Latha Devi M v. The Authorized Officer

BEFORE THE MADURAI BENCH OF MADRAS HIGH COURT DATED : 31.03.2023

CORAM:

THE HONOURABLE MR.JUSTICE R.SUBRAMANIAN and THE HONOURABLE MRS.JUSTICE L.VICTORIA GOWRI and W.M.P.(MD) Nos.6875 & 6876 of 2023 1.M.Latha Devi 2.S.Matchapitchai ... Petitioners -vs1.The Authorized Officer Karur Vysya Bank Asset Recovery Branch R.S.No.170/9 Mattuthavani-Melur Road Near Mattuthavani Bus Stand Mattuthavani, Madurai-625 107 2.The Branch Manager Karur Vysya Bank Aruppukottai, Virudhunagar District 3.Rajkumar 4.Jaya 5.Shanmuga Priya ... Respondents

PRAYER: Petition filed under Article 226 of the Constitution of India, to issue a writ of certiorarified mandamus calling for the records pertaining to the impugned possession notice dated 06.02.2023 issued by the first respondent and quash the same and consequently directing the respondents 1 & 2 to drop all further proceedings pertaining to the impugned possession notice dated 06.02.2023.

For Petitioners :

Mr.R.Aravindan For Respondents :

Mr.V.Sugumar Standing Counsel for R1 & R2

O R D E R

[Order of the Court was made by R.SUBRAMANIAN, J.] Mr.V.Sugumar, learned Standing Counsel, takes notice for the respondent - Bank.

2. Challenge in this writ petition is to the possession notice, dated 06.02.2023, issued by the respondent - Bank, under Section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

3. Learned counsel for the petitioners would submit that in order to show their bona fides, the petitioners have paid a sum of Rs.7,00,000/- (Rupees seven lakhs only) to the respondent - Bank, after the possession notice was issued. The balance amount under the loan account is Rs.10,68,138/-.

4. Considering the fact that the petitioners have paid a substantial amount, we deem it fit to grant sometime to them to liquidate the entire debt. Hence, the writ petition is disposed of with the following directions:

(i) The petitioners shall pay a sum of Rs.4,68,138/- (Rupees four lakhs sixty eight thousand one hundred and thirty eight only) to the respondent - Bank, on or before 25.04.2023.

(ii) On such payment, the respondent - Bank shall defer further action pursuant to the impugned possession notice.

(iii) The balance amount shall be paid by the petitioners in three equated monthly installments commencing

from May, 2023. The monthly instalments shall be paid on or before 25th of every succeeding month. (iv) The interest payable for the interregnum period and cost for publication shall be paid by the petitioners along with the last installment.

(v) The respondent - Bank can proceed further, if there is a default in payment as directed above.

No costs. Consequently, connected miscellaneous petitions are closed. [R.S.M., J.] [L.V.G., J.] 31.03.2023 (2/3) NCC :

Yes / No Index :

Yes / No Internet :

Yes / No krk

R.SUBRAMANIAN , J.

and L.VICTORIA GOWRI , J.

krk and W.M.P.(MD) Nos.6875 & 6876 of 2023 31.03.2023 (2/3)