Judgment
IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P.
THURSDAY, THE 29TH DAY OF SEPTEMBER 2022 / 7TH ASWINA, 1944 WP(C) NO. 28746 OF 2022 PETITIONER:
1 MUHAMMED SHAMJIDH K AGED 29 YEARS KUNNATH HOUSE P O THIRURKAD POST MALAPPURAM DISTRICT, PIN - 679321 BY ADVS.
C.RAJENDRAN B.K.GOPALAKRISHNAN R.S.SREEVIDYA RESPONDENTS:
1 THE FEDERAL BANK LTD ANGADIPPURAM BRANCH ANGADIPPURAM P O MALAPPURAM REPRESENTED BY THE BRANCH MANAGER, PIN - 673321 2 THE AUTHORISED OFFICER THE FEDERAL BANK LTD ANGADIPPURAM BRANCH HEAD OFFICE AT LCRD KOZHIKODE DIVISION FEDERAL TOWERS ARAYADATHUPALAM MAVOOR ROAD KOZHIKODE, PIN - 673016 BY ADVS.
P.PAULOCHAN ANTONY MOHAN JACOB GEORGE P.V.PARVATHY (P-41) REENA THOMAS NIGI GEORGE THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29.09.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WPC No.28746 of 2022 2 JUDGMENT Dated this the 29th day of September, 2022 The petitioner availed a vehilce loan from the respondent Bank. On default being committed, proceedings are initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act and the vehicle of the petitioner was brought to sale. It is not in dispute that the sale was proposed to be held today (29.09.2022) and the vehicle was actually sold for a sum of Rs.22.40 lakhs upon which the auction purchaser also remitted a Goods and Services Tax (GST) of Rs.2.60 lakhs. However, the possession of the vehicle has not yet been handed over to the auction purchaser.
2.
Faced with this situation, learned counsel for the petitioner states that given two months time from today, the petitioner will clear the entire liability,
WPC No.28746 of 2022 3 which is stated to be Rs.12.24 lakhs as on date.
Learned counsel for the petitioner also states that the vehicle is used by the petitioner for earning his livelihood and the sale of the vehicle will cause serious prejudice to the petitioner.
Having regard to the facts and circumstances of the case, despite the vehement objection of the learned counsel of the respondent Bank, it is directed that the sale of the petitioner's vehicle held today (29.09.2022) shall be cancelled on condition that the petitioner remits a sum of Rs.5 lakhs towards the liability on or before 20.10.2022. The petitioner shall pay the balance amount due in respect of the loan account on or before 25.11.2022. The petitioner shall also pay any accrued interest and costs to the respondent Bank. The vehicle of the petitioner which is currently in the possession of the respondent Bank shall continue to be in possession of the respondent Bank till the amounts are paid as above. If the
WPC No.28746 of 2022 4 petitioner commits any default in payment of any amounts as aforesaid it will be open to the respondent Bank to bring the vehicle for sale afresh.
It will also be open for the respondent Bank to handed over the vehicle to the auction purchaser for amount already fixed.
The writ petition is disposed as above.
Sd/- GOPINATH P.
JUDGE SKP/29-09
WPC No.28746 of 2022 5 APPENDIX OF WP(C) 28746/2022 PETITIONER'S EXHIBITS:
EXHIBIT P1 A TRUE PHOTOCOPY OF THE BANK STATEMENT DATED 12/08/2022 ISSUED BY THE FEDERAL BANK, ANGADIPPURAM BRANCH EXHIBIT P2 A TRUE PHOTOCOPY OF THE INVENTORY BY THE 2ND RESPONDENT DATED 11/08/2022 EXHIBIT P3 THE PANCHNMA OF THE TAKING POSSESSION OF THE VEHICLE BY 2ND RESPONDENT DATED 11/08/2022 EXHIBIT P4 A TRUE PHOTOCOPY OF THE INTIMATION THE SALE OF MOVABLE PROPERTIES TO THE PETITIONER ISSUED BY THE 1ST RESPONDENT DATED 22/08/2022 EXHIBIT5 P5 A TRUE PHOTOCOPY OF THE SALE NOTICE ISSUED BY THE 1ST RESPONDENT DATED 23/08/2022 RESPONDENTS' EXHIBITS: NIL TRUE COPY P.A.TO JUDGE