Jahfar Ottathingal vs The South Indian Bank Ltd
2021 Latest Caselaw 20930 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
          THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
    WEDNESDAY, THE 6TH DAY OF OCTOBER 2021 / 14TH ASWINA, 1943
                       WP(C) NO. 21178 OF 2021
PETITIONER:

          JAHFAR OTTATHINGAL
          AGED 43 YEARS
          S/O. LATE KUNHAMUTTY, OTTATHINGAL HOUSE, PANTHARANGADI
          POST, TIRURANGADI, MALAPPURAM DIST 676 306
          BY ADVS.
          SAJAN VARGHEESE K.
          LIJU. M.P
          JOPHY POTHEN KANDANKARY


RESPONDENTS:

    1     THE SOUTH INDIAN BANK LTD.
          SIB HOUSE, TB ROAD, PB NO. 28
          MISSION QUARTERS, THRISSUR 680 001
          REPRESENTED BY THE CHIEF EXECUTIVE OFFICER.
    2     THE AUTHORISED OFFICER
          THE SOUTH INDIAN BANK LTD, REGIONAL OFFICE, FIRST
          FLOOR, HAPPY TOWERS, VAIKKOM MUHAMMED BASHEER ROAD,
          MANANCHIRA POST, KOZHIKKODE 673 001.
    3     THE SOUTH INDIAN BANK LTD
          KADALUNDI ROAD, PARAPPANANGADI POST, MALAPPURAM
          DISTRICT 676 303
          REPRESENTED BY THE BRANCH MANAGER.
    4     THE RESERVE BANK OF INDIA
          MAIN BUILDING, P.O BOX 901, SHAHID BHAGAT SINGH ROAD,
          MUMBAI-400 001
          REPRESENTED BY THE CHIEF EXECUTIVE OFFICER.
OTHER PRESENT:

          SRI.MOHAN JACOB GEORGE


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
06.10.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 21178 OF 2021

                                      2




                  BECHU KURIAN THOMAS, J
                   ................................................
                  W.P.(C) NO. 21178 OF 2021
                   ...........................................
                Dated this the 6th day of october, 2021

                               JUDGMENT

Petitioner as 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 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.1,100,000/-. 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.

WP(C) NO. 21178 OF 2021

4. I have heard Adv.Sajan Vargheese K., learned counsel for

the petitioner as well as Adv.Sri.Mohan Jacob George, 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 overdue amount in three

instalments and thereafter, if the amount so directed is repaid

within the time as directed above, to have the loan account

regularised. It is submitted by the learned Standing Counsel for

the respondent Bank Adv.Mohan Jacob George that the notice

for paper publication has already proceeded for publication, the

said submission is recorded.

6. Notwithstanding the above, there will be a direction to

the respondent bank to accept repayment of the entire overdue

amount of Rs.1,100,000/- along with bank charges from the

petitioner and regularise the loan account of the petitioner on

the following conditions:

WP(C) NO. 21178 OF 2021

(i) The overdue amount of Rs.1,100,000/- shall be repaid in three equated monthly instalments.

(ii) The first instalment shall be paid on or before 30/10/2021

(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.

The writ petition is disposed of as above.

Sd/-

BECHU KURIAN THOMAS JUDGE AJM WP(C) NO. 21178 OF 2021

APPENDIX OF WP(C) 21178/2021

PETITIONER'S EXHIBITS:

Exhibit P1 TRUE COPY OF THE NOTICE DATED 29-06-2021 ISSUED UNDER SECTION 13(2) OF SARFAESI ACT.

Exhibit P2 TRUE COPY OF THE POSSESSION NOTICE DATED 30-

09-2021 ISSUED UNDER SECTION 13(4) OF THE SARFAESI ACT.

Exhibit P3 TRUE COPY OF THE STATEMENT SHOWING THE PAYMENT ON 30-09-2021 AND 01-10-2021

RESPONDENT'S EXHIBITS: NIL

AJM //TRUE COPY// PA TO JUDGE