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. 25984 OF 2022
PETITIONER/S:
RAJASEKHAR G K
AGED 48 YEARS
S/O. GOPINATHAN NAIR, FLAT NO. 4 B, MANSIONS, PUJA
RESIDENCY, NEAR KANNAMOOLA BRIDGE, PETTA,
THIRUVANANTHAPURAM, PIN - 695024
BY ADVS.
RENI JAMES
BINIYAMIN K.S.
RESPONDENT/S:
1 KARNATAKA BANK LTD
REPRESENTED BY ITS AUTHORIZED OFFICER, ASSET RECOVERY
MANAGEMENT BRANCH, KARNATAKA BANK BUILDING, KODIALBAIL,
MANGALURU , PIN - 575003
2 THE AUTHORIZED OFFICER/CHIEF MANAGER
KARNATAKA BANK LTD., THIRUVANATHAPURAM BRANCH,
THIRUVANANTHAPURAM, PIN - 695023
BY ADV SUJESH KUMAR K P
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. 25984 OF 2022 2
JUDGMENT
Petitioner availed thee separate loans namely, an overdraft facility, an emergency credit facility and a term loan from the respondent bank. Petitioner has 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 petitioner in respect of these loans.
2. When this matter is taken up for consideration today, petitioner has confined the relief to an opportunity for repaying the defaulted amounts in instalments and to obtain regularisation of the loan account.
3. Learned Standing counsel appearing for the respondent bank submits that in respect of the overdraft facility and emergency credit facility availed by the petitioner, the accounts cannot be regularised and the entire dues in respect of those loans have to be paid in full. It is submitted that the term loan account can be regularised. It is also submitted that in respect of the overdraft facility availed by the petitioner, the outstanding amount is WP(C) NO. 25984 OF 2022 3 Rs.33,46,096/- (Rupees thirty three lakhs forty six thousand and ninety six only) . In respect of the emergency credit facility availed by the petitioner (on account of Covid-19 pandemic) the total outstanding amount is Rs.6,58,397/- (Rupees six lakhs fifty eight thousand three hundred and ninety seven only). In respect of the term loan availed by the petitioner, the overdue amount is Rs.48,558/- (Rupees forty eight thousand five hundred and fifty eight only) and the petitioner can be allowed to regularise the same by paying the overdue amount.
4. 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 in respect of the term loan, the petitioner can be granted an opportunity to repay the overdue amount in a single instalment and if the amount so directed is repaid within the time as directed above, to have the loan account regularised. In respect of overdraft facility and emergency credit facility availed by the petitioner, I am of the view that the petitioner can be granted an opportunity to repay the outstanding amount in eighteen instalments.
WP(C) NO. 25984 OF 2022 4
5. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.40,04,493/- (Rupees forty lakhs four thousand four hundred and ninety three only) due under the over draft facility and emergency credit facility along with bank charges from the petitioner on the following conditions:
(i) The entire outstanding amount of Rs.40,04,493/- (Rupees forty lakhs four thousand four hundred and ninety three only) shall be repaid in eighteen equated monthly instalments along with any accrued interest/costs;
(ii) The first instalment shall be paid on or before 16.09.2022 and the subsequent instalments shall be paid on or before the 15th day of the succeeding months;
(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 petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.
6. In respect of the term loan availed by the petitioner, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.48,558/- (Rupees forty eight thousand five hundred and fifty eight only) along with any accrued interest/bank charges from the petitioner on or before 16.09.2022 and regularise the loan account of the petitioner on the following WP(C) NO. 25984 OF 2022 5 conditions:
(i) The overdue amount of Rs.48,558/- (Rupees forty eight thousand five hundred and fifty eight only) along with any accrued interest and charges shall be repaid on or before 16.09.2022;
(ii) Petitioner shall continue to pay the regular instalments due on the loan;
(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 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 ajt WP(C) NO. 25984 OF 2022 6 APPENDIX OF WP(C) 25984/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE POSSESSION NOTICE DATED 28.06.2022 ISSUED BY THE 2ND RESPONDENT Exhibit P2 TRUE COPY OF THE BANK STATEMENT