Ashraf Aval Peedikavalappil vs the South Indian Bank Limited

Ashraf Aval Peedikavalappil vs The South Indian Bank Limited

Type Court Judgment Court Kerala Decided Sep 08, 2023

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Citation: sooperkanoon.com/1388187
Court: Kerala High Court
Judge: Honourable Mr. Justice D. K. Singh
Decided On: Sep 08, 2023
Case Number: WP(C)/29511/2023

Parties & Advocates

Appellant / Petitioner

Ashraf Aval Peedikavalappil

Respondent

The South Indian Bank Limited

Excerpt

.....petitioner also prays that this hon’ble court may be pleased to dispense with the english translation of the documents produced in the vernacular language.(iv) such other reliefs as deem fit and proper by this hon’ble court in the facts and circumstances of the case;2. petitioner had applied for a business loan from the 2 ndrespondent bank for rs.1,00,00,000/- (rupees one crore only) in the year 2019. petitioner had mortgaged his personal property extending 23 cents of land and structures therein comprised in re. survey no.228, block no.6 of thalassery village as security for the loan. petitioner had defaulted in repayment of the said loan amount and the loan account of the petitioner was classified as npa on 10.04.2023. in pursuance to the possession notice under section 13(4) of the sarfaesi act read with rule 8 of the rules the possession of the secured assets was taken on 21.08.2023. as per the submission of the learned counsel for the petitioner, as on today, total outstanding amount is rs.96,57,778/- (rupees ninety six lakh fifty seven thousand seven hundred and seventy eight only). learned counsel for the bank submits that the petitioner may approach the bank for one time settlement and if he approaches the bank for one time settlement, the secured assets shall not be put to auction for a period of one month.3. considering the aforesaid submission, the present writ petitionis disposed of with liberty to the petitioner to approach the bank within a period of two weeks from today for one time settlement and the bank shall then process the proposal for one time settlement and take a decision on the said proposal within a period of another two weeks. for a period of one month, the secured assets of the petitioner shall not be put to auction. with the aforesaid directions, the writ petition is finally disposed of. sd/- dinesh kumar singh judge svn appendix of wp(c) 29511/2023 petitioner’s exhibits exhibit p1 true copy of the notice dated.....

Full Judgment

IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT THE HONOURABLE MR. JUSTICE DINESH KUMAR SINGH FRIDAY, THE 8TH DAY OF SEPTEMBER 2023 / 17TH BHADRA, 1945 WP(C) NO. 29511 OF 2023 PETITIONER: ASHRAF AVAL PEEDIKAVALAPPIL, AGED 71 YEARS, S/O. HAMEED, MANAGING PARTNER, ATLANTIS, NEAR DISTRICT COURT, THALASSERY, RESIDING AT 7A, SREEROSH APARTMENT, NEAR DISTRICT COURT, THALASSERY, KANNUR DISTRICT, PIN - 670101.
BY ADVS. SRI. C. P. PEETHAMBARAN SMT. RAMSEENA UDAYAKUMAR SMT. NEERAJA VENUGOPAL RESPONDENTS: 1 THE SOUTH INDIAN BANK LIMITED, SIB HOUSE, CHALAD, ALAVIL ROAD, KANNUR DISTRICT REPRESENTED BY ITS AUTHORISED OFFICER, PIN - 670014. 2 THE BRANCH MANAGER, THE SOUTH INDIAN BANK LIMITED, THALASSERY BRANCH, P.B. NO. 12, GUNDERT ROAD, THALASSERY, KANNUR DISTRICT, PIN - 670101. BY ADV. SRI. SUNIL SANKAR - SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08.09.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
DINESH KUMAR SINGH, J.
----------------------- ---------------------------- Dated this the 8th day of September, 2023

JUDGMENT

1. The present writ petition under Article 226 of the Constitution is filed for the following reliefs;

(i) call for records connecting Exhibit P-1 Notice dated 21.08.2023 from the 1st respondent and quash Exhibit P-1 Notice by issuing a writ of Certiorari or any other appropriate Writ, Order or Direction;

(ii) issue a writ of mandamus or other appropriate

Writ, Order or Direction, directing the Respondents to allow the petitioner to remit the outstanding arrears of loan amount as per Exhibit P-1 Notice in 25 equal monthly installments.

(iii) Petitioner also prays that this Hon’ble Court may be pleased to dispense with the English translation of the documents produced in the Vernacular Language.

(iv) Such other reliefs as deem fit and proper by this Hon’ble Court in the facts and circumstances of the case;

2. Petitioner had applied for a business loan from the 2 nd

respondent bank for Rs.1,00,00,000/- (Rupees One crore only) in the year 2019. Petitioner had mortgaged his personal property extending 23 cents of land and structures therein comprised in Re. Survey No.228, Block No.6 of Thalassery Village as security for the loan. Petitioner had defaulted in repayment of the said loan amount and the loan account of the petitioner was classified as NPA on 10.04.2023. In pursuance to the possession notice under Section 13(4) of the SARFAESI Act read with Rule 8 of the Rules the possession of the secured assets was taken on 21.08.2023. As per the submission of the Learned Counsel for the petitioner, as on today, total outstanding amount is Rs.96,57,778/- (Rupees Ninety six lakh fifty seven thousand seven hundred and seventy eight only). Learned Counsel for the Bank submits that the petitioner may approach the Bank for one time settlement and if he approaches the Bank for one time settlement, the secured assets shall not be put to auction for a period of one month.

3. Considering the aforesaid submission, the present writ petition

is disposed of with liberty to the petitioner to approach the Bank within a period of two weeks from today for one time settlement and the Bank shall then process the proposal for one time settlement and take a decision on the said proposal within a period of another two weeks. For a period of one month, the secured assets of the petitioner shall not be put to auction. With the aforesaid directions, the writ petition is finally disposed of. Sd/- DINESH KUMAR SINGH JUDGE Svn APPENDIX OF WP(C) 29511/2023 PETITIONER’S EXHIBITS EXHIBIT P1 TRUE COPY OF THE NOTICE DATED 21/8/2023 ISSUED BY THE 1ST RESPONDENT

Same Court & Year Kerala · 2023 Same Parties Ashraf Aval Peedikavalappil vs The South Indian Bank Limited Same Judge Honourable Mr. Justice D. K. Singh