Full Judgment
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT THE HONOURABLE MR. JUSTICE A.M.BADAR MONDAY, THE 29TH DAY OF MARCH 2021 / 8TH CHAITHRA, 1943 WP(C).No.6811 OF 2021(B) PETITIONER/S: HEMALAL, AGED 38 YEARS S/O.APPUKUTTAN, SANKARAMKULAM HOUSE, PONNUKKARA DESOM, PUTHUR VILLAGE, THRISSUR TALUK, THRISSUR DISTRICT. BY ADVS. SMT.M.R.REENA SRIP.S.SUJETH RESPONDENT/S: 1 THE BRANCH MANAGER, THE KERALA STATE CO-OP. BANK, OLLUR BRANCH, THRISSUR DISTRICT-680 022. 2 THE AUTHORIZED OFFICER, THE EKRALA STATE CO-OP. BANK LTD., HEAD OFFICE, SAHAKRANA SAPTHADHI MANDIRAM, TUDA ROAD, KOVILAKATHUPADAM, THIRUVAMBADY P.O., THRISSUR-680 022. R1-2 BY ADV. SRI.P.C.SASIDHARAN
SRI. P.C SASIDHARAN, STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29.03.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No.6811 OF 2021 2
JUDGMENT
Dated this the 29th day of March 2021 Heard both sides.
2. Petitioner had taken a loan of Rs.11,00,000/- (Rupees
eleven lakhs only) from the 1st respondent on 28.11.2018 and the term of the loan is 121 months. She defaulted in repayment and therefore, demand notice under Section 13(2) of the SARFAESI Act on 24.02.2020. Ultimately, notice under Section 13(4) of the SARFAESI Act was issued on 12.01.2021, which was published in local daily. Now the overdue amount is about Rs.3,48,060/- (Rupees three lakhs forty eight thousand and sixty only) and closure amount is more than Rs.13.21 lakhs. The petitioner is seeking instalments for regularisation of loan, as now possession notice has been issued.
3. Learned Standing counsel for the respondents submits
that petitioner must deposit atleast an amount of Rs.50,000/- (Rupees fifty thousand only) prior to 31.03.2021 and balance amount can be paid in six instalments. Learned counsel for the petitioner is seeking ten instalments.
4. In this view of the matter, as the respondents are willing to grant instalments to the petitioner, the writ petition is disposed WP(C).No.6811 OF 2021 3
of with the following directions:- The petitioner is directed to pay an amount of Rs.50,000/- (Rupees fifty thousand only) on or before 31.03.2021 for discharging the liability towards the overdue amount. The petitioner should pay the balance overdue amount in ten equated successive monthly instalments commencing from 26.04.2021. In addition, the petitioner should also pay the EMIs regularly. If the petitioner complies with these directions, respondents shall keep the coercive action, initiated against the petitioner under the SARFAESI Act, in abeyance. In case of a single default, the respondents are at liberty to continue the action under the SARFAESI Act initiated against the petitioner. No further extension of time for compliance of this direction shall be granted to the petitioner.
SD/- A.M.BADAR ajt JUDGE WP(C).No.6811 OF 2021 4 APPENDIX PETITIONER'S/S EXHIBITS: EXHIBIT P1 A TRUE COPY OF THE POSSESSION NOTICE DATED 12.01.2021 WITH TRANSLATION. EXHIBIT P2 A TRUE COPY OF THE REPRESENTATION DATED 12.02.2021 SENT BY THE PETITIONER.