IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
TUESDAY, THE 28TH DAY OF JUNE 2022 / 7TH ASHADHA, 1944
WP(C) NO. 20966 OF 2022
PETITIONER:
MANOJ KUMAR.V.K
AGED 43 YEARS
S/O PRABHAKARAN,
DEVI KRIPA HOUSE, NARUKARA,MANJERI,
MALAPPURAM DT, PIN - 676 122.
BY ADVS.
FRANKLIN ARACKAL
M.B.SOORI
RESPONDENTS:
1 PUNJAB NATIONAL BANK,
PLOT NO.4,SECTOR 10,DWARAKA,
NEW DELHI - 110 075,
REPRESENTED BY ITS AUTHORIZED OFFICER.
2 THE AUTHORIZED OFFICER,
PUNJAB NATIONAL BANK SHATHABDI BHAVAN,
MINI BY PASS ROAD GOVINDAPURAM, KOZHIKODE - 673 016.
3 PUNJAB NATIONAL BANK,
MALAPPURAM BRANCH, MALAPPURAM.P.O
PIN - 676 519, REP BY ITS BRANCH MANAGER.
BY SRI.SANDEEP ANKARATH, SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
28.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 20966 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 total outstanding amount as on 28.06.2022 is Rs.27,10,000/- (Rupees twenty seven lakhs ten thousand 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 Rs.27,10,000/-(Rupees twenty seven WP(C) NO. 20966 OF 2022 3 lakhs ten thousand only) along with bank charges from the petitioner on the following conditions:
(i)The total outstanding amount of Rs.27,10,000/- (Rupees twenty seven lakhs ten thousand 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 01.07.2022 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.
If the petitioner clears the liability as above in instalments and pays such other interest and costs that has been demanded by the 1st respondent Bank, the sale of the petitioner's property scheduled to be held on 29.06.2022 shall stand adjourned.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE DK WP(C) NO. 20966 OF 2022 4 APPENDIX OF WP(C) 20966/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE DATED 18/8/2018 ISSUED BY THE 2ND RESPONDENT UNDER SECTION 13(2) OF THE SARFAESI ACT.
Exhibit P2 TRUE COPY OF THE NOTICE DATED 18/4/2022 ISSUED BY THE UNDER SECTION 13(4) OF THE ACT .
Exhibit P3 TRUE COPY OF THE SALE NOTICE DATED 19/4/2022 ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER.
Exhibit P4 TRUE COPY OF THE LETTER DATED 20/12/2018 ISSUED FROM THE OFFICE OF MANJERI MUNICIPALITY.
Exhibit P5 TRUE COPY OF THE NOTICE DATED 27/5/2022 ISSUED BY THE 2ND RESPONDENT.