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. 21123 OF 2022
PETITIONER:
K. MOHANAN
AGED 69 YEARS
S/O.K.NARAYANAN, KUNNANCHATH (H), CHUDUVALATHUR,
SHORNUR, PALAKKAD DISTRICT, PIN - 679 121.
BY ADV K.N.ABHILASH
RESPONDENTS:
1 THE STATE BANK OF INDIA
REPRESENTED BY ITS BRANCH MANAGER, SHORNUR BRANCH,
PALAKKAD DISTRICT, PIN - 679 121.
2 THE AUTHORIZED OFFICER
THE STATE BANK OF INDIA, ASSET RECOVERY MANAGEMENT
BRANCH, R.S.BUILDING, M.G.ROAD, ERNAKULAM DISTRICT, PIN
- 682 011.
BY ADVS.
BINDUMOL JOSEPH
SRIVIDYA K
M.V.RAHUL
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
10.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P (C) No.21123/2022 -2-
JUDGMENT
This writ petition has been filed challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act.
2. The learned counsel for the respondent bank states that the present writ petition is filed by one of the guarantors. It is submitted that though the original borrower had been granted the time to pay off the overdue amounts and to regularise the loan account through directions issued in W.P (C) No.8566/2022, not a single installment was paid and therefore the petitioner who is guarantor is not entitled any relief. It was also submitted that the overdue amount is Rs.13,31,033/- as on 05-08-2022.
3. Learned counsel for the petitioner submits that the petitioner has already complied with the interim direction issued and has remitted an amount Rs.2,00,000/- towards the loan liability. He submits that if a reasonable opportunity is granted, the overdue amount will also be remitted in stallments.
4. I have heard the learned counsel for the petitioner as well as the learned Standing Counsel for the respondent Bank.
5. Having regard to the facts and circumstances of the case and the situation now prevailing, apart from the submissions made as recorded above and also taking into account the fact that the petitioner has undertaken to clear off the overdue amount along with regular EMIs, I am of the view that the petitioner can be granted an opportunity to clear off the overdue amount in twelve (12) equal monthly instalments first of which shall be paid on or before 31-08-2022 and W.P (C) No.21123/2022 -3- 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.13,31,033/- along with bank charges from the petitioner and regularise the loan account on the following conditions:
(i) The petitioner/borrower will pay the overdue amount of Rs.13,31,033/- together with any accrued interest and charges shall be repaid in twelve equated monthly instalments.
(ii) The first instalment shall be paid on or before 31-08-2022 and the subsequent instalments shall be paid on the last working day of every succeeding month.
(iii) Petitioner/Borrower 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.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE AMG W.P (C) No.21123/2022 -4- APPENDIX OF WP(C) 21123/2022 PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE POSSESSION NOTICE PUBLISHED IN MATHRUBHUMI NEWS DAILY DATED 18/06/2022.