IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
WEDNESDAY, THE 29TH DAY OF JUNE 2022/8TH ASHADHA, 1944
WP(C) NO. 5679 OF 2022
PETITIONER:
SAJIMON, S/O. Y.JOYKUTTY, AGED 45 YEARS,
MANAKKATTU VEEDU, PUTHUSSERY BHAGOM,
VAYALA P.O., ADOOR TALUK,
PATHANAMTHITTA DISTRICT - 691 554.
BY ADVS.
MANU RAMACHANDRAN
M.KIRANLAL
R.RAJESH (VARKALA)
T.S.SARATH
SAMEER M NAIR
GEETHU KRISHNAN
HARSHA SUSAN SAM
RESPONDENTS:
1 THE KERALA BANK,
KERALA STATE CO-OPERATIVE BANK LTD.,
P.B. NO. 6515, COBANK TOWERS, PALAYAM,
THIRUVANANTHAPURAM DISTRICT - 695 033
REPRESENTED BY ITS CHIEF GENERAL MANAGER.
2 THE CHIEF GENERAL MANAGER, KERALA BANK,
KERALA STATE CO-OPERATIVE BANK LTD.,
P.B. NO. 6515, COBANK TOWERS, PALAYAM,
THIRUVANANTHAPURAM DISTRICT - 695 033.
3 THE MANAGER, KERALA BANK,
KERALA STATE CO-OPERATIVE BANK LTD.,
ENATHU BRANCH, ADOOR,
PATHANAMTHITTA DISTRICT - 691 526.
BY ADVS.
SRI.N.RAGHURAJ, SC,
SMT JASMINE M M- GOVT.PLEADER
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 29.06.2022, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
WP(C) No.5679/2022
:2 :
JUDGMENT
Dated this the 29th day of June, 2022 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 SARFAESI Act) for recovery of the amounts due on a Consumption 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 instalments and to obtain regularisation 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 `29,65,232/-. It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent bank is willing to WP(C) No.5679/2022 :3 : accept repayment of the overdue amount in limited instalments and regularise the loan account.
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 facts and circumstances of the case and the situation now prevailing, apart from the submissions made as recorded above and also taking into account the fact that the petitioner has undertaken to clear off the overdue amount along with regular EMIs, I am of the view that the petitioner can be granted an opportunity to clear off the overdue amount in instalments in the following manner:
(i) An amount of `10 lakhs shall be remitted within a period of one month from today.
(ii) The balance amount with any accrued interest and charges shall be repaid in fifteen (15) equated monthly instalments. The first instalment shall be paid on or before 16.08.2022 and the subsequent instalments shall be paid on the last working day of every succeeding month.
WP(C) No.5679/2022 :4 :
(iii) Petitioner shall continue to pay the regular EMI's along with the instalments as directed above.
(iv) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.
(v) In order to enable the petitioner to repay the entire amount, all coercive proceedings shall be kept in abeyance.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE ncd/29.06.22 WP(C) No.5679/2022 :5 : APPENDIX OF WP(C) 5679/2022 PETITIONER'S EXHIBITS Exhibit P1 THE TRUE COPY OF THE 1ST PAGE OF PASS BOOK OF CONSUMPTION LOAN NO. 50/135/877 OF KERALA BANK, ENATHU BRANCH .
Exhibit P2 THE TRUE COPY OF THE NOTICE VIDE NO. 208 DATED 06.10.2020 BY THE 3RD RESPONDENT INFORMING ABOUT THE ONE TIME SETTLEMENT SCHEME Exhibit P3 THE TRUE COPY OF THE EMAIL REPRESENTATION DATED 19.01.2022 PREFERRED BY THE PETITIONER TO THE 1ST RESPONDENT Exhibit P4 A TRUE COPY OF THE CIRCULAR NO.3/2022 ISSUED BY REGISTRAR OF CO-OPERATIVE SOCIETIES, STATE OF KERALA