Rajan V V, vs Authorised Officer Under the Ssarfaesi Act, Canara Bank,

Type Court Judgment Court Kerala Decided Mar 26, 2025

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Citation: sooperkanoon.com/1279712
Court: Kerala High Court
Judge: Honourable Mr. Justice Gopinath P.
Decided On: Mar 26, 2025
Case Number: WP(C)/12167/2025
Subject: Narcotics

Case Summary

AI-generated summary - not the official court judgment text.

Narcotics

Key legal issue: Narcotics

Parties & Advocates

Appellant / Petitioner

Rajan V V,

Respondent

Authorised Officer Under the Ssarfaesi Act, Canara Bank,

Excerpt

.....is the guarantor in respect of the said loan. on default being committed proceedings have been initiated against the petitioners under the provisions of the securitisation and reconstruction of financial assets and enforcement of security interest act (sarfaesi act), prompting the petitioners to approach this court by filing the above writ petition.2. during the course of hearing, petitioners have confined the relief to an opportunity for repaying the overdue amount in installments and to obtain regularization of the loan account.3. the learned counsel appearing for the respondent banksubmits that though the property of the petitioners was notified for sale on 25-03-2025, no sale took place. it is submitted that the overdue amount, as on 26-03-2025, is rs.7,91,500/-. it is submitted that the bank has no objection in permitting the petitioners to clear the overdue amount in some installments, provided the petitioners pay some upfront payment immediately. wp(c) 12167/2025 34. the learned counsel appearing for the petitionerssubmits that the petitioners will remit a sum of rs.1,00,000/- within a period of one week from today (26-03-2025), and the balance amount may be permitted to be remitted in some installments.5. having regard to the circumstances of the case and thesubmissions made as recorded above, i am of the view that the petitioners can be granted an opportunity to repay the overdue amount on a condition that they will pay a sum of rs.1,00,000/- on or before 02-04-2025 and balance overdue amount along with any accrued interest, cost and charges in eight (08) installments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularized.6. accordingly, there will be a direction to the respondentbank to accept repayment of the entire overdue amount of rs.7,91,500/- along with bank charges from the petitioners and regularize the loan account of the petitioners in the following manner:(i) the petitioners.....

Full Judgment

IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. WEDNESDAY, THE 26TH DAY OF MARCH 2025 / 5TH CHAITHRA, 1947 WP(C) NO. 12167 OF 2025 PETITIONERS: 1 RAJAN V V, AGED 62 YEARS, S/O. VELAYUDHAN, CHITTILAPPILLY HOUSE, AVANUR, MUNDUR P.O, THRISSUR, 2 SINDHU M K, AGED 52 YEARS, W/O. RAJAN V V, CHITTILAPPILLY HOUSE ,AVANUR, MUNDUR P.O, THRISSUR, 3 BHAVANI, AGED 84 YEARS, W/O VELAYUDHAN, CHITTILAPPILLYHOUSE, AVANUR, MUNDUR P.O, THRISSUR, BY ADVS. MOHAMMED SHAFI.K SHAHIM BIN AZIZ BIJU THOMAS RESPONDENTS: 1 AUTHORISED OFFICER UNDER THE SSARFAESI ACT, CANARA BANK, THRISSUR MAIN BRANCH, SREE KARTHIYANI MANOR, PAZHAYANADAKKAVU, THRISSUR, PIN - 680 001. 2 M/S PB ALLIANCE LTD. (BAANKNET), UNIT1, 3RD FLOOR, VIOS COMMERCIAL TOWER, NEAR WADALA TRUCKTERMINAL, WADALA EAST, MUMBAI, REPRESENTED BY ITS MANAGER, PIN - 400 037. BY ADV. M.GOPIKRISHNAN NAMBIAR, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 26.03.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C) 12167/2025 2

JUDGMENT

Petitioners availed a loan from the respondent bank. Petitioners 1 and 2 are borrowers and the 3rd petitioner is the guarantor in respect of the said loan. On default being committed proceedings have been initiated against the petitioners under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act), prompting the petitioners to approach this Court by filing the above writ petition.

2. During the course of hearing, petitioners have confined the relief to an opportunity for repaying the overdue amount in installments and to obtain regularization of the loan account.

3. The learned counsel appearing for the respondent bank

submits that though the property of the petitioners was notified for sale on 25-03-2025, no sale took place. It is submitted that the overdue amount, as on 26-03-2025, is Rs.7,91,500/-. It is submitted that the bank has no objection in permitting the petitioners to clear the overdue amount in some installments, provided the petitioners pay some upfront payment immediately. WP(C) 12167/2025 3

4. The learned counsel appearing for the petitioners

submits that the petitioners will remit a sum of Rs.1,00,000/- within a period of one week from today (26-03-2025), and the balance amount may be permitted to be remitted in some installments.

5. Having regard to the circumstances of the case and the

submissions made as recorded above, I am of the view that the petitioners can be granted an opportunity to repay the overdue amount on a condition that they will pay a sum of Rs.1,00,000/- on or before 02-04-2025 and balance overdue amount along with any accrued interest, cost and charges in eight (08) installments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularized.

6. Accordingly, there will be a direction to the respondent

bank to accept repayment of the entire overdue amount of Rs.7,91,500/- along with bank charges from the petitioners and regularize the loan account of the petitioners in the following manner:

(i) The petitioners shall pay an amount of Rs.1,00,000/- (Rupees One Lakh Only) on or before 02-04-2025. The balance WP(C) 12167/2025 4 overdue amount shall be repaid in eight (08) equated monthly installments, along with any accrued interest, costs and charges. The first installment shall be paid on or before 02-05-2025;

(ii) The subsequent installments shall be paid on or before the 2nd day of every succeeding months;

(iii) Petitioners shall continue to pay the regular EMI’s/installments along with the installments directed above;

(iv) In the event of default of any one installment, the respondent bank shall be entitled to proceed in accordance with the 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/- GOPINATH P. JUDGE ats WP(C) 12167/2025 5 APPENDIX OF WP(C) 12167/2025 PETITIONERS’ EXHIBITS Exhibit-P1 A TRUE COPY OF THE NOTICE DATED 13-10-2023 , ISSUED BY THE RESPONDENT BANK TO THE PETITIONER Exhibit-P2 A TRUE COPY OF THE E-AUCTION SALE NOTICE DATED 5.3.2025 ISSUED BY THE 1ST RESPONDENT BANK

Same Court & Year Kerala · 2025 Same Parties Rajan V V, vs Authorised Officer Under the Ssarfaesi Act, Can... Same Subject Narcotics Same Judge Honourable Mr. Justice Gopinath P.