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. 24956 OF 2022
AGAINST THE ORDER/JUDGMENTMC 361/2022 OF ADDITIONAL CHIEF JUDICIAL
MAGISTRATE , ERNAKULAM
PETITIONER/S:
1 GOPINATH .C, AGED 62 YEARS
S/O PADMANABHA MENON
ANIZHAM , MARIAMMANKOVIL ROAD ,
THIRUVANKULAM , KANAYANNUR,
BRNAKULAM DISTRICT., PIN - 682305
2 VIJAYALKUMARI.J, AGED 68 YEARS
W/O GOPINATH, ANIZHAM,
MARIAMMANKOVIL ROAD,
THIRUVANKULAM , KANAYANNUR,
ERNAKULANI DISTRICT., PIN - 682305
3 AMMU GOPINATH
AGED 28 YEARS
D/O GOPINATH, ANIZHAM,
MARIAMMANKOVIL ROAD ,
THIRUVANKULAM , KANAYANNUR,
ERNAKULAM DISTRICT., PIN - 682305
BY ADVS.
D.FEROZE
C.J.JIYAS
T.S.KRISHNENDU
PREETI S.
RESPONDENT/S:
AUTHORISED OFFICER
KERALA STATE CO-OPERATIVE BANK,
(ERSTWHILE ERNAKULAM DISTRICT CO-OPERATIVE BANK)
REPRESENTED BY ITS CHIEF MANAGER
ERNAKULAM DISTRICT OFFICE,
KAKKANAD P.O
ERNAKULAM- 682030, PIN - 682030
ADV.N. RAGHU RAJ
ad
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. 24956 OF 2022 2
JUDGMENT
Petitioners have approached this Court, challenging proceedings initiated by the respondent Bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, for recovery of the amounts due from the petitioners.
2. During the course of hearing, petitioners have 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 1st petitioner along with his wife availed a personal loan from the respondent bank and committed default in repayment and the overdue amount is as of now is Rs.21,78,242/- (Rupees twenty one lakhs seventy eight thousand two hundred and forty two only). It is also submitted that the petitioner may be directed to pay some amount in lump-sum. 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 WP(C) NO. 24956 OF 2022 3 regularise the loan account.
4. I have heard the learned counsel for the petitioners 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 made as recorded above, I am of the view that the petitioners can be granted an opportunity to repay the overdue amount in eighteen 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.21,78,242/- (Rupees twenty one lakhs seventy eight thousand two hundred and forty two only) along with bank charges from the petitioners and regularise the loan account of the petitioners in the following manner:-
(i) The petitioners shall pay a lump-sum amount of Rs.2,00,000/- (Rupees two lakhs only) on or before 31.08.2022;
(ii) The balance overdue amount of Rs.19,78,242/- (Rupees Nineteen lakhs seventy eight thousand two hundred and forty two only) with accrued charges and interest shall be repaid in eighteen equated monthly instalments;
(iii) The first instalment shall be paid on or before 15.09.2022 and the subsequent instalments shall be paid on or before the 15th day of each succeeding month; WP(C) NO. 24956 OF 2022 4
(iv) Petitioners shall continue to pay the regular EMI's/instalments along with the instalments directed above;
(v) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law;
(vi) In order to enable the petitioners 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 ajt WP(C) NO. 24956 OF 2022 5 APPENDIX OF WP(C) 24956/2022 PETITIONER EXHIBITS Exhibit I CERTIFIED COPY OF THE ORDER OF THE HON'BLE ADDITIONAL CHIEF JUDICIAL MAGISTRATE (MP/MLA) IN MC NO : 361/2022 .
Exhibit II TRUE COPY OF THE NOTICE DATED 21.07.2022