Allowed

Kavitha Haridas v. the Authorized Officer

Kerala HC26 May 2023WP(C)/10981/2023

Case brief

AI extract

What is this about?

The Court disposed of a writ petition filed by a petitioner seeking permission to repay a bank loan in instalments through Article 226. It directed the bank to defer proceedings and allowed the petitioner to pay in ten equated monthly instalments.

What did the court decide?

Directed respondent to defer coercive proceedings and petitioner to pay outstanding amount in ten equated monthly instalments.

Kavitha Haridas Vs the Authorized Officer — Contract and Commercial Disputes | Kerala HC (2023)

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WP(C) No.10981 of 2023

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT

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THE HONOURABLE MR.JUSTICE C.S.DIAS

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FRIDAY, THE 26TH DAY OF MAY 2023 / 5TH JYAISHTA, 1945

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WP(C) NO. 10981 OF 2023

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PETITIONER/S:

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KAVITHA HARIDAS
AGED 45 YEARS
SREE RAM, R.S. OTHERA, KOLLANGODE, PALAKKAD
DISTRICT, PIN - 678506

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BY ADV M.R.SASITH

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RESPONDENT/S:

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THE AUTHORIZED OFFICER

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STATE BANK OF INDIA, RETAIL ASSETS AND SMALL MEDIUM
ENTERPRISES, CITY CREDIT BUILDING, ENGLISH CHURCH
ROAD, PALAKKAD DISTRICT-, PIN - 678001

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BY ADV AMAL GEORGE

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 26.05.2023, THE COURT ON THE SAME DAY DELIVERED THE

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FOLLOWING:

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WP(C) No.10981 of 2023

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C.S DIAS,J.

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WP(C) No.10981 of 2023

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----------------------------Dated this the 26^th day of May, 2023^.

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JUDGMENT

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The writ petition is filed to direct the respondent - Bank - to permit the petitioner to pay off the total

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outstanding amount in equated monthly instalments.

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The petitioner’s case is that she had availed a

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loan from the respondent – Bank - by creating an equitable mortgage. However, due to reasons beyond her control, she could not repay the amount. Now the

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respondent has initiated proceedings under the Securitization and Reconstruction of Financial Assets

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and Enforcement of Security Interest Act. The

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WP(C) No.10981 of 2023

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petitioner is prepared to pay off the outstanding amount

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in equated monthly instalments. Hence, the writ

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petition.

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Heard; Sri.Sasith M.R, the learned counsel

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appearing for the petitioner and Sri.Amal George, the

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learned counsel appearing for the respondent.

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Sri.Amal George, on instructions, submitted that, as on 26.5.2023, an amount of Rs.19,40,064/- is due from the petitioner to the respondent. The respondent is willing to permit the petitioner to pay off the total outstanding amount in seven equated monthly

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instalments. The said submission is recorded.

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The learned counsel appearing for the petitioner submitted that the petitioner is prepared to

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pay off the amount in ten equated monthly instalments.

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WP(C) No.10981 of 2023

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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

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dispose of the writ petition.

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

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(i) The respondent is directed to defer further coercive proceedings pursuant to Ext P1, to enable the

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petitioner to pay off the loan amount.

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(ii) The petitioner is directed to pay the total outstanding amount stated above with interest and cost

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WP(C) No.10981 of 2023

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in ten equated monthly instalments commencing from

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1.6.2023.

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(iii) Needless to mention, if the petitioner commits

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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

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recovery proceedings from the stage it presently stands.

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(iv) It is made clear that, no further application for modification/extension of time shall be entertained.

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sd/-

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sks/26.5.2023 C.S.DIAS, JUDGE

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WP(C) No.10981 of 2023

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APPENDIX OF WP(C) 10981/2023

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PETITIONER EXHIBITS
Exhibit P1THE TRUE COPY OF THE POSSESSION NOTICE
ISSUED BY THE RESPONDENT BANK DATED
03.03.2023

Kavitha Haridas v. the Authorized Officer

Case brief

What is this about?

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Kavitha Haridas v. the Authorized Officer

Case brief

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