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. 16658 OF 2022
PETITIONER:
SALAMATH M.S., AGED 51 YEARS,
S/O.K.M.SULAIMAN RAWTHER,
MUZHANGODITHARARYIL, VEDARAPLAVU P.O.,
CHARUMMOODU, ALAPPUZHA-690 505.
BY ADVS.
V.K.PEERMOHAMED KHAN
GIRISH KUMAR V.C
RESPONDENTS:
1 STATE BANK OF INDIA,
REPRESENTED BY ITS BRANCH MANAGER,
CHARUMMOOD BRANCH, ALAPPUZHA-690 505.
2 THE AUTHORIZED OFFICER,
STATE BANK OF INDIA, RASMEC BRANCH,
MAVELIKKARA, ALAPPUZHA-690 505.
BY ADVS.
SRI.JITHESH MENON, SC
DEEPA NARAYANAN
T.SETHUMADHAVAN (SR.)
PREETHI. P.V.
M.V.BALAGOPAL
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.16658/2022
: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 three loans 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 `26,43,166/- in respect of three loans availed by the petitioner from the 1 st respondent bank. It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent bank WP(C) No.16658/2022 :3 : is willing to accept repayment of the outstanding amount in limited instalments.
4. I have heard the learned counsel for the petitioner as well as the learned Standing Counsel for the respondent bank.
5. The learned counsel for the petitioner submits that there is an amount of `8 lakhs now to the credit of the petitioner in the Savings Bank account of the respondent bank and the same may be directed to be adjusted straight away against the cash credit facility availed by the petitioner from the respondent bank. It is submitted that the balance of the outstanding in respect of the loans can be permitted to be cleared in instalments.
6. The writ petition is disposed of on the following conditions:
(i) The amount of `8 lakhs now available in the Savings Bank account of the petitioner with the respondent bank shall be adjusted forthwith towards the cash credit facility availed by the petitioner from the respondent bank.
(ii) The outstanding amount of `26,43,166/- together with any accrued interest/costs shall be repaid in WP(C) No.16658/2022 :4 : fifteen (15) equated monthly instalments.
(iii) The first instalment shall be paid on or before 30.09.2022 and subsequent instalments shall be paid on or before 30th of every succeeding month.
(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 amounts, all coercive proceedings shall be kept in abeyance.
(vi) The 1st respondent bank shall provide to the petitioner the account statement in respect of all the three loans availed by the petitioner after adjusting the amount of `8 lakhs as above.
Sd/-
GOPINATH P.
JUDGE ncd/29.06.22 WP(C) No.16658/2022 :5 : APPENDIX OF WP(C) 16658/2022 PETITIONER'S EXHIBITS Exhibit P1 TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE RESPONDENT BANK