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. 22049 OF 2022
PETITIONER:
ABUBACKAR K M
AGED 63 YEARS, S/O MUHAMMED,
KOCHUMARIYIL HOUSE, KOORIKKAVU P O, MUVATTUPUZHA,
PIN - 686673
BY ADVS.
S.MUMTAZ
ALISHA ASLAM
AJITH M. JIJI
RESPONDENT:
THE MUVATTUPUZHA URBAN CO.OPERATTIVE BANK
REPRESENTED BY THE AUTHORISED OFFICER,
KACHEERITHAZHAM, MUVATTUPUZHA,ERNAKULAM,
PIN - 686661
ADV.SAJEEV KUMAR K. GOPAL (SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 07.07.2022, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
W.P.(C) No.22049/2022
-: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 is Rs.6,28,765/-(Rupees Six Lakhs Twenty Eight Thousand Seven Hundred and Sixty Five 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.22049/2022 -:3:-
4. I have heard Adv.Ajith.M.Jiji, learned counsel for the petitioner as well as Adv.Sajeev Kumar K.Gopal, the learned Standing Counsel for the respondent.
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 10 installments.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.6,28,765/- (Rupees Six Lakhs Twenty Eight Thousand Seven Hundred and Sixty Five Only) along with bank charges from the petitioner on the following conditions:
(i) The outstanding amount of Rs.6,28,765/-(Rupees Six Lakhs Twenty Eight Thousand Seven Hundred and Sixty Five Only) together with any accrued interest/cost shall be repaid in 10 equated monthly installments. W.P.(C) No.22049/2022 -:4:-
(ii) The first installment shall be paid on or before 15.07.2022. 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.22049/2022 -:5:- APPENDIX OF WP(C) 22049/2022 PETITIONER EXHIBITS EXHIBIT- P1 TRUE COPY OF POSSESSION NOTICE DATED 23/02/2022 ISSUED BY THE RESPONDENT TO THE PETITIONER.
EXHIBIT -P2 REQUEST LETTER DATED 31/05/2022 SUBMITTED BY HE PETITIONER TO THE RESPONDENT