IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
TUESDAY, THE 31ST DAY OF MAY 2022 / 10TH JYAISHTA, 1944
WP(C) NO. 15625 OF 2022
PETITIONERS:
1 M/S. C R MARKETING GROUP ,
DOOR NO. 15/619, 10/590, 591, PERUMUGHAM, FEROKE P.O.,
KOZHIKODE 673 631.
REPRESENTED BY ITS PROPRIETOR, VYSHAKAN.C.
2 VYSHAKAN.C.
AGED 34 YEARS, S/O. RAVI C.,
CHEMMANATIL HOUSE, EAST NALLUR, FEROKE P.O.,
FEROKE S.O., CALICUT 673 631.
3 SARADA.C.,
AGED 88 YEARS, W/O. VASU.C.,
CHEMMANATIL HOUSE,
EAST NALLUR, FEROKE P.O.,
FEROKE S.O., CALICUT 673 631.
4 JYOTHILAKSHMI K,
AGED 53 YEARS, W/O. RAVI.C.,
CHEMMANATIL HOUSE, EAST NALLUR, FEROKE P.O.,
FEROKE S.O., CALICUT 673 631.
5 ATHIRA C.R.,
AGED 31 YEARS, W/O. DANEESH,
MUNDAPPURATH HOUSE, CHULLIPARAMB, FAROOK COLLEGE P.O.,
V T C RAMANTTUKARA P.O., CALICUT 673 632.
BY ADVS.
RISHAB S.
C.S.SHAHUL HAMEED
RESPONDENTS:
1 UNION BANK OF INDIA,
BRANCH OFFICE AT PETTA, HIGH WAY GARDENS, CHUNGAM,
FEROKE P.O., CALICUT 673 631,
REPRESENTED BY ITS AUTHORIZED OFFICER.
W.P.(C) No.15625 of 2022 2
2 THE AUTHORIZED OFFICER,
UNION BAN OF INDIA,
BRANCH OFFICE AT PETTA, HIGHWAY GARDENS, CHUNGAM,
FEROKE P.O., CALICUT 673 631.
OTHER PRESENT:
SRI. A S. P KURUP (SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 31.05.2022, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
W.P.(C) No.15625 of 2022 3
JUDGMENT
Petitioners availed 3 term loans from the respondent bank and they 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 the loans availed by the petitioners.
2. During the course of hearing, petitioners have 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 petitioners committed default in repayment and the overdue amount is Rs.18,85,000/- (Rupees Eighteen Lakhs Eighty Five Thousand 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 overdue amount in limited instalments and regularise the loan account.
W.P.(C) No.15625 of 2022 4
4. I have heard Adv.Rishab S., learned counsel for the petitioners as well as Adv.A.S.P Kurup., 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 petitioners can be granted an opportunity to repay the overdue amount in 12 equal monthly instalments 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.18,85,000/- along with bank charges from the petitioners and regularise the loan account of the petitioners on the following conditions:
(i) The overdue amount of Rs.18,85,000/- together with any accrued interest and costs shall be repaid in 12 equated monthly instalments.
(ii) The first instalment shall be paid on or before 30-06- 2022. The subsequent installments shall be paid on or before the last working day of the succeeding months. W.P.(C) No.15625 of 2022 5
(iii) Petitioners shall continue to pay the regular installments 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 petitioners 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.15625 of 2022 6 APPENDIX OF WP(C) 15625/2022 PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF DEMAND NOTICE DATED 19.04.2021 ISSUED BY THE IST RESPONDENT BANK.
Exhibit P2 THE TRUE COPY OF THE POSSESSION NOTICE DATED 05.10.2021 ISSUED BY THE 2ND RESPONDENT.
Exhibit P3 THE RELEVANT PAGES OF THE BANK STATEMENT SHOWING TRANSACTION TO THE SAID LOAN ACCOUNTS.
Exhibit P4 THE CERTIFICATE ISSUED BY THE IST RESPONDENT BANK DATED 04.05.2022.