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. 7679 OF 2022
PETITIONER/S:
SHIBU DAS
AGED 42 YEARS
S/O. MARYDAS, JOY HOUSE, CHOLAYIKONAM,
MYLOTTUMMOOZHY, KATTAKADA, THIRUVANANTHAPURAM
KERALA 695 541
BY ADVS.
G.RANJU MOHAN
M.SANTHI (K/868/2011)
RESPONDENT/S:
AUTHORIZED OFFICER
UNION BANK OF INDIA, NEW JYOTHI TOWER, T.C
25/1506(1), S.S KOVIL ROAD, THIRUVANANTHAPURAM,
KERALA 695 001
OTHER PRESENT:
SRI. A S P KURUP (SC)
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.7679/2022
-: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.13,00,000/-(Rupees Thirteen Lakhs 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.
4. I have heard Adv.Ranju Mohan, learned counsel for the petitioner as well as Adv.A.S.P Kurup, the learned Senior Counsel for the respondent. W.P.(C) No.7679/2022 -: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 outstanding amount in 15 installments.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.13,00,000/-(Rupees Thirteen Lakhs Only) along with further interest and charges from the petitioner on the following conditions:
(i) The outstanding amount of Rs.13,00,000/-(Rupees Thirteen Lakhs Only) together with any accrued interest/costs shall be repaid in 15 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 the succeeding months.
W.P.(C) No.7679/2022 -:4:-
(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.7679/2022 -:5:- APPENDIX OF WP(C) 7679/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE ADVOCATE COMMISSIONER NOTICE DATED 08-02-2021.
Exhibit P2 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 02-03-2022