IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
WEDNESDAY, THE 6TH DAY OF JULY 2022 / 15TH ASHADHA, 1944
WP(C) NO. 26456 OF 2021
PETITIONER:
SAJITHA V.P
AGED 39 YEARS, W/O SATHYAN,
VALIYAVEETTIL, KAYAKKODI P.O., VADAKARA,
KOZHIKODE DISTRICT, PIN-673 508.
BY ADVS.
P.T.SHEEJISH
HARIKIRAN
JASHITHA VIJAYAN
STEPHY GRACE RAJ
A.ABDUL RAHMAN
PRAVEENKUMAR P.
AKHILA SRIDHARAN
SRIRAM P
RESPONDENTS:
1 THE MANAGER, KUTTIADY CO-OPERATIVE URBAN BANK LTD,
URATH, KUTTIADY, KOZHIKODE DISTRICT, PIN-673 508.
2 KUTTIADY CO-OPERATIVE URBAN BANK LTD,
REPRESENTED BY ITS AUTHORISED OFFICER, URATH, KUTTIADY,
KOZHIKODE DISTRICT, PIN-673 508.
BY ADVS.
P.P.JACOB
MARIYAM JACOB
ANU V. KUTTAN
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
06.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 26456 OF 2021 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.5,47,842/- (Rupees Five Lakhs Forty Seven Thousand Eight Hundred and Forty Two 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.P.T.Sheejish learned counsel for the petitioner as well as Adv.P.P.Jacob, the learned counsel for the respondents.
WP(C) NO. 26456 OF 2021 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 12 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.5,47,842/- (Rupees Five Lakhs Forty Seven Thousand Eight Hundred and Forty Two only) along with bank charges from the petitioner and regularize the loan account of the petitioner on the following conditions:
(i) The overdue amount of Rs.5,47,842/- (Rupees Five Lakhs Forty Seven Thousand Eight Hundred and Forty Two 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 30.07.2022. The subsequent installments shall be paid on or before the last working day of succeeding months; WP(C) NO. 26456 OF 2021 4
(iii) Petitioner shall continue to pay the regular EMI's along with the 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. 26456 OF 2021 5 APPENDIX OF WP(C) 26456/2021 PETITIONER EXHIBITS EXHIBIT P1 THE TRUE COPY OF THE NOTICE DATED 13.3.2019 ISSUED TO THE PETITIONER BY THE ADVOCATE COMMISSIONER