Satheesh vs Irinjalakuda Town Co-Operative ...

             IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
              THE HONOURABLE MR. JUSTICE GOPINATH P.
   TUESDAY, THE 14TH DAY OF JUNE 2022 / 24TH JYAISHTA, 1944
                      WP(C) NO. 10945 OF 2021
PETITIONER:

             SATHEESH
             AGED 38 YEARS
             S/O. RAMAN, PULIYATHUPARAMBIL HOUSE, THEKKUMKARA
             P.O., PIN-680 589 TRICHUR DISTRICT.

             BY ADV S.MUMTAZ



RESPONDENT:

         IRINJALAKUDA TOWN CO-OPERATIVE BANK
         REPRESENTED BY THE AUTHORIZED OFFICER, HEAD OFFICE,
         TANA SOUTH, IRINJALAKUDA-680 121, TRICHUR.

         BY ADV SRI.DEVAPRASANTH.P.J.




THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
14.06.2022,     THE   COURT    ON   THE   SAME   DAY   DELIVERED   THE
FOLLOWING:
 W.P.(C)No.10945/2021                    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 term loans 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. The learned Standing Counsel appearing for the respondent Bank submits that the petitioner committed default in repayment and the outstanding amount is Rs.42,98,170/-. The learned Standing Counsel points out the facts and circumstances of the case and states that the petitioner had defaulted repayment of amounts under the facility extended to him and the asset is a Non-Banking Asset of the Bank with effect from 26.3.2021. 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 bank.

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 twelve (12) instalments.

6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.42,98,170/- along with bank charges from the petitioner on the following conditions:

(i) The outstanding amount of Rs.42,98,170 /-together with any accured interest/costs shall be repaid in twelve (12) equated monthly instalments

(ii) The first instalment shall be paid on or before 15.07.2022 and subsequent instalments shall be paid on the last working day 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 acd W.P.(C)No.10945/2021 4 APPENDIX OF WP(C) 10945/2021 PETITIONER EXHIBITS EXHIBIT P1 TRUE COPY OF THE POSSESSION NOTICE ISSUED UNDER THE SARFAESI ACT DATED 14.1.2021.

EXHIBIT P2 REQUEST LETTER DATED 25.3.2021 GIVEN BY THE PETITIONER TO THE RESPONDENT.