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. 20523 OF 2022
PETITIONER:
HARIS.A,
AGED 42 YEARS,
EDAVANA HOUSE, KANNANGARA P.O., CHELANNOOR,
KOZHIKODE DISTRICT, PIN - 673 616.
BY ADVS.
M.B.SHYNI
R.RAJESH KUMAR
V.R.ANILKUMAR
RAMEES P.K.
ERFANA PARAMBADAN
SUBITHA SUBRAMANIYAN
RESPONDENTS:
1 THE CALICUT CO-OPERATIVE URBAN BANK LTD. NO. 1538,
CALICUT REPRESENTED BY ITS MANAGER.
2 THE AUTHORIZED OFFICER,
GENERAL MANAGER -IN- CHARGE- RECOVERY, THE CALICUT
CO-OPERATIVE URBAN BANK, CALICUT, PIN - 673 002.
3 THE BRANCH MANAGER,
CALICUT CO-OPERATIVE URBAN BANK, CALICUT,
PIN - 673 002.
BY ADV DEVAPRASANTH.P.J.
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. 20523 OF 2022
2
JUDGMENT
The 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. 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 total overdue amount as on 24.06.2022 is Rs.6,07,293/-(Rupees six lakhs seven thousand two hundred and ninety three only) towards the loan. 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 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 counsel for the respondents.
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 WP(C) NO. 20523 OF 2022 3 an opportunity to repay the total overdue amount on condition that Rs.50,000/- shall be paid on or before 08.07.2022 and the balance amount shall be paid in 10 equal monthly instalments, the first of which shall be paid on or before 30.07.2022 and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.6,07,293/-(Rupees six lakhs seven thousand two hundred and ninety three only) along with bank charges from the petitioner and regularise the loan account of the petitioner on the following conditions:
i. The petitioner shall pay a sum of Rs.50,000/- (Rupees fifty thousand only) on or before 08.07.2022; balance overdue amount along with any accrued interest and charges shall be repaid in 10 equal monthly instalments. ii. The first instalment shall be paid on or before 30.07.2022 and the subsequent instalments shall be paid on the last working day of every succeeding month.
iii. The petitioner shall continue to pay the regular EMI's along with the instalments 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 amounts, WP(C) NO. 20523 OF 2022 4 all coercive proceedings shall be kept in abeyance. Taking of physical possession of the petitioner's property and the further coercive shall be deferred on condition that the petitioner pays a sum of Rs. 50,000/- (Rupees fifty thousand only) on or before 08.07.2022 and the balance overdue amount together with regular EMIs in 10 equal monthly installments commencing from 30.07.2022.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE DK WP(C) NO. 20523 OF 2022 5 APPENDIX OF WP(C) 20523/2022 PETITIONER EXHIBITS Exhibit P1 A TRUE COY OF THE NOTICE ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER DATED 17/02/2021 Exhibit P2 A TRUE COY OF THE NOTICE ISSUED BY THE 2ND RESPONDENT DATED 23/04/2021 Exhibit P3 A TRUE COPY OF THE NOTICE ISSUED BY THE 3RD RESPONDENT DATED 16/09/2021 Exhibit P4 A TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 15/06/2022 Exhibit P5 A TRUE COPY REPRESENTATION SUBMITTED BY THE PETITIONER TO THE 3RD RESPONDENT DATED 02/06/2022