IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE N.NAGARESH
WEDNESDAY, THE 29TH DAY OF JUNE 2022 / 8TH ASHADHA, 1944
WP(C) NO. 21100 OF 2022
PETITIONER:
DEEPAKUMARI
AGED 44 YEARS
W/O.SANTHOSH KUMAR N.A., NELLITHANATHU HOUSE,
KOTHANALLOOR P.O., PIN - 686 632, KOTHANALLOOR
VILLAGE, VAIKKOM TALUK, KOTTAYAM DISTRICT.
BY ADVS.
NISHIN GEORGE VIJAYABABU
XAVIER THOMAS V.T.
RESPONDENT:
THE AUTHORIZED OFFICER, STATE BANK OF INDIA
STRESSED ASSETS RECOVERY BRANCH, 7TH FLOOR
VANKARATH TOWERS, PALARIVATTOM, BY-PASS
JUNCTION, ERNAKULAM - 682 024.
BY ADVS.
S.AMBILY
K.K.CHANDRAN PILLAI (SR.)
SRI. JITHESH MENON , SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 29.06.2022, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
W.P.(C) No.21100/2022
2
JUDGMENT
Dated this the 29th day of June, 2022 The petitioner is before this Court seeking for a direction to the respondent to regularize the loan account of the petitioner with the State Bank of India.
2. The petitioner states that she had availed a housing loan and a car loan from the respondent. The petitioner availed two other loans also. The petitioner had to pay an EMI of Rs.24,000/- for all the four loans. The housing loan was repayable only within a period of 15 years.
3. The petitioner states that her husband was employed abroad and dud to Covid-19 pandemic, he lost his job and had to return to India. Consequently, there was default in repayment of loan. The respondent initiated SARFAESI proceedings against the petitioner. The respondent took symbolic possession of the secured assets of the petitioner in the month of March, 2022. W.P.(C) No.21100/2022 3
4. The petitioner states that she is a house wife and the repayment was done from the income generated by her husband from his job abroad. Due to Covid-19 pandemic, the petitioner's husband lost his job and therefore, the petitioner was not in a position to repay the amount. According to the petitioner, her husband has been employed in Gulf again and if a breathing time is granted, the petitioner will be able to clear off the entire liability.
5. The Standing Counsel entered appearance and resisted the writ petition. The Standing Counsel controverted all the allegations made by the petitioner in the writ petition. It was submitted that the petitioner had availed three other loans apart from the housing loan. The housing loan was declared as NPA and all other loans were also declared as NPA on 26.02.2021. The loan account has been transferred to Stressed Assets Recovery Branch. It is too late for the petitioner to come before this Court and seeks repayment of amount in instalments. As all the loan accounts have been W.P.(C) No.21100/2022 4 declared as NPA, there is no question of regularization of the loan accounts, submitted the counsel for the petitioner. If the petitioner can pay the entire loan amount, a short breathing time may be granted.
6. I have heard the learned counsel for the petitioner and the learned Standing Counsel for the respondent.
7. The petitioner has availed a housing loan and a car loan. She has also availed an insurance Suraksha loan. The four loan accounts of the petitioner were rendered NPA and subsequently, the respondent invoked proceedings under the provisions of the SARFAESI Act. The contention of the petitioner is that her husband was working abroad and due to Covid-19 pandemic, he lost his job and the repayment was defaulted. Now, the petitioner is again employed in Gulf countries and if sufficient time is granted, the petitioner will be able to clear off the entire liability.
7. In the afore circumstances, this Court is of the view that the petitioner can be granted reasonable time to W.P.(C) No.21100/2022 5 clear the amount. According to the learned Standing Counsel for the respondent, the total outstanding amount as on 31.05.2022 is Rs.58,83,051/-.
8. In the facts and circumstances, the writ petition is disposed of with the following directions:
(1) The petitioner shall remit an amount of Rs.5,00,000/- (Rupees Five lakhs only) on or before 30.07.2022.
(2) The remaining outstanding amount along with the accruing interest and other charges, if any, shall be remitted in 14 equal and consecutive monthly instalments immediately thereafter.
(3) If the petitioner commits any default in making the payments as directed above, the respondents will be at liberty to proceed against the petitioner in accordance with law.
(4) If the petitioner makes the payments as directed above, all coercive proceedings against the petitioner and W.P.(C) No.21100/2022 6 her sureties shall stand deferred.
The sale proposed for tomorrow shall stand deferred till 31.07.2022 and if the petitioner makes the payment of Rs.5 lakhs by that day, the proceedings pursuant thereto shall stand cancelled.
Sd/-
N.NAGARESH JUDGE AJ W.P.(C) No.21100/2022 7 APPENDIX OF WP(C) 21100/2022 PETITIONER EXHIBITS Exhibit P1 COPY OF THE POSSESSION NOTICE DATED 17/3/2022.
Exhibit P2 COPY OF THE SALE NOTICE DATED 13/5/2022.