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. 10176 OF 2022
PETITIONER:
NITHEESHAN PUTHUKKUDY,
AGED 48 YEARS,
S/O. KUNHIRAMAN NAMBIAR,
KANNOTH HOUSE,
NEAR ELAYAVOOR TEMPLE,
MUNDAYAD P.O.,
KANNUR DISTRICT-670 594.
BY ADV T.G.RAJENDRAN
RESPONDENT:
THE KANNUR CO-OPERATIVE URBAN BANK LTD.,
REPRESENTED BY ITS AUTHORISED OFFICER,
HEAD OFFICE, THAVAKKARA, NEAR YATHRI NIVAS,
KANNUR-670 002.
BY ADVS.
G.S.KRISHNAN KARTHA
LIJIN THAMBAN
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.10176/2022
: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 upon a business loan 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. It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the outstanding amount is `32,30,679/-. 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. WP(C) No.10176/2022 :3 :
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 `32,30,679/- along with bank charges from the petitioner on the following conditions:
(i) The outstanding amount of `32,30,679/-together with any accrued interest/costs shall be repaid in twelve (12) equated monthly instalments.
(ii) The first instalment shall be paid on or before 30.07.2022 and subsequent instalments shall be paid on or before 30th 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.
WP(C) No.10176/2022 :4 :
(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 ncd/29.06.22 WP(C) No.10176/2022 :5 : APPENDIX OF WP(C) 10176/2022 PETITIONER'S EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE ISSUED BY THE 1ST RESPONDENT DATED 23.12.2020 Exhibit P2 TRUE COPY OF THE DOCKET SHEET ORDER IN CMP NO.2751/2021 ON THE FILE OF THE CHIEF JUDICIAL MAGISTRATE COURT, THALASSERY