IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
WEDNESDAY, THE 8TH DAY OF JUNE 2022 / 18TH JYAISHTA, 1944
WP(C) NO. 17825 OF 2022
PETITIONERS:
1 M/S. SREE MARUTHI PHARMA
REPRESENTED BY ITS MANAGING PARTNER MR. G SARAN,
TC 25 - 3429 (1), CHIRAKULAM ROAD, STATUE,
THIRUVANANTHAPURAM, PIN - 695001
2 G. SARAN
AGED 41 YEARS
S/O MR. S GOPALAKRISHNAN,
TC 19/2302/6, ARATHI, VPS 72 B, VATTAVILA,
THIRUMALA, THIRUVANANTHAPURAM -, PIN - 695006
3 SYAM KUMAR
AGED 33 YEARS
S/O. MR. G REMAMANI,
TC 19/1710 SUMASADANAM, THAMALAM,
POOJAPPURA, THIRUVANANTHAPURAM, PIN - 695012
BY ADV MITHUN P.
RESPONDENTS:
1 INDIAN BANK
REPRESENTED BY ITS GENERAL MANAGER,
MAIN BRANCH, THIRUVANANTHAPURAM, PIN - 695001
2 AUTHORISED OFFICER
INDIAN BANK, STATUE BRANCH,
THIRUVANANTHAPURAM, PIN - 695001
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
08.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P (C) No.17825/2022 -2-
JUDGMENT
The petitioner has availed credit facilities from the Bank including one over draft facility and several term loans. The 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 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 instalments and to obtain regularisation of all the loan accounts.
3. It was submitted on behalf of the respondent bank that the total over due amount in respect of all the loans together is Rs.6,93,607/-, while the total liability is stated to be Rs.1,75,95,237/-. 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 accounts.
4. I have heard the learned counsel for the petitioner as well as the learned Standing Counsel for the respondent Bank.
5. Having regard to the facts and circumstances of the case and the situation now prevailing, apart from the submissions made as recorded above and taking into account the fact that the petitioner has undertaken to clear off the overdue amount, I am of the view that the petitioner can be granted an opportunity to clear off the overdue amount in seven (7) equal instalments first of which shall be paid on or before 15-07-2022 and thereafter, if the amount so directed is repaid W.P (C) No.17825/2022 -3- 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.6,93,607/- along with bank charges from the petitioner and regularise the loan account of the petitioner on the following conditions:
(i) The overdue amount of Rs.6,93,607/- together with any accrued interest and charges shall be repaid in seven equated monthly instalments.
(ii) The first instalment shall be paid on or before 15-07-2022 and the subsequent instalments shall be paid on the last working day of every succeeding month.
(iii) Petitioner shall also service all the loans by paying all future installments in respect of all the loans in time.
(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 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 AMG W.P (C) No.17825/2022 -4- APPENDIX OF WP(C) 17825/2022 PETITIONER EXHIBITS Exhibit P1 COPY OF THE NOTICE UNDER 13(2) SARFAESI ACT DATED 09.05.2022 Exhibit P2 COPY OF THE REPRESENTATION PREFERRED BY THE 2ND PETITIONER BEFORE THE 1ST RESPONDENT DATED 16.05.2022