Kerala High Court
Unknown vs By Advs.Smt.M.M.Deepa on 24 August, 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 FEBRUARY 2018 / 26TH MAGHA, 1939
WP(C).No. 2897 of 2018
PETITIONER
SATHIANADHAN T G
D/O.GOPALAN NAIR, THENGUMTHOTTATHIL HOUSE,
KANICHAR P.O., THALASSERY TALUK,
KANNUR DISTRICT-670674.
BY ADVS.SMT.M.M.DEEPA
SRI.VIVEK.JOY.K
RESPONDENTS:
1. SYNDICATE BANK PERAVOOR
KANNUR DISTRICT, PIN-670673,
REPRESENTED BY ITS MANAGER.
2. THE AUTHORIZED OFFICER UNDER SECURITIZATION AND
RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF
SECURITY INTERESTS ACT,
SYNDICATE BANK, REGIONAL OFFICE,
FORT ROAD, KANNUR.
R1,R 2 BY ADV. SRI.N.RAJENDRAN, SC, SYNDICATE BANK
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15-02-2018,
THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C).No. 2897 of 2018 (J)
APPENDIX
PETITIONER'S EXHIBITS
EXHIBIT P1 TRUE COPY OF THE ORDER DATED 24.08.2016 IN TSA.
NO.621/2016 (S.A.NO.80/2014) OF THE DEBTS RECOVERY
TRIBUNAL-2, KERALA AT ERNAKULAM.
EXHIBIT P2 ACCORDINGLY THE CHIEF JUDICIAL MAGISTRATE,
THALASSERY HAS DISMISSED CMP NO.1528/16 AS NOT
MAINTAINABLE. TRUE COPY OF THE DOCKET SHEET
ORDER DATED 14.03.2017 OF THE CHIEF JUDICIAL
MAGISTRATE, THALASSERY.
EXHIBIT P3 TRUE COPY OF THE POSSESSION NOTICE DATED
17.01.2018 ISSUED BY THE 2ND RESPONDENT TO THE
PETITIONER.
RESPONDENT'S EXHIBITS:NIL
//TRUE COPY//
SD/-
PA TO JUDGE
rsr
P.B.SURESH KUMAR, J.
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W.P.(C).No.2897 of 2018
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Dated this the 15th day of February, 2018
JUDGMENT
Petitioner availed a term loan from Syndicate Bank (the bank). It is stated that the account of the said loan has been classified by the bank as non-performing asset and proceedings have been initiated against the secured assets for realization of the outstanding in the loan account under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (the Act). 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 W.P.(c).No.2897 of 2018 :2: counsel for the petitioner pointed out that non-payment of the dues 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 outstanding in the account.
4. The learned counsel for the bank, on instructions, submits that the outstanding in the account of the loan as of now is Rs.5,49,701/-. The learned counsel also submitted that the bank have no objection in this Court granting reasonable instalments to the petitioner for clearing the outstanding.
5. Having regard to the facts and circumstances of the case as also the orders passed by this Court in similar matters, the writ petition is disposed of as follows :
(i) The petitioner shall pay the outstanding in the loan account with interest due in ten equal monthly instalments, of which the first instalment shall be paid within one month from today.
(ii) If the petitioner remits the outstanding in the loan W.P.(c).No.2897 of 2018 :3: account 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, proceedings initiated against the petitioner under the Act can be continued.
Sd/-
P.B.SURESH KUMAR JUDGE rsr