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. 17683 OF 2022
PETITIONERS:
1 RIJU J.,
AGED 40 YEARS
S/O.D.N.JOHN, RESIDING AT AYILLIYAM,RASSELPURAM P.O.,
MARANALLOOR, KERALA-695 501.
2 ARCHANA RIJU,
AGED 31 YEARS
W/O.RIJU.J., RESIDING AT AYILLIYAM,RASSELPURAM P.O.,
MARANALLOOR, KERALA-695 501.
BY ADVS.
ARUN CHAND
VINAYAK G MENON
BHARAT VIJAY P.
THAREEQ ANVER K.
K.SALMA JENNATH
MAJID MUHAMMED K.
EVELYN VARGHESE
RESPONDENTS:
1 DHANALAXMI BANK LTD.,
REGIONAL OFFICE, "AMRITH PLAZA", 2ND FLOOR, T.C.
30/1398/4, NALUMUKKU, PETTAH P.O.,
THIRUVANANTHAPURAM-695 024, REPRESENTED BY ITS
AUTHORIZED OFFICER.
2 DHANALAXMI BANK LTD.,
SASTHAMANGALAM BRANCH, TC NO.IX/767-1, BALAKRISHNA
BUILDING, SASTHAMANGALAM, THIRUVANANTHAPURAM-695 010,
REPRESENTED BY ITS AUTHORIZED OFFICER.
BY ADV P.VIJAYARAGHAVAN, 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. 17683 OF 2022
2
JUDGMENT
The petitioners have approached this Court challenging proceedings under the SARFAESI Act which have been initiated by the bank for recovery of the amounts due from the petitioners.
2. During the course of hearing, petitioners have 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 petitioners committed default in repayment and the total overdue amount is Rs.2,53,203/-(Rupees two lakhs fifty three thousand two hundred and three only) towards two loans. 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 the learned counsel for the petitioners as well as the learned 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 total overdue amount on WP(C) NO. 17683 OF 2022 3 condition that Rs.50,000/- shall be paid on or before 30.06.2022 and the balance amount shall be paid in 8 equal monthly instalments and the first of which shall be paid on or before 30.07.2022 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.2,53,203/-(Rupees two lakhs fifty three thousand two hundred and three only) along with bank charges from the petitioners and regularise the loan account of the petitioners on the following conditions:
i. The petitioners shall pay a sum of Rs.50,000/- on or before 30.06.2022; balance overdue amount along with any accrued interest and charges shall be repaid in 8 equal monthly instalments.
ii. The first instalment shall be paid on or before 30.07.2022 and the subsequent instalments shall be paid on the last working day of every succeeding month.
iii. Petitioners shall continue to pay the regular EMI's along with the instalments directed above.
iv. In the event of default of any one instalment, 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. WP(C) NO. 17683 OF 2022 4 The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE DK WP(C) NO. 17683 OF 2022 5 APPENDIX OF WP(C) 17683/2022 PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE NOTICE DATED 06.01.2022 ISSUED BY THE FIRST RESPONDENT UNDER SECTION 13(2) OF THE SARFAESI ACT 2002.
Exhibit P2 THE TRUE COPY OF THE NOTICE DATED 05.05.2022 ISSUED BY THE FIRST RESPONDENT UNDER SECTION 13(4) OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002.