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. 14878 OF 2022
PETITIONER:
ASSAIN HAJI
AGED 54 YEARS
S/O. MOIDEENKUTTY HAJI, PULLATT HOUSE, ACHANAMBALAM,
KANNAMANGALAM (PO), MALAPPURAM DISTRICT, PIN-676304.
BY ADVS.
T.K.AJITH KUMAR
K.T.SIDHIQ
AISWARYA RAMESAN
RESPONDENTS:
1 KOTTAKKAL CO-OPERATIVE URBAN BANK LTD.
HEAD OFFICE, KATTAPPADI, KOTTAKKAL,
MALAPPURAM DISTRICT, PIN-676503,
REPRESENTED BY ITS GENERAL MANAGER.
2 THE AUTHORISED OFFICER,
KOTTAKKAL CO-OPERATIVE URBAN BANK LTD.,
HEAD OFFICE, KATTAPPADI, KOTTAKKAL,
MALAPPURAM DISTRICT, PIN-676503
BY ADV DEVAPRASANTH.P.J.
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. 14878 OF 2022 2
JUDGMENT
Petitioner has approached this Court challenging proceedings initiated by the respondent Bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, for recovery of the amounts due from the petitioner.
2. Learned counsel appearing for the petitioner submits that the petitioner had taken cash credit facility from the respondent bank, but he could not repay/service that loan because of the financial crisis in connection with Covid-19 pandemic.
3. Learned Standing Counsel appearing for the respondent bank submits that the petitioner availed cash credit facility of Rs.75,00,000/- and committed default in repayment. It is also submitted that regularisation is not possible. It is further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent bank is willing to accept the repayment of the amount due in limited instalments. According to the learned Standing Counsel appearing for the respondent, as of now, balance amount which is liable to be repaid is Rs.91,49,148/- (Rupees ninety one lakh forty WP(C) NO. 14878 OF 2022 3 nine thousand one hundred and forty eight only) as on 26.05.2022 and the petitioner can be permitted to clear the same in fifteen instalments. The learned Standing Counsel submits that the sale is scheduled to be held on 21.06.2022 and the petitioner may be directed to pay some amount in lump-sum before the date of the sale.
4. I have heard the learned counsel for the petitioner as well as the learned Standing counsel appearing 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 fifteen instalments 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 outstanding amount of Rs.91,49,148/- (Rupees ninety one lakh forty nine thousand one hundred and forty eight only) along with any accrued interest and bank charges from the petitioner on the following conditions:
1. The petitioner shall pay a lump-sum WP(C) NO. 14878 OF 2022 4 amount of Rs.15,00,000/-(Rupees Fifteen lakhs only) on or before 20.06.2022.
2. The balance overdue amount shall be repaid in fifteen equated monthly instalments together with any accrued interest/charges.
3. The first instalment shall be paid on or before 30.06.2022 and the subsequent instalments shall be paid on or before the last working day of each succeeding month.
4. In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.
5. 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 WP(C) NO. 14878 OF 2022 5 APPENDIX OF WP(C) 14878/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE SALE NOTICE DATED 25.2.2022 ISSUED BY THE 2ND RESPONDENT.
RESPONDENT'S/S EXHIBITS : NIL