IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
FRIDAY, THE 26TH DAY OF AUGUST 2022 / 4TH BHADRA, 1944
WP(C) NO. 27579 OF 2022
PETITIONER:
JAYAN S. NAIR,
AGED 34 YEARS,
S/O. SIVANENDRAN NAIR,
OTTAPANA HOUSE, SEBIYOOR
MALAYATTOOR P.O.
ERNAKULAM - 683587
BY ADVS.
ARUN KUMAR M.A
P.N.SUMODU
SANDRA SUNNY
RESPONDENTS:
1 THE KERALA STATE CO-OPERATIVE BANK LIMITED,
MANJAPRA BRANCH,
III/298, MANJPRA KSHEEROLPADAKA
CO-OPERATIVE SOCIETY BUILDING, MANJAPRA P.O.
ERNAKULAM - 683581.
REPRESENTED BY ITS BRANCH MANAGER
2 THE AUTHORIZED OFFICER,
THE KERALA STATE CO-OPERATIVE BANK LIMITED,
ANGAMALY BRANCH, OLD MUNICIPAL BUILDING,
ANGAMALY P.O., ERNAKULAM - 683 572.
ADV. N RAGUNATH (SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
26.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 27579 OF 2022
2
JUDGMENT
The petitioner has approached this Court challenging proceedings under the SARFAESI Act which have been initiated by the bank for recovery of the amounts due from the petitioner.
2. During the course of hearing, petitioner has 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 petitioner committed default in repayment of the business loan and the overdue amount is Rs.3,15,348/-(Rupees three lakhs fifteen thousand three hundred and forty eight 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 overdue amount in limited instalments and regularise the loan account.
4. I have heard the learned counsel for the petitioner as well as the learned counsel for the respondents.
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 overdue amount in 12 instalments and WP(C) NO. 27579 OF 2022 3 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.3,15,348/-(Rupees three lakhs fifteen thousand three hundred and forty eight only) along with accrued interest, costs and charges from the petitioner and regularise the loan account of the petitioner on the following conditions:
i. The overdue amount of Rs.3,15,348/-(Rupees three lakhs fifteen thousand three hundred and forty eight only) along with any accrued interest, costs and charges shall be repaid in 12 equated monthly instalments.
ii. The first instalment shall be paid on or before 16.09.2022 and the subsequent instalments shall be paid on or before the 16 th day of every succeeding month.
iii. Petitioner shall continue to pay the regular instalments along with the instalments directed above.
iv. In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.
v. 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 DK WP(C) NO. 27579 OF 2022 4 APPENDIX OF WP(C) 27579/2022 PETITIONER EXHIBITS EXHIBIT P1 THE TRUE COPY OF THE DEMAND NOTICE ISSUED BY THE 2ND RESPONDENT DATED 03.06.2022 EXHIBIT P2 THE TRUE COPY OF THE NOTICE ISSUED BY THE 1ST RESPONDENT TO THE PETITIONER DATED 09.08.2022