Judgment:
IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT: THE HONOURABLE MR.JUSTICE P.R.RAMACHANDRA MENON MONDAY,THE17H DAY OF MARCH201426TH PHALGUNA, 1935 WP(C).No. 5887 of 2014 (I) --------------------------- PETITIONER : -------------------- M.R. SUDHA W/O.MANIKANTAN, AGED45YEARS VIOLATE COTTAGE, T.C.19/1821 CHURCH ROAD, POOJAPPURA THIRUVANANTHAPURAM. (FROM P.S.N.MANDIR, KPRA NO.25 ATTINGAL). BY ADVS.SRI.S.RAMESH SRI.S.D.ASOKAN RESPONDENT(S) : ---------------------------- 1. THE KERALA STATE CO-OPERATIVE BANK LTD., REPRESENTED BY ITS GENERAL MANAGER STATE CO-OPERATIVE BANK HEADQUARTER CO-OPERATIVE TOWERS, THIRUVANANTHAPURAM-695033.
2. THE BRANCH MANAGER STATE CO-OPERATIVE BANK LTD., OVERBRIDGE BRANCH THIRUVANANTHAPURAM-695001.
3. THE AUTHORISED OFFICER (UNDER THE SARFAESI ACT) KERALA STATE CO-OPERATIVE BANK LTD., REGIONAL OFFICE STATE CO-OP. BANK BUILDING, OVER BRIDGE JUNCTION THIRUVANANTHAPURAM-695001.
4. THE DISTRICT COLLECTOR THIRUVANANTHAPURAM, COLLECTORATE, KUDAPPANAKUNNU THIRUVANANTHAPURAM. BY GOVT.PLEADER SRI. V.K. RAFEEK BY ADV. SRI.GEORGE POONTHOTTAM, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON1703-2014, ALONG WITH WP(C) NO. 5894/2014, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn ...2/- WP(C).No. 5887 of 2014 (I) ------------------------------------- APPENDIX PETITIONERS' EXHIBITS : ------------------------------------- EXHIBIT-P1: TRUE COPY OF THE NOTICE DATED711.2007 ISSUED BY THE3D RESPONDENT TO THE PETITIONER. EXHIBIT-P2: TRUE COPY OF THE STATEMENT OF ACCOUNTS FOR THE PERIOD FROM11.2005 TO2612.2013, IN RESPEC OF THE LOAN TAKEN BY THE PETITIONER. RESPONDENT(S)' EXHIBITS : NIL ------------------------------------------------------------ //TRUE COPY// P.S. TO JUDGE Mn P.R. RAMACHANDRA MENON, J.
.............................................................................. W.P.(C)No.5887 & 5894 OF2014......................................................................... Dated this the 17th March, 2014
JUDGMENT
W.P(C)No.5887 of 2014 is filed by the wife of the petitioner in W.P(C)No.5894 of 2014. The petitioners in the above cases had availed two mortgaged loans for an amount of Rs.10 lakhs each from the first respondent Bank in the year 2006, creating security interest over the properties in question. By virtue of the default on the part of the petitioners, the account came to be declared as 'NPA' and the Bank proceeded with steps under the SARFAESI Act, which is sought to be intercepted in these writ petitions.
2. It is stated that default occurred was not because of any wilful laches or deliberate negligence, but because of some unforeseen circumstances, submits the learned Counsel for the petitioners. Despite all the adverse circumstances, it is stated that the petitioners are ready and willing to clear the entire defaulted arrears, so as to have the loan account regularised. On the request of the petitioners, Ext.P2 statements of Account were issued, charging huge amount as penal interest and that the same has been capitalized. W.P.(C)No.5887 & 5894 OF20142 3. Heard the learned Standing Counsel for the respondent Bank/Kerala State Co-operative Bank, who, on instruction, submits that the total outstanding liability, as on 04.03.2014 is Rs. 13,87,662/- ( in respect of the petitioner in W.P.(C)5887 of 2014 ) and Rs.13,64,921/- ( in respect of the petitioner in W.P. (C)5894 of 2014). It is also submitted that after notifying the scheme 'Ashwas-2014' by the Government, the respondent Bank has adopted almost a similar scheme, by virtue of which substantial deduction is being provided to the defaulters, so as to close the loan account, waiving penal interest and such other charges. It is stated that, if the petitioners are desirous to have the liability satisfied in terms of the Scheme, it is for them to satisfy the actual liability on or before the last date prescribed in this regard.
4. The learned Counsel for the petitioners submits that the petitioners do not dispute the liability and that they do not have any challenge as to the rights and liberties of the respondent Bank in proceeding with the steps under the SARFAESI Act. It is stated that the petitioners are ready and willing to satisfy the entire outstanding liability and the benefit sought for is to waive W.P.(C)No.5887 & 5894 OF20143 the penal interest and such other charges so as to clear the liability once and for all.
5. After hearing both the sides, the writ petitions are disposed of, with liberty to the petitioners to file necessary petitions/applications before the respondent Bank tomorrow itself, upon which the actual amount to be satisfied by the petitioners shall be let known then and there and it will be for the petitioners to clear the same, availing the benefit of the 'Scheme' on or before the last date prescribed in this regard. It is also made clear that title deeds of the properties shall be returned to the petitioners forthwith on satisfaction of the due amount. If there is any failure on the part of the petitioners in clearing the amount as above, the respondent Bank will be at liberty to proceed with further steps from the stage where it stands now for realisation of the amount in a lump. The learned Standing Counsel for the Bank submits that the position will be intimated to the Bank today itself. P.R.RAMACHANDRA MENON JUDGE lk