Kerala High Court
WP(C)/12817/2025 of ABDUL RASHEED P.B., Vs FEDERAL BANK on 27 March 2025
12817 OF 2025 1 2025:KER:26524 IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. THURSDAY, THE 27TH DAY OF MARCH 2025 / 6TH CHAITHRA, 1947 WP(C) NO. 12817 OF 2025 PETITIONER: ABDUL RASHEED P.B., AGED 66 YEARS S/O. BEERU, AGED 66 YEARS, 216, PONAKUZHI HOUSE,
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
THURSDAY, THE 27TH DAY OF MARCH 2025 / 6TH CHAITHRA, 1947
WP(C) NO. 12817 OF 2025
PETITIONER:
ABDUL RASHEED P.B.,
AGED 66 YEARS
S/O. BEERU, AGED 66 YEARS, 216, PONAKUZHI HOUSE, PORI
BAZAR, SN PURAM, ALA, KOTHAPRAMBA, THRISSUR, PIN - 680668
BY ADV MUHAMMED ANEES
RESPONDENTS:
FEDERAL BANK
, REPRESENTED BY ITS MANAGER EKS COMPLEX, MOONNUPEEDIKA, THRISSUR, PIN - 680681
THE AVP AND AUTHORIZED OFFICER
THE FEDERAL BANK LTD, LRCD DIVISION, 1ST FLOOR, CHENCHERY TOWER, OLLUR, THRISSUR, PIN - 680306
SRI. P.PAULOCHAN ANTONY, SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
27.03.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
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JUDGMENT
This is the second round of litigation at the instance of the petitioner challenging the proceedings initiated against the petitioner under the provisions of the SARFAESI Act to recover the amounts due under the credit facilities availed by the petitioner from the respondent Bank in the year 2019. The earlier writ petition filed by the petitioner as W.P.(C) No. 39316/2024 was disposed of by Ext.P3 judgment, permitting the petitioner to pay off the then overdue amount in instalments.
2. The learned counsel appearing for the respondent Bank submits that despite this Court extending very reasonable terms of repayment to the petitioner, he failed to comply with the terms of the judgment. It is submitted that the outstanding amount as on 27.03.2025 is Rs.63,46,000/- (Rupees Sixty three lakhs forty six thousand only). It is submitted that when the bank attempted to take physical possession of the secured asset, the petitioner paid a sum of Rs.2,00,000/- towards the loan liability. It is submitted that notwithstanding the above, purely as a matter of indulgence if the petitioner pays a sum of Rs.5,00,000/- immediately, any application that may be filed by the petitioner for One Time Settlement can be considered by the respondent Bank.
3. The learned counsel appearing for the petitioner submits that the petitioner will remit a sum of Rs.5,00,000 by 05.04.2025 and will also make an application for One Time Settlement.
4. Having heard the learned counsel for the petitioner and the learned counsel for the respondent Bank as above, this Writ Petition will stand disposed of directing that if the petitioner pays an amount of Rs.5,00,000/- by 05.04.2025 and makes an application for One Time Settlement, the application for One Time Settlement shall be considered by the Competent Authority of the respondent Bank. Till a decision is taken on the application for One Time Settlement, further proceedings under the SARFAESI Act all remain suspended. If the petitioner is granted One Time Settlement, he will duly comply with the terms of One Time Settlement. If the petitioner does not pay the amount of Rs.5,00,000/- by 05.04.2025, it will be opened to the respondent Bank to continue with the proceedings initiated against the petitioner Sd/-GOPINATH P. JUDGE lsn
APPENDIX OF WP(C) 12817/2025
PETITIONER EXHIBITS
Exhibit P1 THE TRUE COPY OF THE POSSESSION NOTICE DATED 11.10.2023 ISSUED BY THE 2ND RESPONDENT
Exhibit P2 THE TRUE COPY OF THE NOTICE DATED 01.10.2024 IN CRL.M.C NO.29/2024 ON THE FILES OF CHIEF JUDICIAL MAGISTRATE COURT, THRISSUR
Exhibit P3 THE TRUE COPY OF THE JUDGEMENT OF THIS HONORABLE COURT IN WP (C) NO. 39316 OF 2024 DATED 12.11.2024
Exhibit P4 THE TRUE COPY OF THE STATEMENT OF ACCOUNTS ISSUED TO THE PETITIONER BY THE 1ST RESPONDENT