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. 17880 OF 2022
PETITIONER:
RAJAN,
AGED 62 YEARS,
S/O.BALAN, KUNNUMPURATH (H),
RAJESH BHAVAN,
KUSAVUR, PALODE, PERINGANMALA, KARIMANCODE,
TRIVANDRUM, PIN - 695 562.
BY ADVS.
SUSHANTH.J.
PRAMEELA.C.K.
C.K.PREM RAJ
RESPONDENTS:
1 KERALA GRAMIN BANK,
REPRESENTED BY ITS AUTHORIZED OFFICER,
PALODE BRANCH, TRIVANDRUM, PINCODE - 695 562.
2 KERALA GRAMIN BANK,
REPRESENTED BY CHIEF MANAGER (CREDIT AND RECOVERY)
REGIONAL OFFICE, TRIVANDRUM, PINCODE - 695 562.
3 KERALA GRAMIN BANK,
REPRESENTED BY CHIEF MANAGER,
HEAD OFFICE MALAPPURAM, KERALA, PINCODE - 676 505.
SRI.K.M.ANEESH (SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
03.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 17880 OF 2022
2
JUDGMENT
Petitioner has approached this Court challenging proceedings under the SARFAESI Act which have been initiated by the bank for recovery of the amounts due from the petitioner.
3. It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the outstanding amount is Rs.23,41,150/-(Rupees twenty three lakhs forty one thousand one hundred and fifty 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 instalments.
4. I have heard the learned counsel for the petitioner as well as 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 petitioner can be granted an opportunity to repay the outstanding amount in 20 instalments.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.23,41,150/-(Rupees twenty three lakhs forty one thousand one hundred and fifty only) along with bank charges from the petitioner on the following conditions:
WP(C) NO. 17880 OF 2022 3
(i)The outstanding amount of Rs.23,41,150/-(Rupees twenty three lakhs forty one thousand one hundred and fifty only) along with any accrued interest and charges shall be repaid in 20 equated monthly instalments.
(ii)The first instalment shall be paid on or before 20.06.2022 and the subsequent instalments shall be paid on or before the 20th day of every succeeding month.
(iii) In the event of default of any one instalment, 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 DK WP(C) NO. 17880 OF 2022 4 APPENDIX OF WP(C) 17880/2022 PETITIONER EXHIBITS Exhibitp1 TRUE COPY OF THE NOTICE ISSUED TO THE PETITIONER Exhibitp2 TRUE COPY OF THE DEMAND NOTICE ISSUED BY THE RESPONDENT BANK Exhibitp3 TRUE COPY OF THE RECEIPT OF THE AMOUNT PAYED BY THE PETITIONER Exhibitp4 TRUE COPY OF THE PAPER PUBLICATION OF TAKING POSSESSION OF THE PETITIONERS PROPERTY