Ashokan vs Authorised Officer Kerala State Co Operative Bank Sahakarana Shathabdi Mandiram, Kovilakathumpady P.O, Thiruvambady, Thrissur, Pin 680022

C.S.Dias, J

The writ petition is filed to direct the respondents to permit the petitioner to pay off the overdue amount in instalments and to regularise the loan account.

The petitioner's case is that, he had availed a loan from the second respondent bank by creating an equitable mortgage. Due to reasons beyond his control, he could not repay the instalments in time. The respondents are now proceedings against the secured asset under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short 'Act'). The petitioner is now prepared to pay the overdue amount in instalments. Hence, the writ petition.

Heard; Sri.P.M.Habeeb, the learned Counsel appearing for the petitioner and Sri.P.C.Sasidharan, the learned Counsel appearing for the respondents.

Sri.P.C.Sasidharan, on instructions, submitted that as on 31.05.2023 the overdue amount is Rs.24,61,714/-. The respondent is ready to permit the petitioner to pay the outstanding amount in ten instalments. The said submission is recorded.

Sri.P.M.Habeeb, the learned Counsel appearing for the petitioner submitted that the petitioner may be granted twenty instalments to pay the overdue amount.

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:

(i) The respondents are directed to defer further proceedings pursuant to Ext.P1, to enable the petitioner to pay off the overdue amount in instalments.

(ii) The petitioner is permitted to pay the overdue amount as state above with future interest and costs to the respondent bank in twelve equated monthly instalments commencing from 12.07.2023 along with regular EMIs.

(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.