Kerala High Court
Sabeena S vs Kerala Bank Ltd on 19 April, 2024
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MRS. JUSTICE SHOBA ANNAMMA EAPEN
FRIDAY, THE 19TH DAY OF APRIL 2024 / 30TH CHAITHRA, 1946
WP(C) NO. 15533 OF 2024
PETITIONER :-
SABEENA S.,AGED 27 YEARS
W/O. BIJU, MULLAMPALLY HOUSE, PALLICKAL P.O.,
KATTUPUTHUSSERY,THIRUVANANTHAPURAM DISTRICT, PIN - 695604
BY ADV LATHEESH SEBASTIAN
RESPONDENTS :-
1 KERALA BANK LTD.,
CO-BANK TOWERS, PALAYAM, THIRUVANANTHAPURAM ,
REPRESENTED BY ITS CHIEF EXECUTIVE OFFICER, PIN - 695033
2 THE AUTHORIZED OFFICER & AREA MANAGER UNDER THE SARFAESI
ACT, KERALA BANK LTD.,FORT P.O.,
THIRUVANANTHAPURAM, PIN - 695023
3 THE BRANCH MANAGER, KERALA BANK LTD., PALLICKAL BRANCH,
THIRUVANANTHAPURAM, PIN - 695604
BY SRI.THOMAS ABRAHAM, SC FOR KERALA BANK
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
19.04.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 15533 OF 2024
2
JUDGMENT
The petitioner has availed a loan from the respondent financial institution in the year 2020. Since the petitioner committed default in repayment, the respondent initiated steps under the SARFAESI Act and Ext.P1 is the notice issued by the Advocate Commissioner, informing the petitioner that the secured assets will be taken possession of, on 31.12.2023. Aggrieved by the same, the petitioner has filed this writ petition.
2. When the matter is taken up for consideration, the learned Standing Counsel for the respondent bank submits, on instructions, that the overdue amount as on today comes to Rs.11,50,078/- and the respondent is willing to regularise the account provided the petitioner clears off the overdue amount in 18 equated monthly installments along with regular EMIs.
3. On the basis of the submission made by the learned Standing Counsel for the respondent bank as well as the learned WP(C) NO. 15533 OF 2024 3 counsel for the petitioner, I am of the view that the petitioner can be granted an opportunity to repay the overdue amount in installments and thereafter, if the amount is repaid within the time as directed above, the loan account can be regularised.
Accordingly, there will be a direction to the petitioner to clear off the entire overdue amount of Rs.11,57,500/- along with interest in 18 equated monthly installments, commencing from 15.05.2024, along with regular EMI. In case the petitioner defaults payment of any one of the installments as aforesaid, the respondent will be free to proceed with, in accordance with law. In order to enable the petitioner to repay the amounts as above, coercive steps shall be kept in abeyance.
The writ petition is disposed of as above.
Sd/-
SHOBA ANNAMMA EAPEN JUDGE SMA WP(C) NO. 15533 OF 2024 4 APPENDIX OF WP(C) 15533/2024 PETITIONER EXHIBITS :-
Exhibit P1 TRUE COPY OF THE ADVOCATE NOTICE ISSUED ON BEHALF OF THE 3RD RESPONDENT DATED 03.02.2024