W.P.(C) No.14604 of 2022
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
FRIDAY, THE 3RD DAY OF JUNE 2022 / 13TH JYAISHTA, 1944
WP(C) NO. 14604 OF 2022
PETITIONERS:
1 SATHY SUGATHAN
AGED 48 YEARS, W/O. SUGATHAN,
THOOMBANPARAMBIL HOUSE, PAZHUTHURUTHU, THIRUVANBADU,
NEEZHOOR VILLAGE, KOTTAYAM-686 612
2 SUGATHAN.T.S.,
AGED 57 YEARS, S/O. SIVARAMAN,
THOOMBANPARAMBIL HOUSE, PAZHUTHURUTHU,
THIRUVANBADU, NEEZHOOR VILLAGE, KOTTAYAM-686 612
3 CHELLAMMA
AGED 90 YEARS, W/O. SIVARAMAN,
THOOMBANPARAMBIL HOUSE, PAZHUTHURUTHU, THIRUVANBADU,
NEEZHOOR VILLAGE, KOTTAYAM-686 612
BY ADV S.SHYAM
RESPONDENTS:
1 KADUTHURUTHY URBAN CO-OPERATIVE BANK K 399
KADUTHURUTHY P.O., KOTTAYAM DISTRICT,
PIN-686 604, REPRESENTED BY ITS ADMINISTRATOR,
ASSISTANT REGISTRAR OF CO OPERATIVE SOCIETIES (G).
2 THE AUTHORISED OFFICER,
KADUTHURUTHY URBAN CO OPERATIVE BANK K 399,
KADUTHURUTHY P.O., KOTTAYAM DISTRICT,PIN-686 604.
BY ADVS.
C.MURALIKRISHNAN (PAYYANUR)
ABRAHAM GEORGE JACOB
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 03.06.2022, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
W.P.(C) No.14604 of 2022
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JUDGMENT
Petitioners have 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 petitioners.
2. During the course of hearing, petitioners have 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 petitioners committed default in repayment and the overdue amount is Rs.21,00,202/-(Rupees Twenty One Lakhs Two Hundred and Two 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. W.P.(C) No.14604 of 2022 -:3:-
4. I have heard Adv.S.Shyam, learned counsel for the petitioners as well as Adv.C.Muralikrishnan, the learned Standing counsel for the respondents.
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 regularized.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.21,00,202/-(Rupees Twenty One Lakhs Two Hundred and Two Only) along with bank charges from the petitioners and regularize the loan account of the petitioners on the following conditions:
(i) The overdue amount of Rs.21,00,202/- (Rupees Twenty One Lakhs Two Hundred and Two Only) together with any accrued interest and costs shall be repaid in 15 equated monthly installments.
W.P.(C) No.14604 of 2022 -:4:-
(ii) The first installment shall be paid on or before 10-07-2022 The subsequent installments shall be paid on or before the last working day of succeeding months.
(iii) Petitioners shall continue to pay the regular EMI's along with the installments directed above.
(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 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 ats W.P.(C) No.14604 of 2022 -:5:- APPENDIX OF WP(C) 14604/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF A PAPER CUTTING FROM THE MANORAMA DAILY DATED 5.3.2022 Exhibit P2 TRUE COPY OF THE ACKNOWLEDGMENT DATED 28.2.18 FOR DEPOSIT OF TITLE DEEDS Exhibit P3 TRUE COPY OF THE NOTICE DATED 29.3.2022 ISSUED BY ADVOCATE ANIL JOSE