Full Judgment
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT THE HONOURABLE MR.JUSTICE C.S.DIAS THURSDAY, THE 27TH DAY OF JULY 2023 / 5TH SRAVANA, 1945 PETITIONER: RAJEEV.K.K., AGED 51 YEARS, S/O. KUTTAPPAN, KAIMARIYEL, PIOUS MOUNT, MONIPALLY, UZHAVOOR, KOTTAYAM, PIN - 686636 BY ADV E.V.MOLY RESPONDENT: STATE BANK OF INDIA,(ERST WHILE SBT) , UZHAVOOR BRANCH, MEENACHIL TALUK, KOTTAYAM DISTRICT -REPRESENTED BY AUTHORIZED OFFICER, PIN - 686636 OTHER PRESENT: Sri Jithesh Menon Sri.Jayesh Mohankumar THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27.07.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
JUDGMENT
The writ petition is filed, inter alia, to direct the respondent to permit the petitioner to pay the outstanding amount in equated monthly instalments and regularise the loan account.
2. The petitioner's case is that he had availed
financial assistance from the respondent - Bank - by creating an equitable mortgage by deposit of title deeds. Due to reasons beyond his control, he could not pay the instalments on time. The respondent has classified the loan account as NPA and is proceeding against the secured asset under the Securitization and Reconstruction of Financial Assets and Enforcement of
Security Interest Act (in short, ‘Act’). The petitioner is ready to pay the outstanding amount in equated monthly instalments and regularise the loan account. Hence, the writ petition.
3. Heard; Smt.E.V.Moly, the learned counsel appearing for the petitioner and Sri.Jayesh Mohankumar, the learned counsel appearing for the respondent.
4. Sri.Jayesh Mohankumar, the learned standing
counsel appearing for the respondent, on instructions, submitted that the loan account cannot be regularised because the petitioner had not provided the documents to show that he has taken the property on lease. Hence, the petitioner would have to pay off the entire outstanding amount of Rs.26,93,000/- and close the loan account. Nonetheless, the respondent is willing to permit the petitioner to pay the outstanding amount in ten equated monthly instalments. The said submission is recorded.
5. The learned counsel appearing for the
petitioner submitted that the petitioner is ready to accept the above offer. But may be permitted to pay the above amount in twenty equated monthly instalments.
6. Having considered the pleadings and materials on record, the submissions made by the
learned counsel appearing for the parties, the consensus arrived at between the parties and to provide the petitioner one last opportunity to clear off the outstanding amount, I am inclined to exercise the powers of this Court under Article 226 of the Constitution of India and entertain the writ petition. Resultantly, I dispose of the writ petition in the following manner:
(i) The respondent is directed to defer further coercive proceedings pursuant to Exts.P1 to P3 notices to enable the petitioner to pay the outstanding amount in equated monthly instalments as stated below.
(ii) The petitioner is permitted to pay the outstanding amount as stated above with future interest and cost to the respondent - Bank - in twelve equated monthly instalments commencing from 27.8.2023 along with regular EMIs.
(iii) Needless to mention, if the petitioner commits
default of the condition ordered above, the petitioner would lose the benefit of this judgment and the respondent would be at liberty to proceed with recovery proceedings from the stage it presently stands.
(iv) It is made clear that, no further application for
modification/extension of time shall be entertained. Sd/-C.S.DIAS ma/29.7.2023 JUDGE APPENDIX OF WP(C) 22082/2023 PETITIONER EXHIBITS Exhibit P1 . THE TRUE COPY OF THE DEMAND NOTICE DATED 14.3.2023 RECEIVED BY THE PETITIONER Exhibit P2 THE TRUE COPY OF THE LETTER DATED 09.05.2023 RECEIVED BY THE PETITIONER Exhibit P3 THE TRUE COPY OF THE POSSESSION NOTICE DATED 25.05.2023 ISSUED BY THE RESPONDENT BANK