IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
FRIDAY, THE 1ST DAY OF JULY 2022 / 10TH ASHADHA, 1944
WP(C) NO. 20906 OF 2022
PETITIONER:
KANNAN KALADHARAN
AGED 39 YEARS
S/O.KALADHARAN, KARTHIKANILAYAM, CHELATTUBHAGAM,
TRICHATTUKULAM P.O., PANAVALLY, CHERTHALA TALUK,
PIN - 688 526.
BY ADVS.
N.ASHOK KUMAR
P.S.SAJEEV (CHIRAYIL)
RESPONDENTS:
1 THE BRANCH MANAGER
DCB BANK, 67/624-A, ST.FRANCIS ASSISSI HALL, BROADWAY,
ERNAKULAM - 682 031.
2 DCB BANK LTD.,
6TH FLOOR, TOWER-A, PENISULA BUSINESS PARK, SENAPATI
BAPAT MARG, LOWER PAREL, MUMBAI - 400 013
REPRESENTED BY ITS MANAGING DIRECTOR.
3 THE AUTHORIZED OFFICER UNDER SARFAESI ACT
DCB BANK RETAIL ASSETS - COLLECTION, 1ST FLOOR, NO.6,
RAJAJI ROAD, NUNGAMBAKKAM, CHENNAI - 600 034.
BY ADV B.S.SURESH KUMAR (SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
01.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 20906 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 a loan 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 account.
3. It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the overdue amount is Rs.7,05,098/- (Rupees Seven Lakhs Five Thousand and Ninety 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 installments and regularize the loan account.
4. I have heard Adv.N.Asok Kumar learned counsel for the petitioner as well as Adv.B.S.Sureshkumar, the learned Standing Counsel for respondents.
WP(C) NO. 20906 OF 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 overdue amount in 10 installments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularized.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.7,05,098/- (Rupees Seven Lakhs Five Thousand and Ninety Eight only) along with bank charges from the petitioner and regularize the loan account of the petitioner on the following conditions:
(i) The overdue amount Rs.7,05,098/- (Rupees Seven Lakhs Five Thousand and Ninety Eight only) shall be repaid in 10 equated monthly installments along with any accrued interest and costs;
(ii) The first installment shall be paid on or before 29-07-2022. The subsequent installments shall be paid on or before the last working day of succeeding months; WP(C) NO. 20906 OF 2022 4
(iii) Petitioner shall continue to pay regular installments 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. 20906 OF 2022 5 APPENDIX OF WP(C) 20906/2022 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE NOTICE DATED 10/07/2019 ISSUED BY THE 3RD RESPONDENT TO THE PETITIONER.
Exhibit P2 A TRUE COPY OF THE PROCEEDINGS OF THE CHIEF JUDICIAL MAGISTRATE COURT, ALAPPUZHA OBTAINED FROM E-COURT SERVICES.
Exhibit P3 A TRUE COPY OF THE MEDICAL CERTIFICATE DATED 14/11/2020 ISSUED TO KANAKA KALADHARAN BY THE GOVERNMENT MEDICAL COLLEGE, KOTTAYAM.