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. 15653 OF 2022
PETITIONER:
RALIYA. T
AGED 40 YEARS, W/O ABBAS KS, PULLERY HOUSE,
PARIYARAM POST, MUTTIL, WAYANAD DISTRICT,
PIN - 673122
BY ADVS.
CHERIAN MATHEW POOTHICOTE
AJITH VILLY GEORGE
RESPONDENT:
1 IDBI BANK
REPRESENTED BY ITS AUTHORISED OFFICER ,
MUHAMED FIROSE A.S, IDBI BANK LIMITED,
MANAGER, KALPETTA BUSINESS CENTRE,
GROUND FLOOR ,KALPETTA BYPASS JUNCTION ,
WAYANAD, PIN - 673122
2 RESERVE BANK OF INDIA
REPRESENTED BY ITS GOVERNOR
6, SANSAD MARG, SANSAD MARG AREA,
NEW DELHI, DELHI , PIN - 110001
BY ADVS.
DEEPU THANKAN
UMMUL FIDA
LAKSHMI SREEDHAR
R.RAJANANDINI MENON
SHAHNAS K.P
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 01.06.2022, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
W.P.(C) No.15653/2022
-: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.22,23,767/- (Rupees Twenty Two Lakhs Twenty Three Thousand Seven Hundred and Sixty Seven 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.15653/2022 -:3:-
4. I have heard Adv.Cherian Mathew, learned counsel for the petitioner as well as Adv.Deepu Thankan, the learned 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.22,23,767/- (Rupees Twenty Two Lakhs Twenty Three Thousand Seven Hundred and Sixty Seven Only) along with bank charges from the petitioner on the following conditions:
(i) The outstanding amount of Rs.22,23,767/- (Rupees Twenty Two Lakhs Twenty Three Thousand Seven Hundred and Sixty Seven Only) together with any accrued interest/costs shall be repaid in 10 equated monthly installments.
W.P.(C) No.15653/2022 -:4:-
(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 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.15653/2022 -:5:- APPENDIX OF WP(C) 15653/2022 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE NOTICE ISSUED BY THE RESPONDENT DATED 21/04/2022