Kerala High Court
M/S Sivaganga Ayurvedics vs The Authorised Officer/Chief Manager on 9 June, 2023
Author: C.S.Dias
Bench: C.S.Dias
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE C.S.DIAS
FRIDAY, THE 9TH DAY OF JUNE 2023 / 19TH JYAISHTA, 1945
WP(C) NO. 18786 OF 2023
PETITIONER:
M/S SIVAGANGA AYURVEDICS, AGED 84 YEARS
MANDIRAPPILLY, CHEMUCHIRA P.O, THRISSUR, REP BY ITS
CHAIRMAN, KUTTAPPAN, S/O CHATHU, ELAVUNGAL HOUSE,
CHALAKKUDY, POTTA PO, THRISSUR, PIN - 680 722.
BY ADVS.ANOOP KRISHNA
V.A.PRADEEP KUMAR
RESPONDENTS:
1 THE AUTHORISED OFFICER/CHIEF MANAGER
STATE BANK OF INDIA, BRANCH ASSET RECOVERY MANAGEMENT,
R.S BUILDING, M.G. ROAD, ERNAKULAM, PIN - 682011
2 THE BRANCH MANAGER
STATE BANK OF INDIA, RASMEC IRINJALAKUDA, FIRST FLOOR,
GOVINDA MENON SMARAKA BUILDING, NADA, IRINJALAKUDA PO,
THRISSUR, PIN - 680211
SRI.JITHESH MENON
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
09.06.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 18786 OF 2023
:: 2 ::
JUDGMENT
Dated this the 9th day of June 2023 The writ petition is filed to direct the respondents to permit the petitioner to pay off the outstanding amount in instalments.
2. The petitioner's case is that he had availed a loan from the second respondent - Bank by creating an equitable mortgage. Due to unforeseen circumstances and covid 19 pandemic, he could not pay the instalments on time. The Bank has now proceeded against the secured assets of the petitioner under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (in short, 'Act'). The petitioner is prepared to pay off the outstanding amount in instalments. Hence, the writ petition.
3. Heard; Sri.Anoop Krishna, the learned counsel appearing for the petitioner and Sri.Amal George, the learned counsel appearing for the respondents. WP(C) NO. 18786 OF 2023 :: 3 ::
4. Sri.Amal George, on instructions, submitted that, as on today the outstanding amount is Rs.23,40,985/-. As the petitioner had availed an overdraft facility, there is no question of regularising the account. Moreover, the respondents have already filed an O.A. before the Debt Recovery Tribunal. Nonetheless, the respondents are ready to permit the petitioner to pay off the outstanding amount in eight instalments. The said submission is recorded.
5. The learned counsel appearing for the petitioner submitted that the petitioner is ready to pay off the outstanding amount in 12 equated monthly instalments.
6. Having considered the pleadings and materials on record and the submission made by the learned counsel appearing for the parties, to provide the petitioner one last opportunity to pay off the loan amount, I am inclined to exercise the powers of this Court under Article 226 of the Constitution of India and dispose of the writ petition.
Resultantly, I dispose of the writ petition in the following manner:
WP(C) NO. 18786 OF 2023 :: 4 ::
(i) The respondents are directed to defer further coercive proceedings pursuant to Ext.P1 notice, to enable the petitioner to pay the outstanding amount in instalments.
(ii) The petitioner is permitted to pay the outstanding amount with future interest and cost to the first respondent - Bank - in ten equated monthly instalments commencing from 9.7.2023.
(iii) Needless to mention, if the petitioner commits default of the condition ordered above, he would lose the benefit of this judgment and the respondents would be at liberty to proceed with recovery proceedings from the stage it presently stands.
(iv) It is made clear that, no further application for modification/ extension of time shall be entertained.
SD/-
C.S.DIAS JUDGE jes WP(C) NO. 18786 OF 2023 :: 5 ::
APPENDIX OF WP(C) 18786/2023 PETITIONER'S EXHIBITS Exhibit P1 THE TRUE COPY OF THE NOTICE UNDER 13(2) OF THE SARFAESI ACT DATED ON 09.02.2022 Exhibit P2 A TRUE COPY OF THE PETITIONER HAS SUBMITTED A REPRESENTATION DATED 08.05.2023 Exhibit P3 A TRUE COPY OF THE REPLY LETTER AGAINST EXT P2 REPRESENTATION ON 17.05.2023 // TRUE COPY // P.S. TO JUDGE