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. 21101 OF 2022
PETITIONER/S:
1 CHANDRASHEKHARAN NAIR
AGED 75 YEARS
S/O. NARAYANAN NAIR, EDATHIL RATHEESH BHAVAN HOUSE,
VAZHAPPALLY P.O., CHANGANACHERRY, KOTTAYAM DISTRICT.
PIN - 686 103
2 SIVAKUMAR R,
AGED 43 YEARS
S/O. RAMANUNNI, REPRESENTED BY HIS MOTHER VALSAMMA
MATHEW, EDATHIL RATHEESH BHAVAN HOUSE, VAZHAPPALLY
P.O., CHANGANACHERRY, KOTTAYAM DISTRICT. PIN - 686 103
3 REKHA SIVAKUMAR,
AGED 38 YEARS
W/O SIVAKUMAR, EDATHIL RATHEESH BHAVAN HOUSE,
VAZHAPPALLY P.O., CHANGANACHERRY, KOTTAYAM DISTRICT.
PIN- 686 103
BY ADVS.
M.P.MADHAVANKUTTY
MATHEW DEVASSI
RESPONDENT/S:
1 THE STATE CO-OPERATIVE BANK
(KERALA BANK) REPRESENTED BY THE AUTHORIZED OFFICER
KOTTAYAM REGIONAL OFFICER PB NO. 140, CENTRAL JUNCTION,
KOTTAYAM, PIN - 686001
2 THE BRANCH MANAGER
EVENING BRANCH, KERALA STATE CO-OPERATIVE BANK
CHANGANACHERRY, KOTTAYAM, PIN - 686 101
OTHER PRESENT:
SRI. ATHUL SHAJI (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).21101/22 2
JUDGMENT
Petitioners have approached this Court being aggrieved by the proceedings initiated against them under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as the Securitisation Act) for recovery of amounts due from petitioners 1 and 3. It is submitted that all the petitioners had availed separate loans from the 1st respondent bank. It is submitted that the loan availed by the 2nd petitioner has been paid off in full, while the loans taken by the 1 st and 3rd petitioners remain to be paid. All the loans were secured by creating mortgage over common properties.
2. The learned counsel for the petitioners would submit that if reasonable opportunity is given to clear the liabilities, the petitioners will be in a position to close the remaining loans as well.
3. The learned Standing Counsel appearing for the 1 st respondent submits that in respect of the liability of the 1 st petitioner, the account cannot be regularised and the entire outstanding amount of Rs.27,64,393/- has to be remitted for clearing the liability. In respect of the facility availed by the 3 rd petitioner, it is submitted that, the overdue amount is Rs.4,12,000/- and the said loan account can be regularised if the 3rd petitioner pays the overdue amount together with along with any accrued interest/costs and regular EMIs.
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 the 1st petitioner can be granted an opportunity to repay the WP(C).21101/22 3 outstanding amount in twenty (20) instalments commencing from 15.7.2022, together with accrued interest/costs. The 3 rd petitioner shall pay the overdue amount of Rs.4,12,000/- along with any accrued interest/costs and regular instalments in respect of the loan availed by her, in ten (10) equal monthly instalments commencing from 15.7.2022. Petitioners 1 and 3 shall pay subsequent instalments on or before the last working day of every succeeding month. It is made clear that in the event of default of any one instalment, the respondent bank shall be entitled to proceed against the petitioners in accordance with law. In order to enable petitioners 1 and 3 to repay the entire outstanding/overdue amounts, all coercive proceedings shall be kept in abeyance. The 3rd petitioner shall, in addition, pay regular instalments in respect of the loan availed by her.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE okb/1.7.22 //True copy// P.S. to Judge WP(C).21101/22 4 APPENDIX OF WP(C) 21101/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE ISSUED UNDER SECTION 13 (2) OF THE SARFAESI ACT DATED 30.11.2021.
Exhibit P2 TRUE COPY OF THE NOTICE UNDER SECTION 13 (2) OF THE SARFAESI ACT DATED 30.11.2021.
Exhibit P3 TRUE COPY OF THE NOTICE DATED 13.06.2022 ISSUED BY THE ADVOCATE COMMISSIONER.