IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
THURSDAY, THE 9TH DAY OF JUNE 2022 / 19TH JYAISHTA, 1944
WP(C) NO. 12473 OF 2022
PETITIONER:
JACQUELIN ALIAS LILLY PUSHPAM
AGED 52 YEARS, W/O. BENEDICT.H, PANICKER THOTTAM,
ST.MATHEWS NAGAR, POZHIYOOR P.O.,
THIRUVANANTHAPURAM,PIN-695 513.
BY ADVS.
SREEDEVI KYLASANATH
ACHUTH KYLAS
R.MAHESH MENON
RESPONDENTS:
1 STATE BANK OF INDIA
POZHIYOOR BRANCH, REPRESENTED BY ITS AUTHORIZED
OFFICER, P.B.NO.1 DEVASWOM BANK BUILDING,
POZHIYOOR P.O., TRIVANDRUM, KERALA,PIN-695 513.
2 RETAIL ASSETS CENTRAL PROCEESING CENTRE,
1ST FLOOR, CHANDRASEKHARAN NAIR, STADIUM COMPLEX,
PALAYAM, THIRUVANANTHAPURAM-695 033.
BY ADV R.S.KALKURA
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
09.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 12473 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 from 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.89,759/- (Rupees Eighty Nine Thousand Seven Hundred and Fifty Nine only)(as on 05-04- 2022). 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.Sreedevi Kylasanath, learned counsel for the petitioner as well as Adv.R.S Kalkura, the learned Standing Counsel for the respondent. WP(C) NO. 12473 OF 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 overdue amount in 10 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.89,759/- (Rupees Eighty Nine Thousand Seven Hundred and Fifty Nine 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.89,759/- (Rupees Eighty Nine Thousand Seven Hundred and Fifty Nine only) shall be repaid in 10 equated monthly installments along with any accrued interest and costs;
(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. 12473 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. 12473 OF 2022 5 APPENDIX OF WP(C) 12473/2022 PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE BANK STATEMENT TO THE CREDIT FACILITY AVAILED BY PETITIONERS SON DATED 03.03.2022.
Exhibit P2 TRUE COPY OF THE NOTICE UNDER SEC 13 (2) OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002, ISSUED BY THE RESPONDENT BANK DATED 03.09.2021 TO PETITIONER'S SON. Exhibit P3 THE TRUE COPY OF THE DISABILITY CERTIFICATE OF PETITIONERS HUSBAND SRI.BENEDICT H, DATED 17.05.2018 ISSUED FROM GENERAL HOSPITAL, NEYYATTINKARA.
Exhibit P4 THE TRUE COPY OF THE NOTICE ISSUED TO THE PETITIONER BY THE ADVOCATE COMMISSIONER IN MC NO 72 OF 2022 DATED NIL.