Thomas K.J vs Authorised Officer / Chief ...
2021 Latest Caselaw 23395 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
          THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
  THURSDAY, THE 25TH DAY OF NOVEMBER 2021 / 4TH AGRAHAYANA, 1943
                        WP(C) NO. 26540 OF 2021
PETITIONERS :

    1     THOMAS K.J.,
          AGED 52 YEARS,
          S/O. JOSEPH K.V.,
          RESIDING AT KOROTH HOUSE,
          CHENGAMANAD P.O. ALUVA,
          ERNAKULAM DISTRICT - 683 578.

    2     MRS. DAISY P.A,
          AGED 45 YEARS,
          W/O. THOMAS K.J.,
          RESIDING AT KOROTH HOUSE,
          CHENGAMANAD P.O. ALUVA,
          ERNAKULAM DISTRICT - 683 578.

          BY ADVS.
          RAJU SEBASTIAN VADAKKEKKARA
          S.KRISHNA KUMAR (MANGALAM)
          SANTHOSH BHASKARAN NAIR
          SABAD K.H.
          BERTRAND BASIL
          ARUN E.A
          SINI KURIAN


RESPONDENTS :

    1     AUTHORISED OFFICER/ CHIEF MANAGER,
          MUVATTUPUZHA REGIONAL OFFICE,
          THE SOUTH INDIAN BANK LIMITED, IST FLOOR,
          KAVIKUNNEL CHAMBERS, T.B. JUNCTION,
          MUVATTUPUZHA, PIN - 686 661.

    2     THE BRANCH MANAGER,
          THE SOUTH INDIAN BANK LIMITED,
          KOLENCHERRY BRANCH,
          KOLENCHERRY P.O., PIN - 682 310

          BY ADV.SUNIL SHANKAR, SC


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
25.11.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 26540 OF 2021
                                      2




                   BECHU KURIAN THOMAS, J.
                 =-=-=-=-=-=-=-=-=-=-=-=-=-=
                    W.P.(C) No.26540 of 2021
                 =-=-=-=-=-=-=-=-=-=-=-=-=-=
            Dated this the 25th day of November, 2021


                                JUDGMENT

Petitioners as borrowers from the respondent bank, have

committed default in repayment. Consequently, proceedings have been

initiated by the bank for recovery of the amounts due.

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

petitioner committed default in repayment and the overdue amount is

Rs.6,24,000/-. 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.Raju Vadakkekara, the learned counsel for

the petitioners as well as Adv.Sunil Shankar, the learned Standing Counsel

for the respondents.

WP(C) NO. 26540 OF 2021

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 two 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.6,24,000/- 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.6,24,000/- shall be repaid in two equated monthly instalments.

(ii) The first instalment shall be paid on or before 20.12.2021 and the 2nd instalment shall be paid on or before 20.01.2022.

(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.

WP(C) NO. 26540 OF 2021

(vi) Petitioners shall also be at liberty to approach the respondent bank with a proposal for one time settlement and if such a proposal is submitted, the same shall be considered with all earnestness in a time bound manner, at any rate, within a period of 15 days from the date of receipt of such proposal.

The writ petition is disposed of as above.

Sd/-

BECHU KURIAN THOMAS, JUDGE

RKM WP(C) NO. 26540 OF 2021

APPENDIX OF WP(C) 26540/2021

PETITIONERS' EXHIBITS :

Exhibit P1 TRUE COPY OF THE NOTICE UNDER SECTION 13 (2) OF THE SARFAESI ACT ISSUED TO THE PETITIONERS, BY THE IST RESPONDENT, DATED 29.11.2019.

Exhibit P2 TRUE COPY OF THE NOTICE ISSUED TO THE PETITIONERS BY THE ADVOCATE COMMISSIONER APPOINTED IN M.C. NO. 54/29021 DATED 11/11/2021.