Sreekumar B.T vs State Bank Of India Sbi

              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. 17336 OF 2022
PETITIONER:

          SREEKUMAR B.T
          AGED 45 YEARS, S/O BHASKARAN NAIR, THULASI BHAVAN,
          VALIYARA, VELLANAD P.O, THIRUVANANTHAPURAM 695 543.

          BY ADV V.A.VINOD


RESPONDENT:

          STATE BANK OF INDIA SBI
          REPRESENTED BY ITS BRANCH MANAGER, VELLANAD BRANCH, 1ST
          FLOOR, VYAPARA BHAVAN, VELLANAD, THIRUVANANTHAPURAM -
          695 543.


OTHER PRESENT:

          SRI. R .S. KALKURA (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. 17336 OF 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 overdue amount in installments and to obtain regularization 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 is Rs.1,83,716/- (Rupees One Lakh Eighty Three Thousand Seven Hundred and Sixteen 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.

4. I have heard Adv.V.A.Vinod, learned counsel for the petitioner as well as Adv.R.S.Kalkura, the learned Standing Counsel for the respondent.

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 overdue amount in 15 installments 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.1,83,716/- (Rupees One Lakh Eighty Three Thousand Seven Hundred and Sixteen only) along with bank charges from the petitioner and regularize the loan account of the petitioner on the following conditions:

(i) The overdue amount of Rs.1,83,716/- (Rupees One Lakh Eighty Three Thousand Seven Hundred and Sixteen only) together with any accrued interest and 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 succeeding months;

(iii) Petitioner shall continue to pay the regular EMI's along with the installments directed above; WP(C) NO. 17336 OF 2022 4

(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 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 WP(C) NO. 17336 OF 2022 5 APPENDIX OF WP(C) 17336/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 05.04.2022.