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. 17527 OF 2022
PETITIONERS:
1 P. SASIDHARAN
AGED 74 YEARS
S/O SUBRAMANIAM,
PILASSERI HOUSE, KACHILAT,
NELLIKODE P.O, KOZHIKODE-673016.
NOW RESIDING AT PILASERY HOUSE,
PAYYADI MEETHAL, KANDILERIPEDIKA ROAD,
PANTHEERANKAVU P.O, KOZHIKODE - 673 019.
2 SUBHADRA .N
AGED 67 YEARS,
W/O P. SASIDHARAN,
PILASSERI HOUSE, KACHILAT,
NELLIKODE P.O, KOZHIKODE-673016.
NOW RESIDING AT PILASERY HOUSE,
PAYYADI MEETHAL, KANDILERIPEDIKA ROAD,
PANTHEERANKAVU P.O, KOZHIKODE - 673 019.
3 SHIKIL .P
AGED 37 YEARS,
S/O .P SASIDHARAN,
PILASSERI HOUSE, KACHILAT,
NELLIKODE P.O, KOZHIKODE-673 016.
NOW RESIDING AT PILASERY HOUSE,
PAYYADI MEETHAL, KANDILERIPEDIKA ROAD,
PANTHEERANKAVU P.O, KOZHIKODE - 673 019.
4 SHALIN .P
AGED 35 YEARS,
S/O P. SASIDHARAN,
PILASSERI HOUSE, KACHILAT,
NELLIKODE P.O, KOZHIKODE-673 016.
NOW RESIDING AT PILASERY HOUSE,
PAYYADI MEETHAL, KANDILERIPEDIKA ROAD,
PANTHEERANKAVU P.O, KOZHIKODE - 673 019.
WP(C) NO. 17527 OF 2022
2
5 SHEMNA .C
AGED 32 YEARS
W/O SHALIN .P,
PILASSERI HOUSE, KACHILAT,
NELLIKODE P.O, KOZHIKODE-673016.
NOW RESIDING AT PILASERY HOUSE,
PAYYADI MEETHAL, KANDILERIPEDIKA ROAD,
PANTHEERANKAVU P.O, KOZHIKODE - 673 019.
BY ADVS.
M.MUHAMMED SHAFI
T.RASINI
AYISHA AFRIN A.V.K.
RESPONDENTS:
1 FEDARAL BANK LTD.
LCRD, KOZHIKODE DIVISION,
1ST FLOOR, FEDERAL TOWERS,
MAVOOR ROAD, KOZHIKODE - 673 016.
REP. BY ITS AUTHORIZED OFFICER
2 SHAMILY SASIDHARAN .P,
AGED 34 YEARS,
W/O NAVEEN,
MANTHRA HOUSE, VALLACHIRA .P.O,
URAKAM, THRISSUR - 680 562.
By SRI. SUNIL SHANKER (SC)
SRI.PAULOCHAN ANTONY
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. 17527 OF 2022
3
JUDGMENT
Petitioners have approached this Court challenging proceedings under the SARFAESI Act which have been initiated by the bank for recovery of the amounts due from 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.10,02,800/- (Rupees ten lakhs two thousand eight hundred 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.Muhammed Shafi, learned counsel for the petitioners as well as Adv.Paulochan Antony, 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 overdue amount in 12 WP(C) NO. 17527 OF 2022 4 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.10,02,800/- (Rupees ten lakhs two thousand eight hundred only) 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.10,02,800/- (Rupees ten lakhs two thousand eight hundred only) shall be repaid in 12 equated monthly instalments.
(ii)The first instalment shall be paid on or before 15.06.2022.
(iii)Petitioners 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 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 DK WP(C) NO. 17527 OF 2022 5 APPENDIX OF WP(C) 17527/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE DATED 09-02-2022