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. 17522 OF 2022
PETITIONERS:
1 ANOOP V,
AGED 35 YEARS,
S/O.HENSALEENA RACHEL, PROP. M/S.QUICKWELL PRESS,
JESUS COTTAGE, NILAMAMOODU JUNCTION, CHERIYAKOLLA P.O.,
THIRUVANANTHAPURAM - 695 504.
2 HENSALEENA RACHEL, AGED 55 YEARS, W/O.VIDHYADHARAN,
JESUS COTTAGE, NILAMAMOODU JUNCTION, CHERIYAKOLLA P O,
THIRUVANANTHAPURAM - 695 504.
BY ADV S.NIKHIL SANKAR
RESPONDENT:
UNION BANK OF INDIA
REPRESENTED BY ITS AUTHORIZED OFFICER,
TRIVANDRUM MAIN BRANCH, UNION BANK BUILDING,
POST BOX NO.307, M.G.ROAD, STATUE,
THIRUVANANTHAPURAM - 695 001.
BY 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:
WP(C) NO. 17522 OF 2022
2
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.18,56,000/- (Rupees eighteen lakhs fifty six thousand only) in respect of two loans. 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.S.Nikhil Sankar, learned counsel for the petitioners as well as Adv.A.S.P.Kurup, the learned counsel for the respondent.
5. Having regard to the circumstances of the case apart from the submissions made as recorded above, I am of the view that the WP(C) NO. 17522 OF 2022 3 petitioners 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.18,56,000/- (Rupees eighteen lakhs fifty six thousand 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.18,56,000/- (Rupees eighteen lakhs fifty six thousand only) shall be repaid in 12 equated monthly instalments.
(ii) The first instalment shall be paid on or before 30.06.2022.
(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.
If the petitioners comply with the above conditions, all further proceedings initiated against them under the provisions of the WP(C) NO. 17522 OF 2022 4 SARFAESI Act shall be kept in abeyance.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE DK WP(C) NO. 17522 OF 2022 5 APPENDIX OF WP(C) 17522/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE MEDICAL CERTIFICATE ISSUED TO THE 2ND PETITIONER BY THE ASSOCIATE PROFESSOR, DEPARTMENT OF GENERAL MEDICINE, DR.SOMERVELL MEMORIAL C.S.I.MEDICAL COLLEGE & HOSPITAL, KARAKONAM, THIRUVANANTHAPURAM DATED 23/05/2022.
Exhibit P2 TRUE COPY OF THE SALE NOTICE ISSUED BY THE RESPONDENT DATED 09/05/2022.
Exhibit P3 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 17/05/2022.