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. 9485 OF 2022
PETITIONER/S:
ABDUL RAZAK K
AGED 51 YEARS
SON OF IBRAHIM B.M., KALANDAR SHAFI MANZIL,
KARINGAPALLAM, NEKRAJE VILLAGE AND POST KASARAGOD
DISTRICT, PIN - 671543
BY ADV SHIBA M SAMUEL
RESPONDENT/S:
1 THE AUTHORIZED OFFICER, THE KASARAGOD CO OPERATIVE TOWN
BANK LTD, NO.970
PANDURANGA TEMPLE ROAD,P.B. NO.10, KASARAGOD, PIN -
671121
2 THE KASARAGOD CO OPERATIVE TOWN BANK LTD NO.970,BANK
ROAD BRANCH
BANK ROAD, KASARAGOD, REPRESENTED BY ITS BRANCH
MANAGER, PIN - 671121
BY ADV PUSHPARAJAN KODOTH
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
06.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C). 9485/2022
2
JUDGMENT
Dated this the 6th day of July, 2022 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 Securitisation Act) for recovery of the amounts due upon the loan availed by the petitioner.
2. During the course of hearing, petitioner has confined his relief to an opportunity for repaying the outstanding amount in instalments.
3. It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the outstanding amount is Rs.3,49,304/-. 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 instalments. WP(C). 9485/2022 3
4. I have heard the learned counsel for the petitioner as well as 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 twelve (12) instalments.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.3,49,304/- along with bank charges from the petitioner on the following conditions:
(i) The outstanding amount of Rs.3,49,304/- together with any accrued interest/costs shall be repaid in twelve (12) equal monthly instalments.
(ii) The first instalment shall be paid on or before 30.07.2022 and the subsequent instalments shall be paid on or before 30th of every succeeding month.
(iii) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.
WP(C). 9485/2022 4
(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 sb WP(C). 9485/2022 5 APPENDIX OF WP(C) 9485/2022 PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE MEDICAL REPORT ISSUED FROM THE REGIONAL CANCER CENTRE, THIRUVANTHAPURAM ExhibitP2 THE DEATH CERTIFICATE OF THE 1ST BORROWER ABDUL AZEEZ K.M.
Exhibit P3 THE TRUE COPY OF THE DEMAND NOTICE UNDER SECTION 13(2) OF ACT 54 OF 2202 FOR ENFORCEMENT OF SECURITY INTEREST DATED 30/1/2021 Exhibit P4 THE TRUE COPY OF THE POSSESSION NOTICE DATED 10/1/2022ISSUED BY THE FIRST RESPONDENT Exhibit P5 THE TRUE COPY THE CASH RECEIPT ACKNOWLEDGEMENT DATED 15/11/2021