Kerala High Court
Anirudhan K.A vs Catholic Syrian Bank on 4 February, 2019
Author: Devan Ramachandran
Bench: Devan Ramachandran
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE DEVAN RAMACHANDRAN
MONDAY ,THE 04TH DAY OF FEBRUARY 2019 / 15TH MAGHA, 1940
WP(C).No. 3150 of 2019
PETITIONERS:
1 ANIRUDHAN K.A.
AGED 61 YEARS
KOVATH HOUSE, CHERUVAL POST, PAZHAYI, TRISSUR.
2 RAJEEVAN CM
CHEERAMBATH HOUSE,
MULANGU, THOTTIPAL POST,
TRISSUR.
BY ADV. SMT.S.MUMTAZ
RESPONDENT:
1 CATHOLIC SYRIAN BANK
REP. BY THE AUTHORIZED OFFICER, P.B.NO..502, COLLEGE
VIEW, ST.MARY'S COLLEGE ROAD, TRISSUR-680020.
SRI.C.A.JOY-SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
04.02.2019, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C).No. 3150 of 2019
2
JUDGMENT
The petitioners pray that the respondent Bank be directed to allow them to regularize a loan facility availed of by a Company by name M/s. Goodwin Packpet Pvt Ltd, of which, they are the Directors. However, the learned standing counsel for the Bank submits that the Bank is not agreeable to have the account regularized; but then offers that if the petitioners make payment of the entire liability, which amounts to Rs.5,64,62,533.80/0 as on 05/01/2019, within a period of 6 months, the Bank will defer all further action and await such payment. He adds that, however, to show their bonafides, the petitioners must pay a minimum amount of Rs.50,00,000/- on or before 28/03/2019 and that, if they fail to do so, they should be directed to hand over physical possession of the secured assets to the Bank, since the taking over of possession of the secured assets is scheduled today by them under the provisions of the SARFAESI Act.
2. Smt. S. Mumtaz, learned counsel appearing for the petitioners submits that her clients are agreeable to this and that this writ petition be ordered on such terms.
3. In the afore circumstances, I order this writ petition and WP(C).No. 3150 of 2019 3 direct the petitioners to make payment of an amount of Rs.50,00,000/- on or before 28/03/2019; in which event, the Bank will permit them to pay off the balance of total outstanding, which is stated to be Rs.5,64,62,533.80/-, along with all applicable charges and interest, either in installments or in lumpsum by 05/08/2019. On such payment being made, the Bank will close the account and release all the title documents to the mortgagor.
4. Needless to say, in the event the petitioners commit default in payment of the amount to be paid on 28/03/2019, or the balance amounts on 05/08/2019, they will be obligated to give vacant possession of the secured assets, by handing over its keys, to the branch on the next day after the first default occurs, without fail.
5. I make it clear that the directions in this judgment are peremptory in nature and that no modification or extension will be entertained or granted by this Court in future. I also caution the petitioners that since the indulgence shown to them in this writ petition has been done under Article 226 of the Constitution of India, any refusal or failure to hand over of the vacant possession of the secured asset, in the event they commit default of any of the directions in this judgment, WP(C).No. 3150 of 2019 4 will visit them with full consequences under the Contempt of Court Act.
This writ petition is thus ordered.
Sd/-
DEVAN RAMACHANDRAN JUDGE Ns //true copy// PA to Judge WP(C).No. 3150 of 2019 5 APPENDIX PETITIONER'S EXHIBITS:
EXHIBIT P1 TRUE COPY OF DEMAND NOTICE 2/1/2018.
EXHIBIT P2 TRUE COPY OF POSSESSION NOTICE DATED 16/1/2019.
EXHIBIT P3 TRUE COPY OF NOTICE DATED 23/1/2019 ISSUED BY THE ADVOCATE COMMISSIONER.
EXHIBIT P4 TRUE COPY OF REQUEST LETTER DATED 31/12/2019 SUBMITTED BY THE PETITIONERS TO THE RESPONDENT.