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. 9561 OF 2022
PETITIONER:
1 SAREENA.B.P.,
AGED 42 YEARS
W/O.ABDUL AZEEZ CEERAKATH, FATHIMA MANZIL, C.H.NAGAR,
SREEKANDAPURAM P.O., SREEKANDAPURAM AMSOM, TALIPARAMBA
TALUK, KANNUR DISTRICT-670 631.
BY ADVS.
V.T.MADHAVANUNNI
V.A.SATHEESH
ANAND V.S
RESPONDENTS:
1 STATE BANK OF INDIA,
SREEKANDAPURAM BRANCH, SREEKANDAPURAM P.O., TALIPARAMBA
TALUK, KANNUR DISTRICT-670 631, REPRESENTED BY ITS BRANCH
MANAGER.
2 THE AUTHORIZED OFFICER/CHIEF MANAGER,
RACC SREEKANDAPURAM, STATE BANK OF INDIA, SREEKANDAPURAM
P.O., TALIPARAMBA TALUK, KANNUR DISTRICT-670 631.
BY ADVS.
G.G.MANOJ
S.SARATH PRASAD
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
10.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WPC NO.9561 OF 2022
2
JUDGMENT
Dated this the 10th day of August, 2022 The petitioner has approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as the SARFAESI Act) for recovery of the amounts due upon three separate loans availed by the petitioner from the respondent bank; one is stated to be a housing loan and two other loans are stated to be ordinary loans secured by way of mortgage. The learned counsel appearing for the petitioner states that the petitioner may be given an opportunity to clear the entire liability in instalments as the regularization of the account is not possible.
2. The learned counsel for the respondent bank has no objection to reasonable opportunity WPC NO.9561 OF 2022 3 being given to the petitioner to clear the liability. It is stated that as on today the total amount due from the petitioner is Rs.36,52,794/- (Rupees Thirty six lakh fifty two thousand seven hundred ninety four 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 outstanding amount in limited instalments.
3. I have heard the learned counsel for the petitioner as well as the learned Standing Counsel for the respondents.
4. Having regard to the circumstances of the case and the situation now prevailing, apart from the submissions made as recorded above, I am of the view that the petitioner can be granted an opportunity to repay the outstanding amount in twenty (20) instalments.
5. Accordingly, there will be a direction to the WPC NO.9561 OF 2022 4 respondent bank to accept repayment of the entire outstanding amount of Rs.36,52,794/- (Rupees Thirty six lakh fifty two thousand seven hundred ninety four only) along with bank charges from the petitioner on the following conditions:
(i) The outstanding amount of Rs.36,52,794/- (Rupees Thirty six lakh fifty two thousand seven hundred ninety four only) together with any accrued interest/costs shall be repaid in twenty (20) equated monthly instalments
(ii) The first instalment shall be paid on or before 30.08.2022 and subsequent instalments shall be paid on or before the last working day of every succeeding month.
(iii) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.
(iv) In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall WPC NO.9561 OF 2022 5 be kept in abeyance.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE SKP/10-8 WPC NO.9561 OF 2022 6 APPENDIX OF WP(C) 9561/2022 PETITIONER'S EXHIBITS:
EXHIBIT P1 TRUE COPY OF THE NOTICE ISSUED BY THE RESPONDENT NO.1 TO THE PETITIONER UNDER SECTION 13(2) OF SARFAESI ACT DATED 03.02.2022. RESPONDENTS' EXHIBITS: NIL TRUE COPY P.A.TO JUDGE