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. 11573 OF 2022
PETITIONER/S:
KAREEM,
AGED 48 YEARS
S/O.HASANVAVA RAVUTHER, RESIDING AT THIKKINAPURATH,
KAMPALADY, PORUVAZHI P.O., KOLLAM-690 520.
BY ADVS.
M.R.NANDAKUMAR
JAYAKRISHNAN V.
MAYIKA SUNDAR
ARJUN ANIL
RESPONDENT/S:
1 THE AUTHORIZED OFFICER, KERALA BANK,
(KERALA STATE CO OPERATIVE BANK LTD.)., KERALA BANK,
THIRUVANANTHAPURAM, PB NO.5122, EAST FORT P.O.,
THIRUVANANTHAPURAM-695 023.
2 THE AREA MANAGER, KERALA BANK,
(KERALA STATE CO OPERATIVE BANK LTD.), SASTHAMKOTTA
BRANCH, SASTHAMKOTTA P.O., KOLLAM-690 561.
3 THE BRANCH MANAGER, KERALA BANK,
(KERALA STATE CO OPERATIVE BANK LT.), CHAKKUVALLY
BRANCH, CHAKKUVALLY P.O., KOLLAM-690 520.
OTHER PRESENT:
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. 11573 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.4,28,710/- (Rupees Four Lakhs Twenty Eight Thousand Seven Hundred and Ten 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.Nandakumar, learned counsel for the petitioner as well as Adv.P.C Sasidharan, the learned Standing Counsel for the respondents. WP(C) NO. 11573 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 10 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.4,28,710/- (Rupees Four Lakhs Twenty Eight Thousand Seven Hundred and Ten 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.4,28,710/- (Rupees Four Lakhs Twenty Eight Thousand Seven Hundred and Ten only) together with any accrued interest and costs shall be repaid in 10 equated monthly installments;
(ii) The first installment shall be paid on or before 30-06-2022. The subsequent installments shall be paid on or before the last working day of succeeding months;
(iii) Petitioner shall continue to pay the regular EMI's along with the installments directed above; WP(C) NO. 11573 OF 2022 4
(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. 11573 OF 2022 5 APPENDIX OF WP(C) 11573/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE MEDICAL CERTIFICATE OF THE PETITIONER DATED 08.04.2022 ISSUED BY THE PADMAVATHY MEDICAL FOUNDATION.
Exhibit P2 TRUE COPY OF THE NOTICE DATED 04.03.2022 ISSUED BY THE 1ST AND 2ND RESPONDENT TO THE PETITIONER.