Kerala High Court
Manju S vs The Authorized Officer on 12 January, 2022
Author: Bechu Kurian Thomas
Bench: Bechu Kurian Thomas
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
WEDNESDAY, THE 12TH DAY OF JANUARY 2022 / 22ND POUSHA, 1943
WP(C) NO. 1027 OF 2022
PETITIONER:
MANJU S.
AGED 38 YEARS
W/O.JAYACHANDRAN V.,
RESIDING AT MANGALAHU KIZHAKKETHIL,
KALLELIBHAGAM P.O., KALLELIBHAGAM VILLAGE,
KARUNAGAPPALLY TALUK, KOLLAM DISTRICT-690 519.
BY ADVS.
T.MADHU
C.R.SARADAMANI
SHAHID AZEEZ
RENJISH S. MENON
RESPONDENTS:
1 THE AUTHORIZED OFFICER
STATE BANK OF INDIA,
RETAIL ASSETS CENTRAL PROCESSING CENTRE (RACPC),
KOLLAM - 691 013.
2 THE CHIEF MANAGER,
STATE BANK OF INDIA,
STRESSED ASSETS RECOVERY BRANCH,
LMS COMPOUND, NEAR MUSEUM WEST GATE,
VIKAS BHAVAN P.O., THIRUVANANTHAPURAM - 695 033
SC,SRI.JAWAHAR JOSE
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
12.01.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 1027 OF 2022
2
BECHU KURIAN THOMAS, J
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W.P.(C) No.1027 of 2022
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Dated this the 12th day of January, 2022
JUDGMENT
Petitioner as borrower from the respondent-Bank, has committed default in repayment. Consequently, proceedings have been initiated by the Bank for recovery of the amounts due.
2. During the course of hearing, it was submitted that petitioner is apprehending dispossession pursuant to Ext.P2 notice issued by the Advocate Commissioner.
3. It was submitted on behalf of the respondent-Bank that, the total liability due from the petitioner is Rs.31,46,000/- as on date and there has not been any payment towards the loan since 2018. It was further submitted that though proceedings for recovery have been initiated, and O.A.No.582/2019 filed before the DRT, as a matter of indulgence, the respondent Bank is willing to accept repayment of the outstanding amount in limited instalments.
4. I have heard Sri.T.Madhu, the learned counsel for the WP(C) NO. 1027 OF 2022 3 petitioner as well as Sri.Jawahar Jose, the learned Standing Counsel for respondents.
5. Petitioner seeks for a breathing time to repay the entire liability. Since petitioner had not paid any amount towards the loan from 2018, in a bid to persuade this Court the petitioner undertook to handover vacant possession of the property to the respondent-Bank, if the petitioner fails to pay an amount of Rs.5,00,000/- by 15.02.2022.
6. In view of the above, I am of the opinion that petitioner ought to be granted an opportunity to prove his bona fides by depositing a portion of the sum due.
7. Accordingly, this writ petition is disposed of with the following conditions:
(i). If the petitioner pays an amount of Rs.5,00,000/- [Rupees Five lakhs only] on or before 15.02.2022 then the petitioner shall be at liberty to repay the entire balance outstanding amount in '18' equated monthly instalments, commencing from 15.03.2022.
(ii). On the other hand, as undertaken by the WP(C) NO. 1027 OF 2022 4 petitioner if there is any failure to deposit Rs.5,00,000/- as stipulated above, the secured assets shall be surrendered without any demur on 16.02.2022.
(iii). In the event of default of any one instalment, the respondent-Bank shall be entitled to proceed in accordance with law.
(iv) In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.
Sd/-
BECHU KURIAN THOMAS, JUDGE AMV/13/01/2022 WP(C) NO. 1027 OF 2022 5 APPENDIX PETITIONERS EXHIBITS :
EXT.P1 TRUE COPY OF THE NOTICE DATED 19.07.2018 ISSUED BY THE SECOND RESPONDENT UNDER SECTION 13(2) OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT 2002 TO THE PETITIONER AND HER HUSBAND.
EXT.P2 TRUE COPY OF THE NOTICE DATED 09.12.2021
ISSUED BY THE LEARNED ADVOCATE
COMMISSIONER IN M.C.NO.41/2021 ON THE FILES OF THE LEARNED CHIEF JUDICIAL MAGISTRATE'S COURT, KOLLAM.
RESPONDENTS EXHIBITS : NIL TRUE COPY