Kerala High Court
Sulfikar vs Kerala Service Co-Operative Bank Ltd on 16 April, 2025
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WP(C) NO. 16458 OF 2025
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MRS. JUSTICE SHOBA ANNAMMA EAPEN
WEDNESDAY, THE 16TH DAY OF APRIL 2025 / 26TH CHAITHRA, 1947
WP(C) NO. 16458 OF 2025
PETITIONERS:
1 SULFIKAR,
AGED 48 YEARS, S/O ABDUL RAHMAN,
KARUPPAMVEETTIL HOUSE,
VATTAKKALLU OLLUKKARA PANACHERY,
THRISSUR, KERALA, PIN-680652
2 NASIYA,
AGED 44 YEARS, W/O SULFIKAR,
KARUPPAMVEETTIL HOUSE,
VATTAKKALLU OLLUKKARA PANACHERY,
THRISSUR, KERALA, PIN-680652
BY ADVS.
PAUL PAULSON T.
ITTY PAULSON
RESPONDENTS:
1 KERALA SERVICE CO-OPERATIVE BANK LTD.
SAHAKARANA SATHABDHI MANDIRAM TUDA ROAD,
KOVILAKATHUMPADAM THIRUVAMBADY P.O., THRISSUR,
REPRESENTED BY ITS MANAGER, PIN-680022
2 AUTHORIZED OFFICER,
THE KERALA SERVICE CO-OPERATIVE BANK LTD.
SAHAKARANA SATHABDHI MANDIRAM TUDA ROAD,
KOVILAKATHUMPADAM THIRUVAMBADY P.O.,
THRISSUR, PIN-680022
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SRI.K.S.ARUNKUMAR
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 16.04.2025, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
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JUDGMENT
Petitioners have approached this Court challenging
proceedings under the SARFAESI Act which have been initiated by
the respondent Bank for recovery of the amounts due from the
petitioners.
2. The learned counsel for the petitioners would submit that
the petitioners may be permitted to clear the liability in instalments.
3. It was submitted on behalf of the respondent Bank that
the petitioners committed default in repayment of a housing loan
and the outstanding amount as on today is Rs.27,92,742/- (Rupees
twenty seven lakh ninety two thousand and seven hundred and forty
two only). The sale has been scheduled on 22.04.2025. It was further
submitted that though proceedings for recovery have been initiated,
as a matter of indulgence, the respondent Bank is willing to accept
repayment of the outstanding amount in limited instalments.
4. Having regard to the circumstances of the case and the
submissions made as recorded above, I am of the view that the
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petitioners can be granted an opportunity to repay the outstanding
amount on condition that Rs.3,00,000/- (Rupees three lakh only) shall
be paid on or before 22.04.2025 before 11.00 a.m. and the balance
amount shall be paid in 12 equal monthly instalments, the first of
which shall be paid on or before 31.05.2025 and the subsequent
instalments shall be paid on or before the last working day of every
succeeding months.
5. Accordingly, there will be a direction to the respondent
Bank to accept repayment of the outstanding amount of
Rs.27,92,742/- (Rupees twenty seven lakh ninety two thousand and
seven hundred and forty two only) along with accrued interest, costs
and charges from the petitioners in the following manner:-
(i) The petitioners shall pay a sum of Rs.3,00,000/- (Rupees
three lakh only) on or before 22.04.2025 before 11.00 a.m. If
the afore amount is paid, the sale shall be kept in abeyance.
In the event of default of payment of the afore amount, the
stay granted will be automatically cancelled.
(ii) On payment of the afore amount, the balance outstanding
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amount along with any accrued interest, costs and charges
shall be repaid in 12 equal monthly instalments;
(iii) The first instalment shall be paid on or before 31.05.2025
and the subsequent instalments shall be paid on or before the
last working day of every succeeding months;
(iv) In the event of default of any one instalment, the
respondent Bank shall be entitled to proceed in accordance
with law;
(v) In order to enable the petitioners to repay the entire
amounts, all coercive proceedings shall be kept in abeyance.
The writ petition is disposed of as above.
Sd/-
SHOBA ANNAMMA EAPEN
JUDGE
bpr
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WP(C) NO. 16458 OF 2025
APPENDIX OF WP(C) 16458/2025
PETITIONERS' EXHIBITS
Exhibit P1 THE TRUE COPY OF THE AUCTION NOTICE AS
PER RULE 8(6) OF SECURITY INTEREST
ENFORCEMENT RULES, 2002 DATED 18.03.2025
ISSUED BY THE 2ND RESPONDENT
