IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
THURSDAY, THE 25TH DAY OF AUGUST 2022 / 3RD BHADRA, 1944
WP(C) NO. 26623 OF 2022
PETITIONER/S:
1 VIMESH KUMAR
AGED 39 YEARS
S/O VASU
VIMAS (H), KOTOOR P.O
KOZHIKODE -, PIN - 673614
2 SUDARSH LAL
AGED 29 YEARS
S/O VASU
VIMAS (H), KOTOOR P.O
KOZHIKODE -, PIN - 673614
3 SANMAYANATH
AGED 26 YEARS
S/O VASU
VIMAS (H), KOTOOR P.O
KOZHIKODE - , PIN - 673614
BY ADVS.
SHARAN SHAHIER
RAKHY BABY
SONY SOLOMON
RESPONDENT/S:
THE AUTHORISED OFFICER,
KERALA STATE CO-OPERATIVE BANK ,
REGIONAL OFFICE KOZHIKODE,
P.B NO. 503, KALLAY ROAD , CHALAPURAM P.O
KOZHIKODE PIN -
, PIN - 673002
BY ADV SRI.P.C.SASIDHARAN, SC, KOZHIKODE DISTRICT CO-
OPERATIVE BANK
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
25.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P(C) .26623/22 2
JUDGMENT
Petitioners have 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 Securitisation Act) for recovery of the amount due upon an overdraft facility availed by the petitioners from the respondent bank.
2. During the course of hearing, petitioners have confined the relief to an opportunity for repaying the outstanding amount in instalments.
3. It was submitted on behalf of the respondent bank that the petitioners committed default in repayment and the outstanding amount is Rs.25,44,103/- as on 19.8.2022. 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.
4. I have heard the learned counsel for the petitioners as well as the learned Standing Counsel for the respondent Bank.
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 outstanding amount in fifteen (15) instalments.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount mentioned above along W.P(C) .26623/22 3 with bank charges from the petitioners on the following conditions:
(i) Petitioners shall discharge the liabilities to the respondent bank by paying the entire outstanding amount mentioned above together with any accrued interest/costs in fifteen (15) equated monthly instalments commencing from 16.9. 2022.
(ii) Petitioners shall pay the subsequent instalments 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 petitioners to repay the entire amount, all coercive proceedings shall be kept in abeyance.
It is made clear that notwithstanding the directions contained in the judgment, it will always be open to the petitioners to seek One Time Settlement and if such One Time Settlement is granted by the respondent bank, the petitioners will be governed by the terms of that settlement and not by the terms of this judgment.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE
okb/
//True copy// P.S. to Judge
W.P(C) .26623/22 4
APPENDIX OF WP(C) 26623/2022
petitionersEXHIBITS
Exhibit P1 A TRUE COPY OF THE POSSESSION NOTICE DATED
25.07.2022
Exhibit2 A COPY OF THE PAPER PUBLICATION DATED
31/7/2022 IN DESHABHIMANI DAILY