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High CourtsSingle Bench(2023) 07 KL CK 0036

Mohammed Basheer vs Ottapalam Co Operative Urban Bank Ltd

High Court Of Kerala · Decided on 4 July 2023

HON’BLE JUDGES
C.S Dias, J
RESULT
Disposed Of
CASE NUMBER
Writ Petition (C) No. 15098 Of 2023

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Judgment

9 paragraphs · 313 words

C.S Dias, J

1.

This writ petition is filed to direct the respondent to permit the petitioner to pay the outstanding amount in equated monthly instalmenets and close the loan account.

2.

The petitioner’s case is that he had availed financial assistance from the respondent Bank by creating equitable mortgage by deposit of title deeds. Due to reasons beyond his control, he could not pay the instalments on time. The Bank has initiated proceedings against him under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (in short, ‘Act’). The petitioner has to pay the outstanding amount in instalments. Hence, the writ petition.

3.

Heard Sri.Jacob Sebastian, the learned counsel for the petitioner and Sri.Vinod Madhavan, the learned counsel appearing for the respondent.

4.

Sri.Vinod Madhavan, on instructions, submits that the outstanding amount as on today is Rs.1,38,85,000/-. The respondent is willing to permit the petitioner to pay the outstanding amount in ten equal monthly instalments. The said submission is recorded. The petitioner has requested that he may be granted at least 15 instalments to pay the outstanding amount. Resultantly, I dispose of the writ petition in the following manner:

(i) The respondent is directed to defer further coercive proceedings pursuant to Ext.P1 to enable the petitioner to pay the liability in equated monthly instalments as stated above.

(ii) The petitioner is permitted to pay the outstanding amount as stated above with future interest and cost to the respondent – Bank – in 12 equated monthly instalments commencing from 4.8.2023.

(iii) Needless to mention, if the petitioner commits default in any of the conditions ordered above, the petitioner would lose the benefit of this judgment and the respondent 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.