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. 8284 OF 2022
PETITIONER:
BOBYCHAN MATHAI
AGED 42 YEARS, S/O VARKEY MATHAI, PUTHIYEDATHU,
CHATHAMATTOM, KADAVOOR P.O.POTHANIKADU,
ERNAKULAM DISTRICT-686 671
BY ADVS.
K.SANEESH KUMAR
V.B.SANTHINI
RESPONDENT:
1 KERALA STATE CO-OPERATIVE BANK LTD.,
REPRESENTED BY ITS BRANCH MANAGER, REGIONAL OFFICE,
SAHAKARANA SHADABTHI MANDIRAM, THRISSUR DISTRICT,
PIN-680 021
2 THE AUTHORIZED OFFICER,
KERALA STATE CO-OPERATIVE BANK LTD, PAINGATTOOR BRANCH,
KOTHAMANGALAM P.O.ERNAKULAM DISTRICT-686 626.
BY ADV SRI.N.RAGHURAJ, SC, ERNAKULAM DISTRICT CO-
OPERATIVE BANK LTD.
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.8284 of 2022 2
JUDGMENT
Petitioner has 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 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 overdue amount is Rs.5,19,651/- (Rupees Five Lakhs Nineteen Thousand Six Hundred and Fifty Only 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.
4. I have heard Adv. K.Saneesh Kumar, learned counsel for the petitioner as well as Adv.N. Raghuraj, the learned standing counsel for the respondent. W.P.(C) No.8284 of 2022 3
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 an opportunity to repay the overdue amount in 12 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.5,19,651/- (Rupees Five Lakhs Nineteen Thousand Six Hundred and Fifty Only only) along with bank charges from the petitioner and regularise the loan account of the petitioner on the following conditions:
(i) The overdue amount of Rs.5,19,651/- (Rupees Five Lakhs Nineteen Thousand Six Hundred and Fifty Only only) shall be repaid in 12 equated monthly instalments.
(ii) The first instalment shall be paid on or before 30-06-2022.
(iii) Petitioner shall continue to pay the regular EMI's along with the instalments directed above. W.P.(C) No.8284 of 2022 4
(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.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE ats W.P.(C) No.8284 of 2022 5 APPENDIX OF WP(C) 8284/2022 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE NOTICE ISSUED BY THE 1ST RESPONDENT DATED 8.1.2021 UNDER SECTION 13 (2) OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT 2002 Exhibit P2 A TRUE COPY OF THE PROCEEDINGS HELD AT ADALAT CONDUCTED BY THE RESPONDENTS PROVIDING THE DETAILS OF THE AMOUNT DATED 1.11.2021 Exhibit P3 A TRUE COPY OF THE RECEIPT EVIDENCING THE PAYMENT OF 2 LAKSHS RUPEES ON 1.1.2022 BY THE PETITIONER Exhibit P4 A TRUE COPY OF THE EXTRACT OF THE STATEMENT OF ACCOUNTS EVIDENCING THE REMITTANCE OF 2ND LAKSH RUPEES ON 5.3.2022 Exhibit P5 A TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE RESPONDENTS UNDER 13(4) OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT 2002 DATED 7.3.2022