKULAM, PIN - 683517

     2      MARY ISSAC,
            AGED 53 YEARS
            W/O. ISSAC FERNADEZ,
            RESIDING AT MADATHILPARAMBIL HOUSE,
            CHEREPADAM ROAD, OLANAD, VARAPUZHA P.O.,
            NORTH PARAVUR, ERNAKULAM, PIN - 683517

            BY ADVS.
            PRATHAP. S.R.K.
            DHANANJAY DEEPAK
            ADWYTHA P.R.



RESPONDENTS:

     1      KERALA BANK LTD.,
            ERSTWHILE KERALA STATE CO-OPERATIVE BANK LTD.,
            CREDIT PROCESSING CENTRE,
            KAKKANAD P.O., KOCHI-682030
            REPRESENTED BY ITS DEPUTY GENERAL MANAGER,
            PIN - 682030

     2      THE CHIEF MANAGER,
            KERALA BANK LTD.
                                                    2024:KER:72098
WP(C) NO. 33630 OF 2024
                                 2
            ERSTWHILE KERALA STATE CO-OPERATIVE BANK LTD.,
            KOONAMMAVU BRANCH,
            NORTH PARAVOOR, ERNAKULAM,
            KERALA, PIN - 683518


            BY ADV SRI. AMMINIKKUTTY,SC


      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
26.09.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
                                                     2024:KER:72098
WP(C) NO. 33630 OF 2024
                                 3

                            JUDGMENT

The 1st petitioner availed a ordinary loan of Rs. 10 Lakh

from the 2nd respondent Bank. This loan was utilized for repair of

their house and the loan was availed by mortgaging their sole

property having extent of 1.51 Ares in Sy. No.19/1A2 situated in

Alangadu Village, Paravur Taluk. Since there was default in

payment, SARFAESI proceedings were initiated against the

petitioner and MC No.172 of 2024 was filed before the Additional

Chief Judicial Magistrate Court Ernakulam and the court has

appointed an Advocate Commissioner to take possession of the

mortgaged property. Ext.P1 notice was issued by the advocate

Commissioner on 02.09.2024 that the property will be taken

possession on 25.09.2024.

2. The counsel for the petitioner prays for instalments to

wipe out the outstanding amounts and regularized amount. The

standing counsel for the Bank, on instructions, submitted that the

overdue amount as on today is Rs.7,03,457/-. Since the term of

the loan is for ten years from 2017, I deem it appropriate to

dispose of this Writ Petition giving instalment facility to the

petitioner to wipe out the overdue amount.

2024:KER:72098 WP(C) NO. 33630 OF 2024

Therefore, this Writ Petition is disposed of on the following

terms:-

(i) The petitioner shall remit Rs.7,03,457/- in ten equally

monthly instalments.

(ii) The 1st instalment is to be paid on or before 01.11.2024

and the remaining nine instalments on or before 05th day of

the succeeding month, along with regular Instalments.

(iii) After making payment of the entire overdue amount along

with regular instalments, the petitioners shall continue to pay

the regular instalments till the entire loan liability is

discharged.

(iv) in case of failure to make payment of any instalments, the

Bank shall be free to take possession of the secured assets

from the petitioner. The Bank shall proceed against the

petitioner in accordance with the law to realize its dues.

(v) Till such time, all the coercive steps against the petitioner

stand stayed.

Sd/-

BASANT BALAJI JUDGE SPV 2024:KER:72098 WP(C) NO. 33630 OF 2024

APPENDIX OF WP(C) 33630/2024

PETITIONER EXHIBITS

EXHIBIT P1 TRUE COPY OF THE ADVOCATE COMMISSIONER NOTICE DATED 02.09.2024 IN MC NO.172 OF 2024 ON THE FILES OF HON'BLE SPECIAL ADDITIONAL CHIEF JUDICIAL MAGISTRATE'S COURT (FOR MP/MLA CASES), ERNAKULAM TO THE PETITIONERS

RESPONDENTS' EXHIBITS : NIL

//TRUE COPY//

PA TO JUDGE