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. 19431 OF 2022
PETITIONERS:
1 MOHAMMED NABEEL
AGED 27 YEARS, S/O.SELEENA,
SALEENA MANZIL, CHIRIYA VELIANOOR P.O.,
KOTTARAKKARA, KOLLAM, PIN - 691 516.
2 AMINA HASSAN
AGED 75 YEARS, W/O.HASSAN RAWTHAR,
SALEENA MANZIL, CHIRIYA VELIANOOR P.O.,
KOTTARAKKARA, KOLLAM, PIN - 691 516.
BY ADVS.
K.K.DHEERENDRAKRISHNAN(K/1234/2003)
N.P.ASHA
RESPONDENTS:
1 THE CO-OPERATIVE URBAN BANK LIMITED
NO.1909, KOTTARAKKARA, REPRESENTED BY BRANCH
MANAGER/AUTHORISED OFFICER, PIN NO.691 506.
2 SPECIAL SALES OFFICER
THE CO-OPERATIVE URBAN BANK LTD., KOTTARAKKARA,
ASSISTANT REGISTRAR (GENERAL) OFFICE,
KOTTARAKKARA, KOLLAM, PIN NO.691 506.
BY ADV SWAPNA VIJAYAN (FOR R1)
ADV.K.B.SONY (G.P)
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.19431/2022
-:2:-
JUDGMENT
Petitioners have approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) for recovery of the amounts due upon a loan availed by the petitioners.
2. During the course of hearing, petitioners have confined the relief to an opportunity for repaying the outstanding amount in installments.
3. It was submitted on behalf of the respondent bank that the petitioners committed default in repayment and the outstanding amount is Rs.16,69,722/-(Rupees Sixteen Lakhs Sixty Nine Thousand Seven Hundred and Twenty Two Only). 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 installments. W.P.(C) No.19431/2022 -:3:-
4. I have heard Adv.K.K.Dheerendrakrishnan, learned counsel for the petitioners as well as Adv.Swapna Vijayan, the learned 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 petitioners can be granted an opportunity to repay the outstanding amount in 15 installments.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.16,69,722/-(Rupees Sixteen Lakhs Sixty Nine Thousand Seven Hundred and Twenty Two Only) along with bank charges from the petitioners on the following conditions:
(i) The outstanding amount of Rs.16,69,722/- (Rupees Sixteen Lakhs Sixty Nine Thousand Seven Hundred and Twenty Two Only) together with any accrued interest/cost shall be repaid in 15 equated monthly installments. W.P.(C) No.19431/2022 -:4:-
(ii) The first installment shall be paid on or before 22-07-2022. The subsequent installments shall be paid on or before the last working day of the succeeding months.
(iii) In the event of default of any one installment, the respondent bank shall be entitled to proceed in accordance with law.
(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 ats W.P.(C) No.19431/2022 -:5:- APPENDIX OF WP(C) 19431/2022 PETITIONER EXHIBITS EXHIBIT P1 A TRUE COPY OF THE MEMORANDUM OF SA NO.338/2019 PENDING BEFORE DEBT RECOVERY TRIBUNAL, ERNAKULAM.
EXHIBIT P2 A TRUE COPY OF THE ORDER DATED 19/11/2019 IN SA NO.338/2019 PASSED BY DEBT RECOVERY TRIBUNAL, ERNAKULAM.
EXHIBIT P3 A TRUE COPY OF THE RECEIPT OF PAYMENT OF RS.1,00,000/-.
EXHIBIT P4 A TRUE COPY OF THE COUNTER AFFIDAVIT SUBMITTED BY THE 1ST RESPONDENT BANK. EXHIBIT P5 A TRUE COPY OF THE NOTICE SERVED ON THE PETITIONERS BY THE SECOND RESPONDENT THROUGH REGISTERED POST.