IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
WEDNESDAY, THE 1ST DAY OF JUNE 2022 / 11TH JYAISHTA, 1944
WP(C) NO. 4346 OF 2022
PETITIONERS:
1 BABY M.ZAKARIAS,
AGED 67 YEARS,
S/O. ZAKARIAS, MULAKU KODIYANIKKAL HOUSE,
CHAKKITTAPARA, KOORACHUNDU, KOZHIKODE DISTRICT,
PIN - 673 526.
2 LILLIKKUTTI,
AGED 57 YEARS,
W/O. BABY M. ZAKARIAS, MULAKU KODIYANIKKAL HOUSE,
CHAKKITTAPARA, KOORACHUNDU, KOZHIKODE DISTRICT,
PIN-673 526.
BY ADVS.
P.SAMSUDIN
LIRA A.B.
RESPONDENTS:
1 THE KERALA STATE CO-OPERATIVE BANK (KERALA BANK)
REPRESENTED BY THE AUTHORISED OFFICER, P.B.NO.503,
CHALAPPURAM P.O., KOZHIKODE DISTRICT, PIN - 673 002.
2 THE MANAGER,
KERALA STATE CO-OPERATIVE BANK LTD, (KERALA BANK),
PERAMBRA BRANCH, PERAMBRA P.O., KOZHIKODE DISTRICT,
PIN-673526.
BY SRI. P.C. SASIDHARAN (SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
01.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 4346 OF 2022
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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. During the course of hearing, petitioners have 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 petitioners committed default in repayment and the overdue amount is Rs.18,51,550/-(Rupees eighteen lakhs fifty one thousand five hundred and fifty only) as on 27.05.2022. 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 Adv.P.Samsudin, learned counsel for the petitioners as well as Adv.P.C.Sasidharan, the learned counsel for the respondents.
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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 overdue amount in 15 instalments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.18,51,550/-(Rupees eighteen lakhs fifty one thousand five hundred and fifty only) along with bank charges from the petitioners and regularise the loan account of the petitioners on the following conditions:
i) The overdue amount of Rs.18,51,550/-(Rupees eighteen lakhs fifty one thousand five hundred and fifty only) along with any accrued interest and charges shall be repaid in 15 equated monthly instalments.
ii) The first instalment shall be paid on or before 20.06.2022 and the subsequent instalments shall be paid on or before the 20th day of each succeeding month.
iii) Petitioners 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.
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v) 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. 4346 OF 2022 5 APPENDIX OF WP(C) 4346/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE DEMAND NOTICE DATED 13.10.2021 ISSUED TO THE PETITIONERS. Exhibit P2 TRUE COPY OF THE NOTICE DATED 31.1.2022 ISSUED BY THE ADVOCATE COMMISSIONER TO THE PETITIONERS. Exhibit P3 TRUE COPY OF THE PETITION IN CMP 84/2020 ON THE FILES OF CJM COURT KOZHIKODE