IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
THURSDAY, THE 7TH DAY OF JULY 2022 / 16TH ASHADHA, 1944
WP(C) NO. 16852 OF 2022
PETITIONERS:
1 M/S.AMANI ELECTRONICS
MP/VIII/89, MAIN ROAD, MEPPAYUR P. O., KOZHIKODE
DISTRICT, PIN-673 524, REPRESENTED BY ITS MANAGING
PARTNER, (RAJESH P. V., S/O KUNHICHANDU, AGED 50,
PAYATTUVALAPPIL HOUSE, KOYILANDY P. O., KOZHIKODE
DISTRICT, PIN-673 305).
2 RAJESH P. V.,
AGED 50 YEARS
S/O KUNHICHANDU, PAYATTUVALAPPIL HOUSE,
KOYILANDY P. O., KOZHIKODE DISTRICT, PIN-673 305,
MANAGING PARTNER OF M/S AMANI ELECTRONICS.
3 BINDU K. M.,
AGED 46 YEARS, W/O RAJESH P. V., PAYATTUVALAPPIL HOUSE,
KOYILANDY P. O., KOZHIKODE DISTRICT, PIN-673 305,
PARTNER OF M/S AMANI ELECTRONICS.
BY ADVS.
V.N.SANKARJEE
SAKIR.K.H.
V.N.MADHUSUDANAN
R.UDAYA JYOTHI
KEERTHI B. CHANDRAN
VIJAYAN PILLAI P.K.
NITHEESH.M
RESPONDENTS:
1 THE AUTHORISED OFFICER,
STATE BANK OF INDIA, REGIONAL BUSINESS OFFICE-2,
KOZHIKODE, STATE BANK BHAVAN, BANK ROAD, MANANCHIRA,
KOZHIKODE DISTRICT, PIN-673 001.
2 THE MANAGER,
STATE BANK OF INDIA, MEPPAYUR BRANCH, MEPPAYUR P. O.,
KOZHIKODE DISTRICT, PIN-673 524.
SRI.G.G.MANOJ, SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
07.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 16852 OF 2022
2
JUDGMENT
Petitioners have approached this Court challenging proceedings under the SARFAESI Act which have been initiated by the bank for recovery of the amounts due from the petitioners.
2. It was submitted on behalf of the respondent bank that the petitioners committed default in repayment and the outstanding amount is Rs.19,93,644/-(Rupees nineteen lakhs ninety three thousand six hundred and forty four 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 instalments.
3. I have heard the learned counsel for the petitioners as well as the learned Standing Counsel for the respondents.
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 petitioners can be granted an opportunity to repay the outstanding amount in 12 instalments.
5. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire WP(C) NO. 16852 OF 2022 3 outstanding amount of Rs.19,93,644/-(Rupees nineteen lakhs ninety three thousand six hundred and forty four only) along with bank charges from the petitioners on the following conditions:
(i)The outstanding amount of Rs.19,93,644/-(Rupees nineteen lakhs ninety three thousand six hundred and forty four only) along with any accrued interest and charges shall be repaid in 12 equated monthly instalments.
(ii)The first instalment shall be paid on or before 30.07.2022 and the subsequent instalments shall be paid on 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 amounts, all coercive proceedings shall be kept in abeyance.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE DK WP(C) NO. 16852 OF 2022 4 APPENDIX OF WP(C) 16852/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE DATED 5.5.2021 UNDER SECTION 13(2) OF THE SARFAESI ACT ISSUED TO THE PETITIONERS BY THE 1ST RESPONDENT. Exhibit P2 TRUE COPY OF THE NOTICE DATED 28.4.2022 UNDER SECTION 13(4) OF THE SARFAESI ACT ISSUED TO THE PETITIONERS BY THE 1ST RESPONDENT.