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. 19148 OF 2022
PETITIONER:
M. ABDULLA
AGED 45 YEARS, S/O. MOOSA,
RESIDING AT MANIYANAGAL HOUSE, K.G.P4/350-A,
BAMBRANA POST, MANJESHWARA TALUK,
KASARAGOD DISTRICT - 671321.
BY ADVS.
T.MADHU
C.R.SARADAMANI
SHAHID AZEEZ
RESHMA SANTHOSH
RENJISH S. MENON
RESPONDENTS:
1 THE AUTHORIZED OFFICER
THE KASARAGOD CO-OPERATIVE TOWN BANK LTD, NO. 970,
HEAD OFFICE, POST BOX NO.10, PANDURANGA TEMPLE ROAD,
KASARAGOD - 671121.
2 THE KASARAGOD CO-OPERATIVE TOWN BANK LTD.NO. 970,
KUMBLA BRANCH, KUMBLA P.O, KASARAGOD DISTRICT - 671321,
REPRESENTED BY ITS MANAGER.
SRI.PUSHPARAJAN KODOTH (S.C)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
14.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 19148 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 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 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.2,44,071/- (Rupees Two Lakhs Forty Four Thousand and Seventy One only). 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.T.Madhu learned counsel for the petitioner as well as Adv.Pushparajan Kodoth, the learned Standing Counsel for the respondents. WP(C) NO. 19148 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 8 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.2,44,071/- (Rupees Two Lakhs Forty Four Thousand and Seventy One 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.2,44,071/- (Rupees Two Lakhs Forty Four Thousand and Seventy One only) shall be repaid in 8 equated monthly installments along with any accrued interest and costs;
(ii) The first installment shall be paid on or before 15-07-2022. The subsequent installments shall be paid on or before the last working day of the succeeding months;
(iii) Petitioner shall continue to pay the regular EMI's along with the installments directed above; WP(C) NO. 19148 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. 19148 OF 2022 5 APPENDIX OF WP(C) 19148/2022 PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE DEMAND NOTICE DATED 14.12.2021 ISSUED BY THE FIRST RESPONDENT.
Exhibit P2 THE TRUE COPY OF THE POSSESSION NOTICE DATED 3.3.2022 ISSUED BY THE FIRST RESPONDENT. Exhibit P3 THE TRUE COPY OF THE NOTICE DATED 11.05.2022 ISSUED BY THE LEARNED ADVOCATE COMMISSIONER APPOINTED BY THE LEARNED CHIEF JUDICIAL MAGISTRATE'S COURT, KASARAGOD IN CMP NO. 672/2022.