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. 27391 OF 2022
PETITIONERS:
1 SRI. ISMAIL P R.,
AGED 65 YEARS,
S/O ABDUL RAZACK , VELUTHEDATHUKUDIYIL HOUSE,
PALLIKKUDATHIL, MUVATTUPUZHA, PIN-686 661.
2 SMT. THAHIRA ISMAIL,
AGED 55 YEARS,
W/O ISMAIL P R, VELUTHEDATHUKUDIYIL HOUSE,
PALLIKKUDATHIL, MUVATTUPUZHA, PIN-686 661.
3 SRI. AYOOB P H,
AGED 45 YEARS,
S/O KASIM RAWTHER, ASHRAMATHAZHATHU PUTHEN PURA
(AYINA MANZIL), KIZHAKKEKARA, MUVATTUPUZHA, PIN-686 661.
BY ADVS.
ANOOP ELIAS
T.A MOHAMED SAGEER
C.J.LIZY
RESPONDENT:
KERALA STATE CO-OPERATIVE BANK LTD.,
MUVATTUPUZHA TOWN BRANH,
21/213/C, V S TOWERS BUIDING, KACHERETHAZHAM,
MUVATTUPUZHA, ERNAKULAM DISRICT- PIN 686661
REPRESENTED BY AUTHORISED OFFICER.
BY ADV SRI.N.RAGHURAJ, SC, ERNAKULAM DISTRICT CO-
OPERATIVE BANK LTD.
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
25.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 27391 OF 2022
2
JUDGMENT
Petitioners have approached this Court challenging proceedings under the SARFAESI Act which have been initiated by the bank for recovery of the amounts due from the petitioners.
3. It was submitted on behalf of the respondent bank that the petitioners committed default in repayment and the outstanding amount is Rs.62,62,343/-(Rupees sixty two lakhs sixty two thousand three hundred and forty three 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.
4. I have heard the learned counsel for the petitioners as well as the learned Standing 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 outstanding amount on condition that Rs.5,00,000/- (Rupees five lakhs only) shall be paid on or before 15.09.2022 and the balance amount shall be paid in 12 equal monthly instalments, the first of which shall be WP(C) NO. 27391 OF 2022 3 paid on or before 14.10.2022 and the subsequent instalments shall be paid on the last working day of every succeeding month.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the outstanding amount of Rs.62,62,343/-(Rupees sixty two lakhs sixty two thousand three hundred and forty three only) along with accrued interest, costs and charges from the petitioners on the following conditions:
(i)Petitioners shall pay a sum of Rs.5,00,000/- (Rupees five lakhs only) on or before 15.09.2022; balance outstanding amount along with any accrued interest, costs and charges shall be repaid in 12 equal monthly instalments.
(ii)The first instalment shall be paid on or before 14.10.2022 and the 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 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 DK WP(C) NO. 27391 OF 2022 4 APPENDIX OF WP(C) 27391/2022 PETITIONER EXHIBITS Exhibit1 POSSESSION NOTICE DATED 14-01-2022 ISSUED BY THE RESPONDENT U/S 13(4) OF SARFAESI ACT TO THE PETITIONERS Exhibit2 NOTICE DATED 08-08-2022 ISSUED TO THE PETITIONERS BY ADVOCATE - COMMISSIONER Exhibit3 ONLINE SEARCH REPORT DATED 20/08/2022 OBTAINED FROM THE WEBSITE OF CERSAI