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. 24625 OF 2022
PETITIONERS:
1 SAJEED ALIYARUKUTTY
PROPRIETOR,M/S.MADEENA USED CARS,
NANGYARKULANGARA, ALAPPUZHA,PIN - 690 513.
RESIDING AT SAFEER MANZIL, PALLIPPATTUMURI,
THRIKKUNNAPUZHA P.O, ALAPPUZHA., PIN - 690 515.
2 SUBAIDA SAJEED,
AGED 43 YEARS
SAFEER MANZIL, PALLIPPATTUMURI,
THRIKKUNNAPUZHA P.O, ALAPPUZHA, PIN - 690 515.
BY ADV K.K.SATHISH
RESPONDENTS:
1 M/S.SOUTH INDIAN BANK LTD.
KARTHIKAPALLY BRANCH,
ST.THOMAS ORTHODOX CATHEDRAL BUILDING,
KARTHIKAPALLY P.O, ALAPPUZHA DT., PIN - 690 516
REPRESENTED BY ITS MANAGER
2 THE SOUTH INDIAN BANK LTD.
REGIONAL OFFICE, THIRUVALLA P.O,
PATHANAMTHITTA DT., PIN - 689 101.
REPRESENTED BY ITS CHIEF MANAGER
BY ADVS.
SUNIL SANKAR.P.
Sunil Shankar A
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) No.24625/2022
-:2:-
JUDGMENT
Petitioner has approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) for recovery of the amounts due upon a loan availed by the petitioner.
2. During the course of hearing, petitioner has confined the relief to an opportunity for repaying the outstanding amount in installments.
3. It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the outstanding amount is Rs.35,02,195/- (Thirty Five Lakhs Two Thousand One Hundred and Ninety Five 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 installments.
4. I have heard Adv.K.K.Sathish, learned counsel for the petitioner as well as Adv.Sunil Shankar, the learned counsel for the respondents.
W.P.(C) No.24625/2022 -:3:-
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 petitioner can be granted an opportunity to repay the outstanding amount in 15 installments.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.35,02,195/- (Thirty Five Lakhs Two Thousand One Hundred and Ninety Five Only) along with bank charges from the petitioner on the following conditions:
(i) The outstanding amount of Rs.35,02,195/- (Thirty Five Lakhs Two Thousand One Hundred and Ninety Five Only) together with any accrued interest/cost shall be repaid in 15 equated monthly installments.
(ii) The first installment shall be paid on or before 16-09-2022. The subsequent installments shall be paid on or before the last working day of the succeeding months W.P.(C) No.24625/2022 -:4:-
(iii) In the event of default of any one installment, 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 be kept in abeyance.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE ats W.P.(C) No.24625/2022 -:5:- APPENDIX OF WP(C) 24625/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE ACCIDENT REGISTER-CUM-WOUND CERTIFICATE ISSUED BY THE KARUVATTA POLICE STATION DATED 23-3-2018.
Exhibit P2 TRUE COPY OF THE MEDICAL CERTIFICATE ISSUED BY THE DEPARTMENT OF ORTHOPAEDICS, PUSHPAGIRI MEDICAL COLLEGE HOSPITAL, THIRUVALLA DATED 11-12-2017 Exhibit P3 TRUE COPY OF THAT DEMAND NOTICE DATED 3-3-2020 ISSUED ON BEHALF OF THE 1ST RESPONDENT BANK TO THE PETITIONERS Exhibit P4 TRUE COPY OF THAT NOTICE U/S.13(8) OF THE ACT READ WITH RULE 8(6) OF THE SECURITY INTEREST (ENFORCEMENT) RULES,2002 ISSUED BY THE 2ND RESPONDENT DATED 18-1-2021 Exhibit P5 TRUE COPY OF THE NOTICES ISSUED BY THE ADVOCATE COMMISSIONER DATED 14-7-2022 TO THE 1ST PETITIONER.
Exhibit P6 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 14-7-2022 TO THE 2ND PETITIONER