Paul J. Tharayil vs Authorized Officer
2021 Latest Caselaw 22165 Ker

                              1


           IN THE HIGH COURT OF KERALA AT ERNAKULAM
                           PRESENT
        THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
 FRIDAY, THE 5TH DAY OF NOVEMBER 2021 / 14TH KARTHIKA, 1943
                   WP(C) NO. 19730 OF 2021
PETITIONER:

          PAUL J. THARAYIL
          AGED 63 YEARS
          S/O. JOSEPH, NO.32/77, THARAYIL HOUSE, NEAR LBS
          CENTRE, CHIYYARAM P. O., THRISSUR - 680 026.

          BY ADVS.
          ZAKIR HUSSAIN
          K.A.SANJEETHA



RESPONDENTS:

    1     AUTHORIZED OFFICER
          INDIABULLS ASSET RECONSTRUCTION COMPANY LTD.,
          REGISTERED OFFICE AT INDIABULLS FINANCE CENTER,
          TOWER -1, 9TH FLOOR, SENAPATI MARG, ELPHINSTONE
          ROAD, MUMBAI - 400 001.

    2     INDIABULLS ASSET RECONSTRUCTION COMPANY LTD.
          REGISTERED OFFICE AT INDIABULLS FINANCE CENTER,
          TOWER -1, 9TH FLOOR, SENAPATI MARG, ELPHINSTONE
          ROAD, MUMBAI - 400 013, REPRESENTED BY ITS CHIEF
          MANAGER.

          BY ADVS.
          LAL K.JOSEPH
          P.MURALEEDHARAN (THURAVOOR)
          T.A.LUXY
          SURESH SUKUMAR
          ANZIL SALIM
          CHACKO MATHEWS K.

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
05.11.2021, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
                                      2


                    BECHU KURIAN THOMAS, J
                   ------------------------
                   WP(C) NO. 19730 of 2021
                 --------------------------
            Dated this the 5th day of November, 2021



                                JUDGMENT

Petitioner as a borrower from the respondent bank, has

committed default in repayment. Consequently, proceedings

have been initiated by the bank for recovery of the amounts

due.

2. During the course of the hearing, petitioner had

confined the relief to an opportunity for repaying the

outstanding amount in instalments.

3. It was submitted on behalf of the respondent bank

that the petitioner committed default in repayment and the

outstanding amount is Rs.59,42,870/- 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 outstanding amount in

limited instalments.

4. I have heard Adv.Zakir Hussain, the learned Counsel

for the petitioner as well as Adv.Lal K.Joseph, the learned

Counsel for the respondents.

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 outstanding amount in 12

instalments.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire

outstanding amount of Rs.59,42,870/- along with bank

charges from the petitioner on following conditions:

i. The overdue amount of Rs.59,42,870/- shall be repaid

in 12 equated monthly instalments.

ii. The first instalment shall be paid on or before

30.11.2021.

iii. Petitioner shall also be at liberty to submit a one-time

settlement proposal. If such a proposal is given, respondents

shall consider the same and pass appropriate orders within 10

days thereafter.

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 steps shall be kept in abeyance.

The writ petition is disposed of as above.

Sd/-

BECHU KURIAN THOMAS JUDGE AJ/05.11.2021

APPENDIX OF WP(C) 19730/2021

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE DATED 21.01.2020 ISSUED BY THE INDUSIND BANK.

Exhibit P2 TRUE COPY OF THE STATEMENT OF ACCOUNTS ISSUED BY THE INDUSIND BANK.

Exhibit P3 TRUE COPY OF THE DEMAND NOTICE DATED 15.10.2020 ISSUED BY THE RESPONDENT BANK.

Exhibit P4 TRUE COPY OF THE NOTICE DATED 17.09.2021 ISSUED BY THE ADVOCATE COMMISSIONER.