Ramachandran V.G vs Authorized Officer The Thrissur District Co Operative Bank Ltd.

C. S. Dias, J

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

The petitioner’s case is that, he had availed financial assistance from the second respondent – Bank by creating an equitable mortgage by deposit of title deeds. Due to illness, he could not pay the EMIs on time. The respondents have initiated proceedings against the secured asset under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act,2002, and are threatening to take physical possession of the secured asset. The petitioner is willing to pay the overdue amount in instalments and regularise the loan account. Hence, the writ petition.

Heard; Sri. A.N. Sathish Kumar, the learned counsel appearing for the petitioner and Sri. P.C.Sasidharan, the learned standing counsel appearing for the respondents.

Sri. P.C.Sasidharan, on instructions, submitted that the overdue amount as on today is Rs.16,77,079/-. The tenure of the loan is till 2027. The respondents are willing to permit the petitioner to pay off the overdue amount in 10 equated monthly instalments. The said submission is recorded.

The learned counsel appearing for the petitioner submitted that the petitioner may be granted at least 15 equated monthly instalments to pay off the overdue amount.

Having considered the pleadings and materials on record, and in the light of the submission made by the learned counsel appearing for parties, to provide the petitioner one last opportunity, 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 Exts P1 & P3, to enable the petitioner to pay off the overdue amount in instalments.

(ii) The petitioner is permitted to pay the overdue amount as stated above with future interest and cost to the second respondent – Bank in 12 equated monthly instalments commencing from 22.09.2023 along with regular EMIs.

(iii) Needless to mention, if the petitioner commits default in respect of any of the conditions ordered above, he will 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.