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. 21537 OF 2022
PETITIONER:
RAGHAVAN,AGED 79 YEARS
S/O. KUNJIKKANNAKKURUPPU, SAROJAN MURIYAD.P.O NEAR POST
OFFICE KOOTHUPARAMBU- 670 643
BY ADV DILISH JOHN
RESPONDENT:
THE AUTHORISED OFFICER,
KERALA STATE FINANCIAL ENTERPRISES LTD., KOOTHUPARAMBU
BRANCH KOOTHUPARAMBU-670 643
OTHER PRESENT:
SRI. ARUN ANTONY (SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
01.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P.(C)No.21537/2022 2
JUDGMENT
Petitioner has approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as the SARFAESI Act) for recovery of the amounts due upon a loan availed by the petitioner from the Kerala State Financial Enterprises Ltd.
2. During the course of hearing, petitioner has confined the relief to an opportunity for repaying the outstanding amount in instalments.
3. It was submitted on behalf of the respondent that the petitioner committed default in repayment and the outstanding amount is Rs.7,28,330/-. It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent is willing to accept repayment of the outstanding amount in limited instalments.
4. I have heard the learned counsel for the petitioner as well as the learned Standing 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 outstanding amount in fifteen (15) instalments. W.P.(C)No.21537/2022 3
6. Accordingly, there will be a direction to the respondent to accept repayment of the entire outstanding amount of Rs.7,28,330/- along with bank charges from the petitioner on the following conditions:
(i) The outstanding amount of Rs.7,28,330/-together with any accured interest/costs shall be repaid in fifteen (15) equated monthly instalments
(ii) The first instalment shall be paid on or before 30.07.2022 and subsequent instalments shall be paid on or before the last working day of every succeeding month.
(iii) In the event of default of any one instalment, the respondent 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 acd W.P.(C)No.21537/2022 4 APPENDIX OF WP(C) 21537/2022 PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE NOTICE ISSUED BY THE RESPONDENT Exhibit P2 THE TRUE COPY OF THE TREATMENT CERTIFICATE OF THE PETITIONER