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. 21102 OF 2022
PETITIONER:
VASANTHAKUMARAN NAIR
AGED 61 YEARS, S/O.RATNAMMA,
SAJI VILASAM, PUTHAYAM, PARAKKAL, ALIYAD P.O.,
THIRUVANANTHAPURAM - 695 607.
BY ADV LATHEESH SEBASTIAN
RESPONDENTS:
1 UNION BANK OF INDIA
REPRESENTED BY ITS REGIONAL MANAGER,
REGIONAL OFFICE, UNION BANK BHAVAN, M.G.ROAD,
STATUE, THIRUVANANTHAPURAM - 695 001.
2 THE AUTHORIZED OFFICER
UNDER THE SARFAESI ACT, UNION BANK OF INDIA,
REGIONAL OFFICE, UNION BANK BHAVAN, M.G.ROAD,
STATUE, THIRUVANANTHAPURAM - 695 001.
3 THE BRANCH MANAGER
UNION BANK OF INDIA, PIRAPPANCODE BRANCH,
PIRAPPANCODE P.O., THIRUVANANTHAPURAM - 695 607.
OTHER PRESENT:
SRI. ASP KURUP
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 06.07.2022, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
W.P.(C) No.21102/2022
-: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 outstanding amount in installments.
3. It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the outstanding amount as on 06-07-2022 is Rs.11,02,482/- (Rupees Eleven Lakhs Two Thousand Four Hundred and Eighty 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 outstanding amount in limited installments.
W.P.(C) No.21102/2022 -:3:-
4. I have heard Adv.Latheesh Sebastian., learned counsel for the petitioner as well as Adv.A.S.P.Kurup, the learned Standing Counsel for the respondents.
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 12 installments.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.11,02,482/- (Rupees Eleven Lakhs Two Thousand Four Hundred and Eighty Two Only) along with bank charges from the petitioner on the following conditions:
(i) The outstanding amount of Rs.11,02,482/- (Rupees Eleven Lakhs Two Thousand Four Hundred and Eighty Two Only) together with any accrued interest/cost shall be repaid in 12 equated monthly installments. W.P.(C) No.21102/2022 -:4:-
(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 the succeeding months.
(iii) In the event of default of any one installment, the respondent bank 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 ats W.P.(C) No.21102/2022 -:5:- APPENDIX OF WP(C) 21102/2022 PETITIONER EXHIBITS EXHIBIT P1 TRUE COPY OF THE NOTICE OF THE 2ND RESPONDENT DATED 08/03/2017.
EXHIBIT P2 TRUE COPY OF THE JUDGMENT OF THIS HON'BLE COURT DATED 17/03/2017 IN WP(C) NO.9047/2017.
EXHIBIT P3 TRUE COPY OF THE RECEIPT SHOWING PAYMENT OF RS.50,000/- IN THE LOAN ACCOUNT OF THE PETITIONER DATED 21/01/2022. EXHIBIT P4 TRUE COPY OF THE REPRESENTATION OF THE PETITIONER SUBMITTED BEFORE THE 3RD RESPONDENT DATED 21/01/2022.
EXHIBIT P5 TRUE COPY OF THE POSSESSION NOTICE OF THE ADVOCATE COMMISSIONER DATED 28/05/2022.