JUDGMENT

This writ petition is filed by the petitioner seeking the following reliefs:

(i) Set aside the Exhibit P1 notice issued by Advocate Commissioner.

(ii) Issue a direction commanding the respondents to keep in abeyance all further proceedings in pursuance of Exhibit P1.

(iii) Issue a writ of mandamus or such other writ or order directing the respondents to permit the petitioner to remit the outstanding loan amount in installments and to restructure the loan account of petitioner.

(iv) Issue such other writ, order or direction as this Hon'ble Court may deem fit and proper in the circumstances of the case and in the interest of justice.

2. The subject issue arises under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, and the writ petition is filed basically for the reason that the Debt Recovery Tribunal, Kochi Bench, is not sitting. Admittedly, under the OD facility enjoyed by the petitioner, an amount of Rs.53,07,341/- is remaining due from the petitioner. It is also evident from the pleadings and documents that already an Advocate Commissioner, appointed by the Chief Judicial Magistrate, has issued notice to take possession of the property.

3. Whatever that be, learned Standing Counsel for bank –

Sri.Devaprasanth.J., submitted that if the petitioner is making a payment of Rs.10,00,000/- on or before 31.1.2022 and the balance amount in equated monthly installments, the bank would not proceed further on the basis of the possession notice issued by the Advocate Commissioner.

4. Learned counsel for petitioner at that point of time submitted that the petitioner is prepared to pay Rs.10,00,000/- on or before 31.1.2022 but the installments for the payment of the balance amount may be raised to 10.

In that view of the matter and taking into account the present pandemic situation and other economical difficulties faced by the public at large, the writ petition is disposed of, directing the petitioner to pay an amount of Rs.10,00,000/- (Rupees Ten lakhs only) on or before 31.1.2022 and the balance due along with interest and cost, in 10 equated monthly installments, starting from 15.2.2022. I make it clear that if any of the amount as directed above is not paid by the petitioner, the bank will be at liberty to proceed to take possession of the property.