JUDGMENT
The petitioners had earlier approached this Court by filing W.P.(C) No.22453 of 2021 challenging possession certificate issued by the 2ndrespondent under the SARFAESI Act. This Court by Ext.P1 judgment issued the following directions:-
"i. The petitioners shall deposit an amount of Rs.52,40,000/- with the 1strespondent Bank on or before 25.02.2022.
ii. The balance outstanding amount with interest shall be paid in 12 equal monthly installments commencing from March, 2022, payable on or before 25thof every month.
iii. In case the petitioners fail to make payment of any of the installments as aforesaid, the respondents will be free to proceed against the secured assets of the petitioners, in accordance with law.
iv. In case the petitioners point out any discrepancy with regard to the settlement of accounts, the respondents shall consider the same and give the petitioners appropriate reply. However, I make it clear that the same will not affect the payment of installments directed to be made as aforesaid.
v. To enable the petitioners to make payments as aforesaid, all coercive proceedings shall stand deferred."
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2. Pursuant to the directions in the said judgment, the petitioners remitted six monthly installments. Thereafter, they did not pay the amounts. They have filed this writ petition for direction to respondents 1 and 2 to give them time to repay the balance amount with interest in six equal monthly installments.
3. When the matter came up for admission, this Court passed an interim order staying coercive proceedings against the petitioners on condition that the petitioners deposit an amount of Rs.20 lakhs on or before 31.12.2022 and posted the matter on
03.01.2023.
4. On 03.01.2023, the learned counsel for the petitioners submitted that the petitioners could not deposit the amount of Rs.20 lakhs as directed by this Court and sought further time.
5. On 30.01.2023, the learned counsel for respondents 3 and 4, the guarantors, submitted that
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they have deposited an amount of Rs.15,00,000/- with the Bank on 27.01.2023.
6. When the matter was taken up for consideration on 31.01.2023, the learned counsel for the petitioners as well as the learned counsel for respondents 3 and 4 submitted that the amount of Rs.1,31,25,000/- outstanding in the loan account will be paid in two installments and accordingly the writ petition was posted today for the instructions of the learned Standing Counsel for the 1strespondent.
7. The learned Standing Counsel for the 1st respondent submitted that the original time granted would expire on 25.02.2023 and an amount of Rs.50 lakhs shall be remitted by the petitioners on or before the said date and the balance amount shall be remitted on or before 25.03.2023.
8. The learned counsel for the petitioners and learned counsel for respondents 3 and 4 pray that the petitioners/respondents 3 and 4 may be permitted to
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pay the outstanding amount in two installments and an amount of Rs.40 lakhs will be remitted by them towards 1stinstallment on or before 25.02.2023 and the balance amount will be remitted on or before 25.03.2023.
9. Having heard the learned counsel for the petitioners, the learned counsel for respondents 3 and 4 and the learned Standing Counsel for the Bank, I am of the view that, interest of justice would be met, if the petitioners/respondents 3 and 4 are permitted to pay the amount of Rs.1,31,25,000/- outstanding in the loan account in two installments as follows:-
i) The petitioners/respondents 3 and 4 shall deposit an amount of Rs.40 lakhs with the 1st respondent Bank on or before 25.02.2023. The balance amount with interest shall be paid on or before 25.03.2023.
ii) In case the petitioners fail to make payment of the first installment as aforesaid, the respondents 3 and 4 shall surrender the secured
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assets before the 1strespondent Bank.
10. To enable the petitioners to make payments as aforesaid, all coercive proceedings shall stand deferred. It will be open for the petitioners to approach the 1st respondent with request for waiver of interest, in which event, the 1strespondent Bank may consider such request and pass appropriate orders. The writ petition is disposed of with the above directions.
Sd/-
MURALI PURUSHOTHAMAN
JUDGE
SPR
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APPENDIX
PETITIONER'S EXHIBITS:-
EXHIBIT P1 TRUE COPY OF THE JUDGMENT DATED
23-12-2021 IN W.P.(C) NO.22453/2021
OF HIGH COURT OF KERALA.
RESPONDENTS EXHIBITS: NIL.