Prakasan.N vs The Authorized Officer

                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. 17666 OF 2022
PETITIONER/S:

          PRAKASAN.N, AGED 61 YEARS
          S/O. PERACHAKUTTY, NADAMMAL THALAKKULATHUR,
          THALAKULATHURP.O., KOZHIKODE DISTRICT, PIN - 673317
          BY ADVS.
          M.B.SHYNI
          R.RAJESH KUMAR
          V.R.ANILKUMAR
          RAMEES P.K.
          ERFANA PARAMBADAN
          SUBITHA SUBRAMANIYAN


RESPONDENT/S:

    1     THE AUTHORIZED OFFICER
          KERALA GRAMIN BANK, REGIONAL OFFICE, DEVANS OPPOSITE
          KARAPARAMBU HIGH SCHOOL, KARAPARAMBU POST, KOZHIKODE
          DISTRICT, PIN - 673010
    2     THE REGIONAL MANAGER
          KERALA GRAMIN BANK, REGIONAL OFFICE, DEVANS OPPOSITE
          KARAPARAMBU HIGH SCHOOL, KARAPARAMBU POST, KOZHIKODE
          DISTRICT, PIN - 673010
    3     KERALA GRAMIN BANK
          PURAKKATTIRI BRANCH, KOZHIKODE DISTRICT REPRESENTED BY
          THE BRANCH MANAGER., PIN - 673303
    4     STATE OF KERALA
          REPRESENTED BY THE CHIEF SECRETARY, SECRETARIAT,
          THIRUVANANTHAPURAM, PIN - 695001
          SRI. ANEESH K.M. -SC
          SMT. THUSHARA JAMES, SR. GP
     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. 17666 OF 2022                     2



                                    JUDGMENT

Petitioner has approached this Court challenging proceedings initiated by the respondent Bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, for recovery of the amounts due from the petitioner.

2. During the course of hearing, petitioner has 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 petitioner committed default in repayment and the overdue amount as on 21.05.2022 is Rs.3,94,000/- (Rupees three lakhs and ninety four thousand only). Learned Standing counsel submits that the sale is scheduled to be held on 13.06.2022 and the petitioner may be directed to pay some amount in lump-sum before the date of the sale. 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. M.B. Shyni learned counsel for the petitioner as well as Adv.Aneesh K.M., the learned counsel for the respondent.

5. Having regard to the circumstances of the case and the situation now prevailing and considering the submission of the learned Standing counsel that some amount in lumpsum may be directed to be paid, and apart from the submissions made as recorded above, it it directed that the petitioner shall pay a lumpsum amount of Rs.50,000/- (Rupees fifty thousand only) on or before 30.06.2022 and the balance overdue amount in 12 equal monthly 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.3,94,000/- (Rupees three lakhs and ninety four thousand only) along with bank charges from the petitioner and regularise the loan account of the petitioner on the following conditions:

(i) The petitioner shall pay a lump-sum amount of Rs.50,000/-

(Rupees fifty thousand only) on or before 30.06.2022.

(ii) The balance overdue amount of Rs.3,44,000/- (Rupees three lakhs forty four thousand only)./- shall be repaid in twelve equated monthly instalments.

(iii) The first instalment shall be paid on or before 30.06.2022 and the subsequent instalments shall be paid on or before the 20th day of each succeeding month.

(iv) Petitioner shall continue to pay the regular EMI's along with the instalments directed above.

(v) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.

(vi) 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 ajt WP(C) NO. 17666 OF 2022 5 APPENDIX OF WP(C) 17666/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE RELEVANT PAGE OF BANK PASS BOOK OF THE PETITIONER Exhibit P2 A TRUE COPY OF THE SALE NOTICE DATED 06/05/2022 ISSUED BY THE 1ST RESPONDENT TO THE PETITIONER Exhibit P3 A TRUE COPY OF THE REPRESENTATION SUBMITTED BY THE PETITIONER BEFORE THE 3RD RESPONDENT DATED 10/05/2022