IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
FRIDAY, THE 24TH DAY OF JUNE 2022 / 3RD ASHADHA, 1944
WP(C) NO. 19468 OF 2022
PETITIONER:
ABDUL KHADER C S,
AGED 58 YEARS,
S/O SAYED MUHAMMED,
CHAKKUNGAL HOUSE, PEZHAKKAPPILLY P.O.,
MUVATTUPUZHA, ERNAKULAM, PIN - 686 674.
BY ADVS.
K.R.PRATHISH
S.RENJITH
P.K.SREEVALSAKRISHNAN
RESPONDENTS:
1 STATE BANK OF INDIA
STRESSED ASSETS RECOVERY BRANCH, 7TH FLOOR,
VANKARATH TOWERS, PALARIVATTOM, ERNAKULAM,
PIN - 682 024.
REP BY ITS MANAGER/AUTHORISED OFFICER
2 THE MANAGER
STATE BANK OF INDIA, SARB ERNAKULAM, 40/974,
R.S BUILDING, M.G ROAD, ERNAKULAM,
KOCHI, PIN - 682 035.
BY ADV SRI.S.EASWARAN, SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
24.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 19468 OF 2022
2
JUDGMENT
Petitioner has approached this Court challenging proceedings under the SARFAESI Act which have been initiated by the bank for recovery of the amounts due from the petitioner.
2. It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the outstanding amount is Rs.26,62,043/-(Rupees twenty six lakhs sixty two thousand and forty three 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 outstanding amount in limited instalments.
3. I have heard the learned counsel for the petitioner as well as the learned Standing Counsel for the respondents.
4. 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 15 instalments.
5. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of WP(C) NO. 19468 OF 2022 3 Rs.26,62,043/-(Rupees twenty six lakhs sixty two thousand and forty three only) along with bank charges from the petitioner on the following conditions:
(i)The outstanding amount of Rs.26,62,043/-(Rupees twenty six lakhs sixty two thousand and forty three only) along with any accrued interest and charges shall be repaid in 15 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) 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 sale of the petitioner's property which is scheduled to be held on 27.06.2022 shall stand adjourned to enable the petitioner to comply with the directions contained in this judgment.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE DK WP(C) NO. 19468 OF 2022 4 APPENDIX OF WP(C) 19468/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE U/S. 13(2) OF THE SARFESI DATED 01.02.2013 Exhibit P2 TRUE COPY OF THE OTS SCHEME ISSUED BY THE RESPONDENT BANK TO THE PETITIONER DATED 01.02.2022 Exhibit P3 TRUE COPY OF THE SETTLEMENT FORMAT ISSUED BY THE RESPONDENT BANK DATED 09.03.2022 Exhibit P4 TRUE COPY OF THE NOTICE UNDER RULE 8(6) OF SARFESI ACT ISSUED BY THE RESPONDENT BANK DATED 13.05.2022