WP(C)/44300/2023 of SMITHA RAJEEV KUMAR Vs CSB BANK (FORMERLY THE CATHOLIC SYRIAN BANK LTD.) on 29 December 2023

J U D G M E N T

The petitioners are aggrieved by Ext.P3notice, which is issued by the respondent-bankfor taking possession of the secured assets.

2. The learned counsel for the petitionersubmits that as early as in the month ofSeptember-2023, the petitioners approached the respondent-bank seeking the benefit of an OTSScheme. However, the same was not considered.Ultimately, on 27.12.2023, an OTS scheme wasallowed, whereby, the petitioners are warrantedto pay a sum of Rs.40 Lakhs on or before30.12.2023. Having regard to the date on whichthe said decision was taken, i.e., 27.12.2023,the direction to pay the amount within three daysis onerous, according to the learned counsel.3.This writ petition was seriously opposed by the learned Standing Counsel for the

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respondent-bank, Sri.Madhu Radhakrishnan. Adocument dated 27.12.2023 in the nature of anagreement, containing the signature of thepetitioners, is handed over to this Court, basedupon which, learned counsel would submit that thepetitioners have agreed to effect payment ofRs.40 Lakhs within 30.12.2023.

4. Having heard the learned counselappearing on both sides, this Court is of theview that fifteen days' time more can be grantedto the petitioners to effect the first instalmentof Rs.40 Lakhs, which course is adopted based onequitable considerations. As regards the datestipulated for payment of the second instalment,it is clarified that there will not be any changeand the same will remain as 15.03.2024.

Accordingly, this writ petition is disposedof granting the petitioners time upto 15.01.2024for effecting the first instalment of Rs.40 Lakhsin terms of the letter dated 27.12.2023, a copy WP(C) NO. 44300 OF 2023

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of which is hereby handed over to the learnedcounsel for the petitioners. In case, the first instalment in terms of the said letter is noteffected within the extended period, it will be open for the respondent-bank to proceed againstthe petitioners and their assets in accordancewith law.

PR

Sd/-

C. JAYACHANDRAN

JUDGE

APPENDIX OF WP(C) 44300/2023

PETITIONER EXHIBITS

Exhibit-P1

TRUE COPY OF THE S. A. NO. 180 OF 2023WITHOUT THE ANNEXURE FILED BEFORE THE HON'BLE DRT-2 AT ERNAKULAM.

Exhibit-P2

TRUE COPY OF THE RECEIPT OF PAYMENT OFRS. 10,10,000/- (RUPEES TEN LAKHS AND TEN THOUSAND ONLY) ALONG WITH THE COMPROMISE AGREEMENT DATED 16.09.2023

Exhibit-P3

TRUE COPY OF THE LETTER DATED 22.12.2023 ISSUED BY THE RESPONDENT BANK

Exhibit-P4

TRUE COPY OF THE CERSAI SEARCH REPORT OBTAINED BY THE PETITIONERS

Exhibit-P5

TRUE COPY OF THE OTS SANCTION LETTER DATED 27.12.2023 ISSUED BY THE RESPONDENT BANK