IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 4052 of 2010(F)
1. T.V.BABY, THUKALIL VADAKKAN HOUSE,
... Petitioner
Vs
1. THE INDIAN OVERSEAS BANK, REPRESENTED BY
... Respondent
2. THE MANAGER INDIAN OVERSEAS BANK
For Petitioner :SRI.T.C.SURESH MENON
For Respondent : No Appearance
The Hon'ble MR. Justice P.R.RAMACHANDRA MENON
Dated :18/02/2010
O R D E R
P.R RAMACHANDRA MENON, J.
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W.P (C) No.4052 of 2010
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Dated this the 18th February, 2010
J U D G M E N T
The case of the petitioner is that he had availed a
loan from the respondent Bank; but because of some
unforeseen circumstances, he could not make the
repayments on time. When the petitioner turned to be a
defaulter, the respondent declared the account of the
petitioner as NPA and proceeded under the SARFEASI
Act, which forms the subject matter of challenge in this
writ petition.
2. The learned counsel for the petitioner submits
that the petitioner might be permitted to clear the
‘overdue amount’, providing some breathing time and to
have the loan account regularised/rescheduled.
3. The learned counsel appearing on behalf of the
respondents Bank, on instructions, submits that the
averments in the writ petition are not fully correct, in so
far as the petitioner was provided with the CC facility to
the tune of Rs.3 lakhs and when he became a chronic
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defaulter necessitating payment of Rs.1.5 lakhs towards the
‘overdue amount’ itself, considering his request, the Bank
rescheduled the loan by extending a ‘term loan’ to the
extent of Rs.1.5 lakhs. Despite the steps as above, the
petitioner did not choose to repay the due amount on time
and he continued to be a defaulter, under both the loans.
4. It is stated that the total outstanding liability of
the petitioner will come around Rs.5.24 lakhs and that the
‘overdue amount’ itself will come nearly Rs.2.5 lakhs.
Unless and until the entire ‘overdue amount’ is cleared
forthwith, the question of rescheduling the loan is not
liable to be entertained, submits the learned counsel.
` 5. After hearing both the sides, this Court finds
that one more opportunity can be given to the petitioner to
have his loan account regularised; particularly in the light
of the submissions made by the learned counsel for the
Bank, providing a helping hand from the part of the Bank.
6. In the above circumstances, the petitioner is
directed to clear the entire ‘overdue amount’ by way of
‘two’ equal monthly instalments, the first of which shall be
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effected on or before 27.02.2010 and the remaining one
on or before 31.03.2010. Subject to the above, CC
account of the petitioner will stand regularised . It is also
made clear that, if any default is committed by the
petitioner in satisfying the overdue amount as above, the
respondents will be at liberty to proceed with further for
realisation of the entire outstanding liability in a lump
sum.
The Writ Petition is disposed of as above.
P.R RAMACHANDRA MENON
JUDGE
ma
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