Kerala High Court
Unknown vs By Adv.Sri.K.A.Siyad on 29 September, 2016
Author: P.B.Suresh Kumar
Bench: P.B.Suresh Kumar
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT:
THE HONOURABLE MR. JUSTICE P.B.SURESH KUMAR
THURSDAY, THE 15TH DAY OF MARCH 2018 / 24TH PHALGUNA, 1939
WP(C).No. 8704 of 2018
PETITIONER
NOOR MOHAMMED,
S/O. LATE SAIDU MOHAMMED, AGED 58 YEARS, PROPRIETOR, NEW
THEATRE, PUDUNAGARAM, PALAKKAD
BY ADV.SRI.K.A.SIYAD
RESPONDENT:
STATE BANK OF INDIA,
REPRESENTED BY ITS AUTHORIZED OFFICER, SME BRANCH,
KALMANDAPAM, PALAKKAD - 678 001
R BY SRI.AMAL GEORGE, SC, SBI
THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 15-03-2018,
THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C).No. 8704 of 2018 (K)
APPENDIX
PETITIONER(S)' EXHIBITS
EXHIBIT P1: A TRUE COPY OF THE SANCTION LETTER DATED
SEPTEMBER 29, 2016
EXHIBIT P2: A TRUE COPY OF THE NOTICE DATED JUNE 22, 2017
ISSUED BY THE RESPONDENT
EXHIBIT P3: A TRUE COPY OF THE NOTICE DATED SEPTEMBER 14,
2017
EXHIBIT P4: A TRUE COPY OF THE NOTICE DATED MARCH 3, 2018
ISSUED BY THE ADVOCATE COMMISSIONER
CONTEMPLATING TO DISPOSSESS THE PETITIONER ON
16 MARCH 2018
EXHIBIT P5: A TRUE COPY OF THE TREATMENT RECORDS OF THE
PETITIONER ISSUED FROM THE AMALA INSTITUTE OF
MEDICAL SCIENCES.
RESPONDENTS EXHIBITS:
NIL
/TRUE COPY/
VPS PS TO JUDGE
P.B.SURESH KUMAR, J.
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W.P.(C) No.8704 of 2018
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Dated this the 15th day of March, 2018
JUDGMENT
Petitioner availed two term loans, from the State Bank of India (the bank). He has not remitted the instalments of the loans as agreed. Consequently, proceedings have been initiated by the bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (the Act) for realisation of the outstanding in the loan accounts. The petitioner is aggrieved by the said proceedings.
2. Heard the learned counsel for the petitioner as also the learned counsel for the bank.
3. When the matter was taken up, the learned WPC 8704/18 -:2:- counsel for the petitioner pointed out that non-payment of the instalments of the loans by the petitioner was due to reasons beyond his control and not wilful and that if a reasonable time is granted, the petitioner is prepared to liquidate the overdue in the loan accounts, so that he can repay the remaining outstanding in the loan accounts in instalments.
4. The learned counsel for the bank, on instructions, submitted that a total sum of Rs.36,99,434/- is overdue in the loan accounts.
5. Having regard to the facts and circumstances of the case as also the orders passed by this Court in similar writ petitions, this writ petition is disposed of as follows :
(i) The petitioner shall pay an amount of Rs.12,00,000/- out of the overdue on or before 31.3.2018 and the balance overdue with the interest due, in six equal monthly instalments commencing from 1.5.2018. The petitioner shall also pay, in addition, the regular instalments of the loan on the due dates.
(ii) If the petitioner remits the overdue in the loan WPC 8704/18 -:3:- accounts as directed above, the bank shall regularise the loan accounts so as to enable the petitioner to liquidate the remaining liability in accordance with the terms of the loans.
(iii) Needless to say that if the petitioner liquidates the overdue as directed above, coercive action against the petitioner shall be deferred. It is, however, made clear that if the petitioner commits default in remitting any one of the instalments as directed, the proceedings initiated against the petitioner under the Act can be continued.
Sd/-
P.B.SURESH KUMAR, JUDGE vps 16/3 /True Copy/ PS to Judge