Kerala High Court
Unknown vs By Adv.Sri.K.A.Manzoor Ali on 8 November, 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
WEDNESDAY, THE 21ST DAY OF MARCH 2018 / 30TH PHALGUNA, 1939
WP(C).No. 9807 of 2018
PETITIONER(S)
PAULSON G.V
AGED 48 YEARS, S/O. VARGHESE, GOPURATHINGAL HOUSE,
THATTAMPADY, KARUMALLOOR P.O., PIN - 683 511, ERNAKULAM
DISTRICT.
BY ADV.SRI.K.A.MANZOOR ALI
RESPONDENT(S):
1. THE BRANCH MANAGER
THE ERNAKULAM DISTRICT CO-OPERATIVE BANK, EVENING
BRANCH, N.PARAVUR, PIN - 682 513.
2. THE AUTHORIZED OFFICER,
DY.GENERAL MANAGER, THE ERNAKULAM DISTRICT
CO-OPERATIVE BANK, H.O.KAKKANAD, KOCHI - 30.
R BY SRI.N.RAGHURAJ, SC, ERNAKULAM DISTRICT CO-OPERATIVE BANK LTD.
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21-03-2018,
THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C).No. 9807 of 2018 (A)
APPENDIX
PETITIONER(S)' EXHIBITS
EXHIBIT P1 TRUE COPY OF THE NOTICE DATED 08.11.2016 ISSUED BY
THE 1ST RESPONDENT TO THE PETITIONER.
EXHIBIT P2 TRUE COPY OF THE NOTICE DATED 04.04.2017 ISSUED BY
THE 1ST RESPONDENT TO THE PETITIONER.
EXHIBIT P3 TRUE COPY OF THE LETTER DATED 25.07.2017 ISSUED
BY THE 1ST RESPONDENT TO THE PETITIONER.
EXHIBIT P4 TRUE COPY OF THE SEC. 13(2) NOTICE DATED 14.08.2017
ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER.
EXHIBIT P5 TRUE COPY OF THE NOTICE DATED 08.02.2018 ISSUED BY
THE 1ST RESPONDENT TO THE PETITIONER.
RESPONDENT'S EXHIBITS : NIL
//TRUE COPY//
SD/-
P.A. TO JUDGE
SKS
P.B.SURESH KUMAR, J.
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W.P.(C.) No.9807 of 2018
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Dated this the 21st day of March, 2018
JUDGMENT
Petitioner availed a housing loan from the Ernakulam District Co-operative Bank (the bank). He has not remitted the instalments of the loan 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 account. 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 counsel for the petitioner pointed out that non-payment of the instalments of the loan by the petitioner was due to reasons beyond his control and not wilful and that if a reasonable time is granted, the W.P.(C.) No. 9807/2018 2 petitioner is prepared to liquidate the overdue in the loan account, so that he can repay the outstanding in the loan account in instalments.
4. The learned counsel for the bank, on instructions, submitted that a sum of Rs.7,25,000/- is overdue in the loan account. The learned counsel also submitted that the bank has no objection in this Court granting reasonable instalments to the petitioner for clearing the overdue.
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 Rupees Two Lakhs Fifty Thousand towards the overdue in the loan account before 31.03.2018 and the balance with the interest due in ten equal monthly instalments thereafter. 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 account as directed above, the bank shall regularise the loan account so as to enable the petitioner to liquidate the remaining liability in accordance with the terms of the loan.
(iii) Needless to say that if the petitioner liquidates the W.P.(C.) No. 9807/2018 3 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 SKS