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. 17357 OF 2022
PETITIONER:
MUHAMMED JAMSHEED T.T.,
AGED 33 YEARS, S/O. ABOOBACKER T.T.,
THARAKANTHODI HOUSE, CHETHALLUR, VELAKKUNNU,
THACHANATTUKARA II, PALAKKAD-678583.
BY ADVS.
MANSOOR.B.H.
SAKEENA BEEGUM
RESPONDENTS:
1 STATE OF KERALA,
REPRESENTED BY ITS PRINCIPAL SECRETARY,
REVENUE DEPARTMENT, GOVERNMENT SECRETARIAT,
THIRUVANANTHAPURAM-695001.
2 DEPUTY TAHSILDAR,
MANNARKKAD TALUK OFFICE, MANNARKKAD, PALAKKAD.
3 THE VILLAGE OFFICER,
THACHANATTUKKARA II VILLAGE OFFICE,
PALAKKAD-678554.
4 THE MANAGER,
UCO BANK, PERINTHALMANNA BRANCH, V.K. COMPLEX,
MANNARKKAD ROAD, MALAPPURAM-679322.
5 AUTHORISED OFFICER,
UCO BANK, PERINTHALMANNA BRANCH, V.K. COMPLEX,
MANNARKKAD ROAD, MALAPPURAM -679322.
OTHER PRESENT:
SRI. H RAMANAN (SC)
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.17357/2022
-: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.17,85,000/-(Rupees Seventeen Lakhs Eighty Five 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.B.H Mansoor, learned counsel for the petitioner as well as Adv.H.Ramanan, the learned Standing Counsel for the respondents. W.P.(C) No.17357/2022 -: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.17,85,000/-(Rupees Seventeen Lakhs Eighty Five Only) along with further interest and charges from the petitioner on the following conditions:
(i) The outstanding amount of Rs.17,85,000/-(Rupees Seventeen Lakhs Eighty Five 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 10-07-2022. The subsequent installments shall be paid on or before the last working day of the succeeding months.
W.P.(C) No.17357/2022 -: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.17357/2022 -:5:- APPENDIX OF WP(C) 17357/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE DATED 20/12/2021 HEARING RRC NO.2021/2767/10 ISSUED BY THE SECOND RESPONDENT.
Exhibit P2 TRUE COPY OF THE ORDER DATED 7/5/2022 HEARING FILE NO.2021/2767/10/1/H1(REV) ISSUED BY THE FIRST RESPONDENT.
Exhibit P3 TRUE COPY OF THE ACCOUNT STATEMENT ISSUED BY THE FOURTH RESPONDENT.
Exhibit P4 TRUE COPY OF THE NOTICE ISSUED BY THE FIFTH RESPONDENT UNDER SEC 13 (4) UNDER SARFAESI ACT.