IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
WEDNESDAY, THE 10TH DAY OF AUGUST 2022 / 19TH SRAVANA, 1944
WP(C) NO. 24854 OF 2022
PETITIONER:
MR. SAMEER,
AGED 42 YEARS
S/O SHOUKATHALI, VALIYATHODIYIIL HOUSE,
KARAMBURATH PARAMBA,
KOLATHARA P.O, KOZHIKODE - 673 655.
BY ADV E.A.BIJUMON
RESPONDENT:
STATE BANK OF INDIA,
ASSET RECOVERY MANAGEMENT BRANCH,
40/947, 1ST FLOOR R S BUILDING, METRO PILLAR NO. 697.
OPP. MAHARAJAS COLLEGE GROUND, M G ROAD,
ERNAKULUM, PIN - 682 011,
REPRESENTED BY THE AUTHORIZED OFFICER.
BY ADV TOM K.THOMAS
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
10.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 24854 OF 2022
2
JUDGMENT
The petitioner has approached this Court being aggrieved by coercive steps taken by the respondent Bank under the provisions of the SARFAESI Act to recover amounts due under facilities extended to the petitioner.
2. When the matter is taken up for consideration today, it is the submission of the learned Standing Counsel appearing for the respondent Bank that the petitioner offered a sum of Rs.2 Crores towards full and final settlement of a liability of approximately Rs.3.65 Crores. It is submitted that the proposal was not acceptable to the Bank and a communication dated 08.08.2022 has been issued to the petitioner requesting the petitioner to improve the offer and also to remit 5% of the amount offered towards the loan liability as a condition for forwarding the proposal for consideration of the competent authority of the Bank. It is submitted that the Bank normally insists for payment of 5% of the One Time Settlement amount proposed and this condition cannot be waived in the case of the petitioner.
WP(C) NO. 24854 OF 2022 3
3. The learned counsel for the petitioner states that the petitioner will improve the offer for One Time Settlement and the same may be directed to be considered by the competent authority of the respondent Bank.
4. Having regard to the facts and circumstances of the case and taking into account the submissions made by either side, it is directed that the petitioner will make a fresh offer for One Time Settlement taking into account the contents of the communication dated 08.08.2022, which has been issued to the petitioner. If the petitioner makes such proposal along with a payment of Rs.10,00,000/-(Rupees ten lakhs only) towards the loan liability (which shall be paid into the account mentioned in the communication dated 08.08.2022), the competent authority of the respondent Bank shall take a decision on the proposal after affording an opportunity of hearing to the petitioner. The further coercive steps against the petitioner shall be kept in abeyance till a decision is taken on the proposal for One Time Settlement to be submitted by the petitioner, as above. This benefit will be available only if the petitioner submits a fresh proposal for One Time Settlement together with a payment of Rs.10,00,000/- (Rupees ten lakhs only) within a period of ten days from today. WP(C) NO. 24854 OF 2022 4 The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE DK WP(C) NO. 24854 OF 2022 5 APPENDIX OF WP(C) 24854/2022 PETITIONER EXHIBITS Exhibit1 TRUE COPY OF THE SECTION 13 (2) NOTICE DATED 03.08.2021 Exhibit2 TRUE COPY OF THE RULE 8(1) NOTICE ISSUED BY THE RESPONDENT BANK DATED 27.12.2021. Exhibit3 TRUE COPY OF THE ADVOCATE COMMISSIONER NOTICE DATED 20.07.2022.