B.K Gangadharan vs South Indian Bank

              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. 15875 OF 2022
  AGAINST THE ORDER/JUDGMENT IN CMP 1530/2021 OF CHIEF JUDICIAL
                       MAGISTRATE ,KASARAGOD
PETITIONER:

          B.K GANGADHARAN
          AGED 46 YEARS
          PROPRIOTOR M/S . FASHION WEDDING COLLECTION,
          C.H. AHAMMED HAJI TOWER, CHISKALA, POST
          CHENGALA, CVHENGALA VILLAGE, KASARGOD TALUK.
          ALSO AT BF 10/124 BLOCK VIII KSHB
          MUTTUTHODY HOUSING COMPLEX, VIDYANAGAR,
          KASARGOD, PIN - 671541

          BY ADVS.
          P.K.SUBHASH
          K.REEHA KHADER



RESPONDENT:

          SOUTH INDIAN BANK
          REPRESENTED BY ITS AUTHORISED OFFICER AND CHIEF
          MANAGER,
          MRS.VEENA M, AGED 44 YEARS, CHIEF MANAGER, SOUTH INDIAN
          BANK,
          KAHANGAD, KASARGOD DISTRICT, PIN - 671315

          BY ADVS.
          SUNIL SHANKER
          VIDYA GANGADHARAN




     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.15875 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 outstanding amount in instalments.

3. It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the outstanding amount is Rs.16,54,900/-. 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 instalments.

4. I have heard Adv.P.K Subhash, learned counsel for the petitioner as well as Adv.Sunil Shanker, the learned Standing Counsel for the respondent. The learned standing counsel submits that since it is a cash credit facility the question of regularisation does not arise and the entire outstanding amount has to be paid.

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 outstanding amount in 10 instalments.

6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.16,54,900/- along with bank charges from the petitioner on the following conditions:

(i) The outstanding amount of Rs.16,54,900/- shall be repaid in 10 equated monthly instalments.

(ii) The first instalment shall be paid on or before 30.06.2022.

(iii) In the event of default of any one instalment, 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.15875 of 2022 4 APPENDIX OF WP(C) 15875/2022 PETITIONER EXHIBITS Exhibit P1 A COPY OF THE ORDER ISSUED BY CHIEF JUDICIAL MAGISTRATE, KASARGOD IN CMP NO.

1530 OF 2021 ON 24.02.2022