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. 20445 OF 2022
PETITIONER/S:
1 NABEESA A.,
AGED 55 YEARS
W/O. HARIS, HARIS HOUSE, KUREECHIRA, MAYYANADU P.O,
KOLLAM - 691603.
2 MUHAMMED HARIS
AGED 55 YEARS
S/O. MYTHEEN KUNJU A, HARIS HOUSE, KUREECHIRA,
MAYYANADU P.O, KOLLAM - 691603.
BY ADV I.S.LAILA
RESPONDENT/S:
1 THE KOLLAM CO-OPERATIVE URBAN BANK LTD. NO. 960
H.O, YMCA ROAD, KOLLAM - 691001, REPRESENTED BY
AUTHORISED OFFICER.
2 THE KOLLAM CO-OPERATIVE URBAN BANK LTD,
NO.960. H.O, YMCA ROAD, KOLLAM - 691001, REPRESENTED
BY ITS BRANCH MANAGER.
OTHER PRESENT:
ADV. RENU D.P (SC)
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).20445/22 2
JUDGMENT
Petitioners have 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 amount due upon two loans, namely an overdraft facility and a term loan, availed by the 1st petitioner from the respondent bank.
2. It is submitted that the total outstanding liability of the petitioners in respect of the loans as on 4.7.2022 is Rs.2,47,59,131/-. During the course of hearing, petitioners have confined the relief to an opportunity for repaying the outstanding amount in instalments.
3. It was submitted on behalf of the respondent bank that the petitioners are chronic defaulters and no indulgence whatsoever can be shown to him. However, it is submitted that if the petitioners are willing to repay the entire outstanding liability along with accrued interest and costs in eighteen (18) instalments, the bank is ready to accept the same.
4. The learned counsel for the petitioners submitted that the petitioners may be given an opportunity to repay the entire liability in eighteen (18) instalments.
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 petitioners can be granted an opportunity to repay the W.P(C).20445/22 3 outstanding amount in eighteen (18) instalments.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount mentioned above along with bank charges from the petitioners on the following conditions:
(i) Petitioners shall discharge the liabilities to the respondent bank by paying the entire outstanding amount mentioned above together with any accrued interest/costs in eighteen (18) equated monthly instalments commencing from 20.07. 2022.
(ii) Petitioners shall pay the subsequent instalments on or before the last working day 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.
(iv) In order to enable the petitioners to repay the entire amount, all coercive proceedings shall be kept in abeyance. Petitioners undertake that they will give up all the contentions including the contentions taken in this writ petition against the SARFAESI proceedings initiated by the bank and further that they will not approach any forum with any grievance regarding the proceedings now initiated by the bank. It is made clear that it will be always open to the petitioners to approach the bank for One Time Settlement, notwithstanding the directions contained in this judgment.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE okb/6.7.22 //True copy// P.S. to Judge W.P(C).20445/22 4 APPENDIX OF WP(C) 20445/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF JUDGMENT DATED 29.03.2019 OF THIS COURT IN WP(C).7602/2019 Exhibit P2 TRUE COPY JUDGMENT OF THIS COURT DATED 10.05.2022 IN WRIT PETITION NO. 15748 OF 2022 Exhibit P3(a) TRUE COPY OF THE MEDICAL REPORTS DT.20.12.21 OF THE ELDERLY CITIZEN HAVING ALZHEIMERS IN THE HOUSE OF THE PETITIONERS Exhibit P3(b) TRUE COPY OF THE MEDICAL REPORTS OF THE ELDERLY CITIZEN BED RIDDEN DUE TO CHRONIC BREATHING AILMENTS IN THE HOUSE OF THE PETITIONERS Exhibit P4 TRUE COPY OF THE NOTICE DATED 10.06.2022 ISSUED BY THE ADVOCATE COMMISSIONER INTIMATING THE POSSESSION OF THE MORTGAGED PROPERTY Exhibit P5 TRUE COPY OF THE REPRESENTATION DATED 21.06.2022