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. 24836 OF 2022
PETITIONER:
AMRITHA KUMARI,
AGED 58 YEARS,
W/O AYYAPPA RAJAN,
AYYAPPA BHAVAN,
NEAR SIVAN KOVIL,
PUNALUR PO , KOLLAM - 691 305.
BY ADVS.
SHARAN SHAHIER
RAKHY BABY
SONY SOLOMON
RESPONDENT:
THE AUTHORISED OFFICER,
STATE BANK OF INDIA, RASMEC, KOTTARAKKARA,1ST FLOOR
LOTUS TOWER, PULAMON JN, KOTTARAKKARA - 691 531.
BY ADV. SANTHOSH MATHEW
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. 24836 OF 2022
2
JUDGMENT
The petitioner has approached this Court challenging proceedings under the SARFAESI Act which have been initiated by the bank for recovery of the amounts due from the petitioner.
2. During the course of hearing, petitioner has confined the relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan account.
3. It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the overdue amount is Rs.13,50,411/-(Rupees thirteen lakhs fifty thousand four hundred and eleven only). It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent bank is willing to accept repayment of the overdue amount in limited instalments and regularise the loan account.
4. I have heard the learned counsel for the petitioner as well as the learned counsel for the respondent.
5. Having regard to the circumstances of the case and the situation now prevailing, apart from the submissions WP(C) NO. 24836 OF 2022 3 made as recorded above, I am of the view that the petitioner can be granted an opportunity to repay the overdue amount in 12 instalments and thereafter, if the amount so directed is repaid within the time as directed above, 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.13,50,411/-(Rupees thirteen lakhs fifty thousand four hundred and eleven only) along with accrued interest, costs and charges from the petitioner and regularise the loan account of the petitioner on the following conditions: i. The overdue amount of Rs.13,50,411/-(Rupees thirteen lakhs fifty thousand four hundred and eleven only) along with any accrued interest, costs and charges shall be repaid in 12 equated monthly instalments. ii. The first instalment shall be paid on or before 16.09.2022 and the subsequent instalments shall be paid on or before the last working 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.
v. In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.
WP(C) NO. 24836 OF 2022 4 The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE DK WP(C) NO. 24836 OF 2022 5 APPENDIX OF WP(C) 24836/2022 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE DEMAND NOTICE DATED 31.03.2022 ISSUED BY THE RESPONDENT Exhibit P2 A TRUE COPY OF THE POSSESSION NOTICE DATED 24.06.2022 ISSUED BY THE RESPONDENT Exhibit P3 A TRUE COPY OF THE REPRESENTATION DATED 07.05.2022 ISSUED BY THE PETITIONER TO THE RESPONDENT Exhibit P4 A TRUE COPY OF THE NOTICE DATED 13.07.2022 ISSUED BY THE ADVOCATE COMMISSIONER