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. 17516 OF 2022
PETITIONER:
NASAYI M ISMAIL,
AGED 44 YEARS,
S/O. MUHAMMED ISMAIL KHAN, PEZHUMKATTIL,
ERATTUPETTA P.O., ERATTUPETTA, KOTTAYAM - 686 121.
BY ADVS.
AMRIN FATHIMA
SITHARA HAMZA KIZHAKOOT
RESPONDENTS:
1 UNION BANK OF INDIA,
REGIONAL OFFICE AT IIIRD FLOOR, AMALA TOWERS,
ADICHIRA JUNCTION, KOTTAYAM, PIN - 686 630,
REPRESENTED THROUGH ITS AUTHORIZED OFFICER.
2 AUTHORISED OFFICER,
UNION BANK OF INDIA,
REGIONAL OFFICE AT IIIRD FLOOR, AMALA TOWERS,
ADICHIRA JUNCTION, KOTTAYAM, PIN - 686 630.
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. 17516 OF 2022
2
JUDGMENT
The petitioner has approached this Court challenging proceedings under the SARFAESI Act which have been initiated by the bank 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.4,36,000/-(Rupees four lakhs thirty six thousand 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.Amrin Fathima, learned counsel for the petitioner as well as Adv.A.S.P.Kurup, the learned counsel for the respondents.
5. Having regard to the circumstances of the case and the WP(C) NO. 17516 OF 2022 3 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.4,36,000/-(Rupees four lakhs thirty six thousand 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.4,36,000/-(Rupees four lakhs thirty six thousand 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.
In the meanwhile, it will also be open to the petitioner to WP(C) NO. 17516 OF 2022 4 approach the bank with an offer for one time settlement and if such offer is accepted, the petitioner will be permitted to clear the liability in terms of such settlement notwithstanding the directions contained in this judgment.
Sd/-
GOPINATH P.
JUDGE DK WP(C) NO. 17516 OF 2022 5 APPENDIX OF WP(C) 17516/2022 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE RECEIPT DATED 15/12/2021 SHOWING THE DEPOSIT OF THE A SUM OF RS.1,50,000/- TOWARDS LOAN NO.665/09 AND 665/20 AT THE 1ST RESPONDENT BANK.
Exhibit P2 A TRUE COPY OF THE NOTICE DATED 15/03/2022 ISSUED UNDER SECTION 13(2) OF SARFAESI ACT.