IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
WEDNESDAY, THE 31ST DAY OF AUGUST 2022 / 9TH BHADRA, 1944
WP(C) NO. 27463 OF 2022
PETITIONER:
GOPAKUMAR.B
AGED 48 YEARS, S/O SUKUMARAN
KAVALAYIL, KUNNUMMA,
PULINCUNNU, ALAPPUZHA - 688 504.
BY ADVS.
S.SHANAVAS KHAN
S.INDU
RESPONDENTS:
1 THE STATE BANK OF INDIA
ADB(3054)
KALLUPALATHIL BUILDING, CCSB ROAD
IRON BRIDGE P.O., ALAPPUZHA - 688 011
REPRESENTED BY ITS BRANCH MANAGER.
2 THE CHIEF MANAGER/AUTHORISED OFFICER
THE STATE BANK OF INDIA
RASMEC, 1ST FLOOR, KALLUPALATHIL BUILDING
CCSB ROAD, IRON BRIDGE P.O.,
ALAPPUZHA - 688 011.
BY ADV SHRI.JITHESH MENON, SC, SBI
OTHER PRESENT:
ADV. DEEPA NARAYANAN (SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
31.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 27463 OF 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 the three term loans availed by the petitioner.
2. During the course of hearing, petitioner has confined the relief to an opportunity for repaying the overdue amount in installments and to obtain regularization of the loan accounts.
3. It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the total overdue amount as on 26-08-2022 is Rs.3,90,879/- (Rupees Three Lakhs Ninety Thousand Eight Hundred and Seventy Nine 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 installments and regularize the loan accounts.
WP(C) NO. 27463 OF 2022 3
4. I have heard Adv.S.Shanavas Khan, learned counsel for the petitioner as well as Adv.Deepa Narayanan, the learned 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 petitioner can be granted an opportunity to repay the overdue amount in 12 installments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan accounts regularized.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.3,90,879/- (Rupees Three Lakhs Ninety Thousand Eight Hundred and Seventy Nine only) along with bank charges from the petitioner and regularize the loan accounts of the petitioner on the following conditions:
(i) The total overdue amount of Rs.3,90,879/- (Rupees Three Lakhs Ninety Thousand Eight Hundred and Seventy Nine only) shall be repaid in 12 equated monthly installments along with any accrued interest and costs;
(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; WP(C) NO. 27463 OF 2022 4
(iii) Petitioner shall continue to pay the regular installments along with the installments as directed above;
(iv) In the event of default of any one installment, 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 ats WP(C) NO. 27463 OF 2022 5 APPENDIX OF WP(C) 27463/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE COMMUNICATION DATED 24/05/2019 ISSUED BY AREA CLAIMS MANAGER, SBI GENERAL INSURANCE. Exhibit P2 TRUE COPY OF 13(2) NOTICE DATED 01/12/2021 ISSUED BY SECOND RESPONDENT.
Exhibit P3 TRUE COPY OF THE POSSESSION NOTICE DATED 18/07/2022 ISSUED BY THE SECOND RESPONDENT .