IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
WEDNESDAY, THE 27TH DAY OF JULY 2022 / 5TH SRAVANA, 1944
WP(C) NO. 24267 OF 2022
PETITIONER:
VAHITHA
AGED 49 YEARS, W/O.MUHAMMED,
PUTHIYAVEETTIL (H), THALIKULAM,
CHAVAKKAD, THRISSUR- 680 569.
BY ADVS.
LINDONS C.DAVIS
E.U.DHANYA
SWATHY A.P.
RESPONDENTS:
1 KERALA STATE CO-OPERATIVE BANK LTD.
(FORMERLY THRISSUR DISTRICT COOPERATIVE BANK)
REPRESENTED BY ITS GENERAL MANAGER
SAHAKARANA SADAHBDHI MANDIRAM,
KOVILAKUTHAUMPADAM, THRISSUR., PIN - 680 022.
2 AUTHORIZED OFFICER
KERALA STATE CO-OPERATIVE BANK LTD.,
THRIPRAYAR BRANCH, P.O. NATTIKA, THRISSUR.,
PIN - 680 566.
3 BRANCH MANAGER
KERALA STATE CO-OPERATIVE BANK LTD.
(FORMERLY THRISSUR DISTRICT COOPERATIVE BANK)
THRIPRAYAR BRANCH, P.O. NATTIKA,
THRISSUR DISTRICT., PIN - 680 566.
OTHER PRESENT:
SRI. P.C. SASIDHARAN (SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
27.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 24267 OF 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 overdue amount in installments and to obtain regularization 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.6,82,121/- (Rupees Six Lakhs Eighty Two Thousand One Hundred and Twenty One 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 overdue amount in limited installments and regularize the loan account.
4. I have heard Adv.Lindons.C.Davis, learned counsel for the petitioner as well as Adv.P.C.Sasidharan, the learned counsel for the respondents.
WP(C) NO. 24267 OF 2022 3
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 overdue amount in 15 installments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularized.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.6,82,121/- (Rupees Six Lakhs Eighty Two Thousand One Hundred and Twenty One only) along with bank charges from the petitioner and regularize the loan account of the petitioner on the following conditions:
(i) The overdue amount of Rs.6,82,121/- (Rupees Six Lakhs Eighty Two Thousand One Hundred and Twenty One only) shall be repaid in 15 equated monthly installments along with any accrued interest and costs;
(ii) The first installment shall be paid on or before 20.08.2022. The subsequent installments shall be paid on or before the last working day of the succeeding months; WP(C) NO. 24267 OF 2022 4
(iii) Petitioner shall continue to pay the regular EMI's along with the installments directed above;
(iv) In the event of default of any one installment, 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 ats WP(C) NO. 24267 OF 2022 5 APPENDIX OF WP(C) 24267/2022 PETITIONER EXHIBITS Exhibit P1 A COPY OF THE NOTICE AS PER S.13(4) OF SARFAESI ACT DATED 18.07.2022 ISSUED BY THE 2ND RESPONDENT WITH RESPECT TO LOANS.