IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE ZIYAD RAHMAN A.A.
TUESDAY, THE 26TH DAY OF APRIL 2022 / 6TH VAISAKHA, 1944
WP(C) NO. 13812 OF 2022
PETITIONER:
CHACKO
AGED 60 YEARS
S/O.GEORGE,
KAITHAMANGALATH HOUSE,
CHALAMPADAM P.O.,
MULAYAM, THRISSUR - 680 751.
BY ADVS.
JOHNSON JOSE PANJIKKARAN
RIMJU P.H.
RESPONDENTS:
1 THE AUTHORISED OFFICER,
KERALA STATE CO-OPERATIVE BANK LTD
KOVILAKATHUMPADAM, THIRUVAMBADY P.O.,
THRISSUR - 680 022.
(ERSTWHILE THRISSUR DISTRICT CO-OPERATIVE BANK)
2 BRANCH MANAGER,
PATTIKKADU BRANCH
KERALA STATE CO-OPERATIVE BANK LTD.,
PATTIKKADU - 680 652.
(ERSTWHILE THRISSUR DISTRICT CO-OPERATIVE BANK)
ADV.P.C.SASIDHARAN, SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 26.04.2022, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
WP(C) NO.13812 of 2022
2
ZIYAD RAHMAN A.A., J
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W.P.(C) No.13812 of 2022
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Dated this the 26 th day of April, 2022
JUDGMENT
Petitioner is a guarantor to a loan from the respondent Bank and the same has now been defaulted. Ext.P1 is the possession notice issued under Section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
2. During the course of the hearing, petitioner sought for an opportunity to repay the entire overdue amount in instalments and to obtain regularisation of the loan account.
3. I have heard Sri.Johnson Jose Panjikkaran, the learned counsel for the petitioner as well as Sri.P.C.Sasidharan, the learned Standing Counsel for the respondent.
4. The learned Standing Counsel, upon instructions, submitted that the total overdue amount is Rs.7,03,423/- and the respondent Bank is willing to accept repayment of the overdue amount in limited instalments and to regularise the loan account.
WP(C) NO.13812 of 2022 3
5. Considering the facts and circumstances of the case, I am of the view that this writ petition itself can be disposed of, permitting the petitioner to pay the entire overdue amount of Rs.7,03,423/- in '10' equated monthly instalments and to have the loan account regularised.
6. Accordingly, there will be a direction to the respondent-
Bank to accept repayment of the entire overdue amount of Rs.7,03,423/- along with bank charges and to regularise the loan account of the petitioner on the following conditions:
(i). The overdue amount of Rs.7,03,423/- along with bank charges shall be repaid in '10' equated monthly instalments.
(ii). The first instalment shall be paid on or before 30.05.2022 and the remaining instalments shall be paid on or before the 30th day of every succeeding month.
(iii). Petitioner shall continue to pay the regular EMI's along with the instalments directed above.
(iv). In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.
WP(C) NO.13812 of 2022 4
(v) In order to enable the petitioner to repay the entire amounts, all coercive proceedings initiated against the petitioner shall be kept in abeyance. The writ petition is disposed of.
Sd/-
ZIYAD RAHMAN A.A., JUDGE AMV/26/04/2022 WP(C) NO.13812 of 2022 5 APPENDIX PETITIONERS EXHIBITS :
EXT.P1 COPY OF 13(4) NOTICE DATED 23.03.2022 PUBLISHED IN MALAYALA MANORAMA DAILY.
RESPONDENTS EXHIBITS : NIL TRUE COPY