Shini Raju v. The Authorized Officer - Kerala High Court, 27 Jul 2023

Judgment

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR.JUSTICE C.S.DIAS THURSDAY, THE 27TH DAY OF JULY 2023 / 5TH SRAVANA, 1945 WP(C) NO. 19539 OF 2023 PETITIONER:

SHINI RAJU, AGED 54 YEARS BINOY BHAVAN, NEDUMPANA VILLAGE, NALLILA.P.O, REPRESENTED BY POWER OF ATTORNEY HOLDER, JUSTIN RAJU, S/O. RAJU THOMAS, AGED 27 YEARS, BENOY BHAVAN, NEDUMPANA VILLAGE, NALLILA.P.O, KOLLAM TALUK, KOLLAM DISTRICT., PIN - 691515 BY ADVS.

BINU GEORGE HEMALATHA AMANTA MATHEW RESPONDENTS:

1 THE AUTHORIZED OFFICER, STATE BANK OF INDIA, RASMEC, KOTTARAKKARA, KOLLAM DISTRICT., PIN - 691506 2 THE BRANCH MANAGER, STATE BANK OF INDIA, KUNDARA BRANCH, HOSPITAL JN., KOLLAM DISTRICT, PIN - 691 501., PIN - 691501 OTHER PRESENT:

SRI JAWAHAR JOSE THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27.07.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

WP(C) NO. 19539 OF 2023 2 Dated this the 27th day of July, 2023 JUDGMENT The writ petition is filed to direct the respondents to permit the petitioner to pay the outstanding amount in equated monthly instalments and close the loan account.

The petitioner’s case is that, she along with her husband had availed cash credit facility from the second respondent – Bank - by creating an equitable mortgage by deposit of title deeds. Due to reasons beyond their control, they could not pay the instalments on time. The Bank has now proceeded against the secured asset under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (in short, ‘Act’) and is threatening to take physical possession of the property. The petitioner is ready to pay the outstanding amount in equated monthly

WP(C) NO. 19539 OF 2023 3 instalments and close the loan account. Hence, the writ petition.

Heard; Sri. Binu George, the learned counsel appearing for the petitioner and Sri.Jawahar Jose, the learned counsel appearing for the respondents.

Sri.Jawahar Jose, on instructions, submitted that the outstanding amount as on 16.6.2023 is Rs.25,39,027/-. The respondents are willing to permit the petitioner to pay off the outstanding amount in ten equated monthly instalments. The said submission is recorded.

The learned counsel appearing for the petitioner submitted that the petitioner is ready to accept the above offer.

Having considered the pleadings and materials on record, the submissions made by the learned counsel appearing for the parties, the consensus arrived at

WP(C) NO. 19539 OF 2023 4 between the parties and to provide the petitioner one last opportunity to clear off the liability, I am inclined to exercise the powers of this Court under Article 226 of the Constitution of India and entertain the writ petition.

Resultantly, I dispose of the writ petition in the following manner:

(i) The respondents are directed to defer further coercive proceedings pursuant to Ext.P4, to enable the petitioner to pay the outstanding amount in equated monthly instalments as stated below.

(ii) The petitioner is permitted to pay the outstanding amount as stated above with future interest and cost to the second respondent – Bank – in ten equated monthly instalments commencing from 27.8.2023.

(iii) Needless to mention, if the petitioner commits default of the condition ordered above, the petitioner

WP(C) NO. 19539 OF 2023 5 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.

rmm27/7/2023 C.S.DIAS, JUDGE

Exhibit P2 A TRUE COPY OF GST REGISTRATION CERTIFICATE DATED 21.09.2007 ISSUED BY GOVT. OF INDIA Exhibit P3 A TRUE COPY OF NOTICE DATED 01.03.2023 UNDER SECTION 13(2) OF SARFAESI ACT Exhibit P4 A TRUE COPY OF POSSESSION NOTICE ISSUED BY RESPONDENT BANK.