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2024 Supreme(Online)(KER) 42320
IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE DINESH KUMAR SINGH MONDAY, THE 7TH DAY OF OCTOBER 2024 / 15TH ASWINA, 1946 WP(C) NO. 34990 OF 2024 PETITIONER:
MURALEEDHARAN.V AGED 57 YEARS S/O VASUDEVAN, THANNIMOOTTIL VEEDU, CHINGELI,PULIPPARA P.O, KADAKKAL, KOLLAM, PIN -
691536 BY ADV A.R.DILEEP RESPONDENTS:
1 INDIAN BANK BRANCH, RUBY TOWERS, KADAKKAL, KOLLAM REPRESENTED BY ITS MANAGER, PIN - 691536
2 CHIEF MANGER/AUTHORISED OFFICER INDIAN BANK, ZONAL OFFICE, INDIAN BANK TOWERS,M.G.ROAD, THIRUVANANTHAPURAM, PIN - 695001 OTHER PRESENT:
SRI. BINOY VASUDEVAN-SC THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 07.10.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
JUDGMENT
(Dated this the 07th day of October, 2024)
The present writ petition has been filed seeking the following reliefs:
“i. issue a writ of certiorari or any other appropriate writ, direction or order calling for the records leading to Ext. P1 &P2 and quash the same, ii. issue a writ of mandamus or any other appropriate writ, direction or order restraining the respondents from taking any coercive measures in furtherance of Ext P1&P2;
iii. issue a writ of mandamus or any other appropriate writ, direction or order directing the respondents to permit the petitioner to regularize the loan account by paying the overdue amount in 24 monthly instalments or within such time as may be fixed by this Honourable Court and to continue to remit the monthly instalments thereafter;
iv. issue a writ of mandamus or any other appropriate writ, direction or order directing to consider Ext. P3 request of the petitioner within such time as may be fixed by this Honourable Court;
v. Issue such other further writ, direction or order as deemed fit and necessary in the circumstances;”
2. The petitioner had obtained a term loan from the respondent Bank for a sum of Rs.16,15,000/- and a cash credit facility of Rs.1,50,000/-. The petitioner had mortgaged his residential property having an extent of 5.26 Ares in Resurvey No.82/8-1 in Kadakkal Village in Kottarakara Taluk.
3. The petitioner has committed default in repaying the loan amounts as per the terms of the loan agreement and therefore, the Bank, after classifying the petitioner’s loan account as NPA, has proceeded against the petitioner under the provisions of the SARFAESI Act and Rules made thereunder to realize its outstanding dues in respect of the loans advanced to the petitioners.
4. The learned counsel for the respondent Bank submits that as of today, the overdue amount is Rs.5,32,000/- and the total outstanding amount is Rs.20,98,954/-. He further submits that if the petitioner makes substantial upfront payment, and remaining overdue amount in few instalments as this Court may fix along with the regular instalments, the Bank shall regularize the loan account of the petitioner for making further payments in terms of the loan agreement.
5. Considering the aforesaid stand of the Bank, the present writ petition is disposed of on the following terms:
i) The petitioner shall pay Rs.1,50,000/- along with one regular instalment on or before 30.10.2024 and the remaining overdue amount in five equal monthly instalments along with the regular instalments.
ii) The 1st instalment is to be paid on or before
15.11.2024 and the remaining four instalments on or before
15th day of each succeeding month.
iii) In case of failure to make payment of Rs.1,50,000/- along with one regular instalment or any other instalments as directed above, the Bank shall be free to proceed further against the petitioner to realize its outstanding dues.
iv) If the petitioner makes payments as directed above, the Bank shall regularize the loan account of the petitioner for making further payments in terms of the loan agreement.
