Kerala High Court
C.P.Pradeepan vs Authorised Officer on 12 March, 2020
Author: V.G.Arun
Bench: V.G.Arun
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE V.G.ARUN
THURSDAY, THE 12TH DAY OF MARCH 2020 / 22ND PHALGUNA, 1941
WP(C).No.7536 OF 2020(N)
PETITIONER:
C.P.PRADEEPAN,
AGED 40 YEARS,
S/O RAGHAVAN,
SURYA MADHAVAM, PURAMERI(PO),
VADAKARA, KOZHIKODE DISTRICT,
PIN-673 503.
BY ADVS.
SRI.P.V.ANOOP
SRI.M.P.PRIYESHKUMAR
SRI.K.V.SREERAJ
RESPONDENTS:
1 AUTHORISED OFFICER,
KOZHIKODE DISTRICT CO-OPERATIVE BANK LIMITED,
P.B.NO.503, KALLAI(PO), KOZHIKODE DISTRICT,
PIN-673 002.
2 KOZHIKODE DISTRICT CO-OPERATIVE BANK LIMITED,
P.B.NO.503, ORKKATTERI BRANCH, KOZHIKODE DISTRICT,
PIN-673501,
REPRESENTED BY ITS GENERAL MANAGER.
R1-2 BY SC P.C.SASIDHARAN
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
12.03.2020, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C).No.7536 OF 2020
2
JUDGMENT
Dated this the 12th day of March 2020 The petitioner had availed a loan of Rs.10,00,000/- from the 2nd respondent bank which admittedly is in default. The bank has initiated recovery proceedings under the provisions of the SARFAESI Act and the petitioner has been served notice under Section 14 of the SARFAESI Act proposing to take possession of the property on 16-03-2019.
2. Heard the learned standing counsel for the respondents also.
3. The learned standing counsel points out that, as per Exhibit P1-notice, the amount in default as on 31-10-2018 was Rs.14,58,220/-.
4. It is submitted that, if the petitioner pays an amount of Rs.3,00,000/- on or before 16-03-2020, the bank is willing to provide the facility of repayment of the balance amount in WP(C).No.7536 OF 2020 3 seven equal monthly installments.
5. The learned counsel for the petitioner submits that the petitioner does not have the financial capacity to raise Rs.3,00,000/- all on a sudden and that atleast 12 installments may be granted for repayment of the amount.
6. Based on the rival submissions, the writ petition is disposed of directing the recovery proceedings pursuant to Exhibit P1- notice to be kept in abeyance on condition of the petitioner remitting an amount of Rs.2,00,000/- on or before 16-03-2020, and the balance amount due under the loan account in ten equal monthly installments commencing from 15-04-2020.
7. It is made clear that in the event of the petitioner committing default, in remitting any one of the installments, the benefit under this judgment will no longer be available to the petitioner and the respondent bank will be at WP(C).No.7536 OF 2020 4 liberty to proceed with the recovery.
The writ petition is disposed of as above.
Sd/-
V.G.ARUN JUDGE SSK/13/3 WP(C).No.7536 OF 2020 5 APPENDIX PETITIONER'S EXHIBITS:
EXHIBIT P1 TRUE COPY OF THE NOTICE ISSUED BY THE 2ND RESPONDENT DATED 29.11.2018 ALONG WITH ENGLISH TRANSLATION.
EXHIBIT P2 TRUE COPY OF THE NOTICE ISSUED BY THE COMMISSIONER APPOINTED BY THE HON'BLE CHIEF JUDICIAL MAGISTRATE DATED 26.2.2020.
EXHIBIT P3 TRUE COPY OF THE MEDICAL RECORDS OF THE PETITIONER IN PARIYARAM MEDICAL COLLEGE HOSPITAL, KANNUR DATED 1.4.2017.
EXHIBIT P4 TRUE COPY OF THE MEDICAL CERTIFICATE ISSUED BY THE MEDICAL OFFICER, PRIMARY HEALTH CENTRE PURAMERI DATED 2.3.2020.
RESPONDENT'S EXHIBITS:NIL SSK //TRUE COPY// PA TO JUDGE