Karthikeyan vs The Kottakkal Co-Operative Urban ...

                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. 16549 OF 2022
PETITIONER/S:

            KARTHIKEYAN,
            AGED 52 YEARS
            S/O.KARAPPAN, KANJIRATHIL HOUSE, KORADU, OZHOOR P.O.,
            MALAPPURAM DISTRICT, PIN-676 313.
            BY ADV I.SHEELA DEVI


RESPONDENT/S:

    1       THE KOTTAKKAL CO-OPERATIVE URBAN BANK LTD.
            NO.1378, HEAD OFFICE, KOTTAPPADY, KOTTAKKAL, MALAPPURAM
            DISTRICT, PIN-676 504, REPRESENTED BY ITS MANAGER.
    2       AUTHORISED OFFICER,
            THE KOTTAKKAL CO-OPERATIVE URBAN BANK LTD.NO.1378, HEAD
            OFFICE, KOTTAPPADY, KOTTAKKAL, MALAPPURAM DISTRICT,
            PIN-676 504.
            BY ADV DEVAPRASANTH.P.J.


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
31.05.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 16549 OF 2022                  2



                                 JUDGMENT

Petitioner has approached this Court challenging proceedings initiated by the respondent Bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, for recovery of the amounts due from 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.2,08,080/- (Rupees two lakhs eight thousand and eighty 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. I. Sheela Devi, learned counsel for the petitioner as well as the counsel representing Adv. Devaprasanth. P.G, the learned counsel for the respondent. WP(C) NO. 16549 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 ten 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.2,08,080/- (Rupees two lakhs eight thousand and eighty 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.2,08,080/- (Rupees two lakhs eight thousand and eighty only) shall be repaid in ten 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.

(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 ajt WP(C) NO. 16549 OF 2022 5 APPENDIX OF WP(C) 16549/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE POSSESSION NOTICE DATED 25.03.2022 ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER.

Exhibit P2 TRUE COPY OF THE NOTICE PUBLISHED UNDER SARFAESI ACT BY THE 1ST RESPONDENT BANK IN VERNACULAR DAILY DATED 28.04.2022.