Kerala High Court
Muhammedali vs The Cherpalcheri Co-Operative Urban ... on 21 January, 2025
2025:KER:5537
W.P (C) No.2421/2025 -1-
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
TUESDAY, THE 21ST DAY OF JANUARY 2025 / 1ST MAGHA, 1946
WP(C) NO. 2421 OF 2025
PETITIONER/S:
MUHAMMEDALI,
AGED 50 YEARS, S/O.ATHUNNI, THOTTUNGAL HOUSE, MAPPATTUKARA,
KULUKKALLUR POST, PATTAMBI TALUK, PALAKKAD DISTRICT, PIN -
679337
BY ADVS.
C.P.SABARI
AMRUTHA SURESH
RESPONDENT/S:
1 THE CHERPALCHERI CO-OPERATIVE URBAN BANK LIMITED.NO.1696,
HEAD OFFICE, KAVUVATTOM, CHERPULASSERY POST, OTTAPALAM
TALUK, PALAKKAD DISTRICT, REPRESENTED BY ITS GENERAL
MANAGER, PIN - 679503
2 THE CHERPALCHERI CO-OPERATIVE URBAN BANK
LIMITED.NO.1696,MAIN BRANCH, KAVUVATTOM, CHERPULASSERY POST,
OTTAPALAM TALUK, PALAKKAD DISTRICT, REPRESENTED BY ITS
BRANCH MANAGER, PIN - 679503
3 AUTHORISED OFFICER,
THE CHERPALCHERI CO-OPERATIVE URBAN BANK LIMITED.NO.1696,
HEAD OFFICE, KAVUVATTOM, CHERPULASSERY POST, OTTAPALAM
TALUK, PALAKKAD DISTRICT, PIN - 679503
BY ADVS.
R.SREEHARI
HAMZA A.V.
APARNA M.P.
CIBY PAUL
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
21.01.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
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W.P (C) No.2421/2025 -2-
JUDGMENT
Petitioner has approached this Court challenging proceedings
initiated under the Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 for recovery of the amounts due
upon a loan availed by the petitioner.
2. During the course of hearing, petitioner has confined the relief to an
opportunity for repaying the overdue amount in instalments and to obtain
regularisation of the loan account.
3. It was submitted on behalf of the respondent bank that the petitioner
committed default in repayment and the overdue amount as on 20-01-2025 is
Rs.4,80,108/-. 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 overdue amount in limited instalments and
regularise the loan account. It was submitted that physical possession of the
secured asset was taken on 08-01-2025
4. Having heard the learned counsel for the petitioner and the learned
Standing Counsel for the respondent Bank and having regard to the facts and
circumstances of the case and the submissions made as recorded above and
also taking into account the fact that the petitioner has undertaken to clear off
the overdue amount along with regular EMIs, I am of the view that the
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petitioner can be granted an opportunity to clear off the overdue amount on
condition that the petitioner pays a sum of Rs.1,00,000/- on or before 10-02-
2025 and the balance amount shall be paid in eight (8) equal monthly
instalments first of which shall be paid on or before 10-03-2025 and
thereafter, if the amount so directed is repaid within the time as directed
above, to have the loan account regularised.
5. Accordingly, there will be a direction to the respondent bank to
accept repayment of the entire overdue amount of Rs.4,80,108/- along with
bank charges from the petitioner and regularise the loan account of the
petitioner on the following conditions:
(i) The petitioner shall pay an amount of Rs.1,00,000/- on or before
10-02-2025 and the balance overdue amount of Rs.3,80,108/-
together with any accrued interest and charges shall be repaid in
eight equated monthly instalments.
(ii) The first instalment shall be paid on or before 10-03-2025 and
the subsequent instalments shall be paid on or before 10 th day of
each succeeding month.
(iii) On payment of the sum of Rs.1,00,000/-, physical possession of
the residential house of the petitioner shall be restored to him.
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(iv) Petitioner shall continue to pay the regular EMI's along with the
instalments directed above.
(v) In the event of default of any one instalment, the respondent
bank shall be entitled to proceed in accordance with the law.
(vi) In order to enable the petitioner to repay the entire amounts, all
coercive proceedings shall be kept in abeyance.
If the petitioner fails to comply with any of the directions contained in
this judgment, the petitioner shall handover physical possession of the
secured asset to the Authorised officer of the respondent bank.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE
AMG
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APPENDIX OF WP(C) 2421/2025
PETITIONER EXHIBITS
Exhibit P1 TRUE COPY OF THE STATEMENT OF ACCOUNT WITH
RESPECT TO THE LOAN ACCOUNT OF THE PETITIONER
(LOAN ACCOUNT NO. 002202000000763) WITH THE
2ND RESPONDENT, FOR THE PERIOD 01/01/2000 TO
18/01/2025
Exhibit P2 TRUE COPY OF THE NOTICE DATED 21/02/2023
ISSUED BY THE 3RD RESPONDENT TO THE
PETITIONER UNDER SECTION 13(2) OF THE
SECURITISATION AND RECONSTRUCTION OF
FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY
INTEREST ACT,2002
Exhibit P3 TRUE COPY OF THE POSSESSION NOTICE DATED
08/01/2025 ISSUED BY THE 3RD RESPONDENT TO
THE PETITIONER UNDER SECTION 13(4) OF THE
SECURITISATION AND RECONSTRUCTION OF
FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY
INTEREST ACT,2002 READ WITH RULE 8 OF THE
SECURITY INTEREST (ENFORCEMENT) RULES,2002
Exhibit P4 TRUE COPY OF THE PHOTOGRAPH EVIDENCING THE
TAKING OF PHYSICAL POSSESSION OF THE
PETITIONER'S PROPERTY BY LOCKING AND SEALING
THE SAME BY THE 3RD RESPONDENT
Exhibit P5 TRUE COPY OF THE JUDGMENT DATED 12/12/2024
PASSED IN W.P.(C)NO.43618/2024 BY THE HON'BLE
HIGH COURT OF KERALA
