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. 13627 OF 2022
PETITIONER:
SYAMALA BABU
AGED 58 YEARS
W/O.S.BABU, RESIDING AT KUNNUMPURATHU VEEDU,
RANNI, PERINAD, KOONAMKARA.P.O,
PATHANAMTHITTA-689711.
BY ADV S.SUJINI
RESPONDENTS:
1 KERALA STATE CO-OPERATIVE BANK LTD.,
PERINAD BRANCH, PATHANAMTHITTA-689645, REPRESENTED BY
IT'S MANAGER.
2 KERALA STATE CO-OPERATIVE BANK,
PERINAD BRANCH, PATHANAMTHITTA-689645,
REPRESENTED BY IT'S AUTHORISED OFFICER.
BY ADV N.RAGHURAJ
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.13627/2022 -2-
JUDGMENT
Petitioner has approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as the Securitisation 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 overdue amount in instalments and to obtain regularisation of the loan account.
3. It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the overdue amount is Rs.23,08,680/-. 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 overdue amount in limited instalments and regularise the loan account.
4. I have heard the learned counsel for the petitioner as well as the learned Standing Counsel for the respondent Bank.
5. Having regard to the facts and circumstances of the case and the situation now prevailing, apart from the submissions made as recorded above and also taking into account the fact that the petitioner has undertaken to clear off the overdue amount along with regular EMIs, I am of the view that the petitioner can be granted an opportunity to clear off the overdue amount in twenty (20) equal monthly instalments first of which shall be paid on or before 30-07-2022 and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised.
W.P (C) No.13627/2022 -3-
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.23,08,680/- along with bank charges from the petitioner and regularise the loan account of the petitioner on the following conditions:
(i) The overdue amount of Rs.23,08,680/- together with any accrued interest and charges shall be repaid in twenty 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) Petitioner shall continue to pay the regular EMI's along with the instalments directed above.
(iv) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.
(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 AMG W.P (C) No.13627/2022 -4- APPENDIX OF WP(C) 13627/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE LAND TAX RECEIPT WITH RESPECT TO THE PROPERTY OF THE PETITIONERS MORTGAGED WITH THE RESPONDENT BANK Exhibit P2 TRUE COPY OF THE PAPER PUBLICATION DEPICTING SYMBOLIC POSSESSION OF THE MORTGAGED PROPERTY U/S 13(4) OF THE SARFAESI ACT,2002.
Exhibit P3 TRUE COPY OF THE LETTER ADDRESSED TO THE HON'BLE MNISTER FOR DEPARTMENT OF CO-OPERATION DATED 09.02.2020.
Exhibit P4 TRUE COPY OF THE LETTER ADDRESSED TO THE REGISTRAR OF CO-OPERATIVE SOCIETIES DATED 12.02.2020 Exhibit P5 TRUE COPY OF THE COMMUNICATION NO.CPC/67/2020-21 DATED 08.04.2021 SENT BY THE DEPUTY GENERAL MANAGER OF THE CREDIT PROCESSING CENTRE OF THE RESPONDENT BANK Exhibit P6 TRUE COPY OF THE COMMUNICATION DATED 12.10.2021 ISSUED BY THE 1ST RESPONDENT TO THE PETITIONER. Exhibit P7 TRUE COPY OF THE COMMUNICATION NO.CPC/2962/2021-22 DATED 05.01.2022 SENT BY THE DEPUTY GENERAL MANAGER OF THE CREDIT PROCESSING CENTRE OF THE RESPONDENT BANK.
Exhibit P8 TRUE COPY OF THE LETTER DATED 02.04.2022 ADDRESSED TO THE 1ST RESPONDENT.