Najeem vs the Manager, the Quilon Co-Operative Urban Bank Ltd.,

Najeem vs The Manager, the Quilon Co-Operative Urban Bank Ltd.,

Type Court Judgment Court Kerala Decided Jan 29, 2021

~3 min read

https://sooperkanoon.com/case/1599077

For advocates & juniors · 7-day free trial

Brief this judgment before chambers

Stop skimming 50 pages - get an 18-section AI Brief on this case, ask scoped follow-ups, and find related precedents with Semantic Search. Full trial, no card required.

18-section brief - facts, issues, ratio, relief
Ask this case - answers cite the judgment
Semantic search - find precedents by meaning
Research drawer - sections, cites, related cases

Citation: sooperkanoon.com/1599077
Court: Kerala High Court
Judge: Honourable Mr. Justice a.M.Badar
Decided On: Jan 29, 2021
Case Number: WP(C)/2342/2021

Parties & Advocates

Appellant / Petitioner

Najeem

Respondent

The Manager, the Quilon Co-Operative Urban Bank Ltd.,

Excerpt

.....of rs.40,00,000/- was taken by the petitioner for the purpose of business. term is up to the year 2029. however, the loan has turned into an npa and overdue amount of loan as on 31.01.2021 is rs.9,50,000/-. it is further argued by the respondents that if the petitioner clears 1/3 rd of the overdue amount of loan by the end of february, 2021 and repay the entire overdue amount in six installments, then the respondents shall keep the coercive action in abeyance.4. considering the facts of the present case as well as thewillingness on the part of the respondents to grant installment facility to the petitioner as well as the fact that the petitioner is a petty business man who has suffered losses during the lockdown, this petition is disposed of with the following direction.4. the petitioner to pay 1/3rd of the overdue amount ofloan by the end of february, 2021 and he should pay balance of overdue amount of loan in six equated successive monthly installments commencing from 01.03.2021 apart from payment ofregular emis. if the petitioner follows this direction, the respondents shall keep the coercive action under sarfaesi act in abeyance. in case of a single default on the part of the petitioner, respondent shall be entitled to continue with the coercive action. no further extension of time shall be granted to the petitioner for following these directions.the petition is accordingly disposed of. sd/- a.m.badar nsd //true copy// judge pa to judge appendix petitioner's/s exhibits: exhibit p1 the copy of the receipt for the payment of rs.1,00,000/- on 18.8.2020 and rs.1,00,000/- on 7.12.2020 exhibit p2 the copy of the notice issued by the advocate commissioner as per the direction in m.c.no.95/2020 on the file of cjm court, kollam.

Full Judgment

IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT THE HONOURABLE MR. JUSTICE A.M.BADAR FRIDAY, THE 29TH DAY OF JANUARY 2021 / 9TH MAGHA, 1942 PETITIONER: NAJEEM AGED 60 YEARS S/O.KOCHASSAN KUNJU, HASSANIZZA, MYLAKKAD, ITHIKKARA P.O., KOLLAM 691 577 BY ADVS. SRI.PRATHEESH.P SMT.S.REKHA KUMARI SMT.ANJANA KANNATH RESPONDENTS: 1 THE MANAGER, THE QUILON CO-OPERATIVE URBAN BANK LTD., NO.Q.660, HEAD OFFICE, YMCA ROAD, KOLLAM 691001 2 THE AUTHORIZED OFFICER THE QUILON CO-OPERATIVE BANK LTD, NO.Q 660, YMCA ROAD, KOLLAM 691 001 SC- D P RENU - THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29.01.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

JUDGMENT

Dated this the 29th day of January 2021 Heard both sides.

2. Learned counsel for the petitioner argued that though steps to recover the loan are taken by the respondents under the

SARFAESI Act, the petitioner is not challenging that action. The petitioner wants to repay the overdue amount of loan apart from the payment of regular installments and therefore this writ petition.

3. Learned counsel for the respondents argued that on

31.03.2019, a loan of Rs.40,00,000/- was taken by the petitioner for the purpose of business. Term is up to the year 2029. However, the loan has turned into an NPA and overdue amount of loan as on 31.01.2021 is Rs.9,50,000/-. It is further argued by the respondents that if the petitioner clears 1/3 rd of the overdue amount of loan by the end of February, 2021 and repay the entire overdue amount in six installments, then the respondents shall keep the coercive action in abeyance.

4. Considering the facts of the present case as well as the

willingness on the part of the respondents to grant installment facility to the petitioner as well as the fact that the petitioner is a petty business man who has suffered losses during the lockdown, this petition is disposed of with the following direction.

4. The petitioner to pay 1/3rd of the overdue amount of

loan by the end of February, 2021 and he should pay balance of overdue amount of loan in six equated successive monthly installments commencing from 01.03.2021 apart from payment of

regular EMIs. If the petitioner follows this direction, the respondents shall keep the coercive action under SARFAESI Act in abeyance. In case of a single default on the part of the petitioner, respondent shall be entitled to continue with the coercive action. No further extension of time shall be granted to the petitioner for following these directions.

The petition is accordingly disposed of. Sd/- A.M.BADAR Nsd //true copy// JUDGE PA to Judge APPENDIX PETITIONER'S/S EXHIBITS: EXHIBIT P1 THE COPY OF THE RECEIPT FOR THE PAYMENT OF RS.1,00,000/- ON 18.8.2020 AND RS.1,00,000/- ON 7.12.2020 EXHIBIT P2 THE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER AS PER THE DIRECTION IN M.C.NO.95/2020 ON THE FILE OF CJM COURT, KOLLAM.

Same Court & Year Kerala · 2021 Same Parties Najeem vs The Manager, the Quilon Co-Operative Urban Bank Ltd., Same Judge Honourable Mr. Justice a.M.Badar