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. 17045 OF 2022
PETITIONER:
PRAKASH M.N.,
AGED 48 YEARS
S/O.LATE NARAYANAN, PRAKSH BHAVAN,
PALAMUKKU, ANCHAL P.O., KOLLAM-691 306.
BY ADVS.
RENI JAMES
N.S.REHNA
BINIYAMIN K.S.
RESPONDENT:
KERALA BANK LTD.,
REPRESENTED BY ITS MANAGER,
ANCHAL EVENING BRANCH, KOLLAM-691 306.
SRI. P.C. SASIDHARAN (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.17045/2022 2
JUDGMENT
Petitioner has approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as the Securitisation Act) for recovery of the amounts due upon 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 instalments.
3. It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the outstanding amount is Rs.3,24,713/-. 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 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 outstanding amount in ten (10) instalments.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.3,24,713/- along W.P.(C)No.17045/2022 3 with bank charges from the petitioner on the following conditions:
(i) The outstanding amount of Rs.3,24,713/- together with any accured interest/costs shall be repaid in ten (10) equated monthly instalments
(ii) The first instalment shall be paid on or before 30.06.2022 and subsequent instalments shall be paid on or before 30 th 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 spk W.P.(C)No.17045/2022 4 APPENDIX OF WP(C) 17045/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE ISSUED BY THE BANK DATED 08.11.2021.
Exhibit P2 TRUE COPY OF THE AFFIXED NOTICE ISSUED BY THE BANK.
RESPONDENT'S/S EXHIBITS : NIL