Kerala High Court
M/S. Manarkattu Theatres Private ... vs The Federal Bank Limited on 7 April, 2022
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
THURSDAY, THE 7TH DAY OF APRIL 2022 / 17TH CHAITHRA, 1944
WP(C) NO. 9318 OF 2022
PETITIONERS:
1 M/S. MANARKATTU THEATRES PRIVATE LIMITED,
REPRESENTED BY THE MANAGING DIRECTOR, JOSEPH JOSEPH,
MANARKAT HOUSE, PALAI P.O., KOTTAYAM-686 575.
2 MIKESH JOSEPH,
S/O.JOSEPH, MANARKATT HOUSE, PALAI P.O., KOTTAYAM-686
575.
3 SUMESH JOSEPH,
S/O.JOSEPH, MANARKATT HOUSE, PALAI P.O., KOTTAYAM-686
575.
4 RAJESH JOSEPH,
S/O.JOSEPH, MANARKATT HOUSE, PALAI P.O., KOTTAYAM-686
575.
BY ADV K.V.GOPINATHAN NAIR
RESPONDENTS:
1 THE FEDERAL BANK LIMITED,
LCRD, KOTTAYAM DIVISION, THEKKUMKAL BUILDING,
REPRESENTED BY THE AUTHORIZED OFFICER, T.B.ROAD,
KOTTAYAM-686 001.
2 THE FEDERAL BANK LIMITED,
PALA BRANCH, REPRESENTED BY THE MANAGER, PALA,
KOTTAYAM-686 575.
BY ADVS.
MOHAN JACOB GEORGE
P.V.PARVATHY (P-41)
REENA THOMAS
NIGI GEORGE
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
07.04.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 9318 OF 2022
2
BECHU KURIAN THOMAS, J.
===========================
W.P.(C) No.9318 of 2022
============================
Dated this the 7th day of April, 2022
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 regularization of the loan account.
3. It was submitted on behalf of the respondent bank that
the petitioners committed default in repayment and the overdue
amount as on 18.03.2022 is Rs.92,85,092/-. 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 regularize the loan account.
WP(C) NO. 9318 OF 2022
4. I have heard Shri.K.V.Gopinathan, learned counsel for
the petitioners as well as Shri.Mohan Jacob George, 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 petitioners can be
granted an opportunity to repay the overdue amount in eleven
instalments and thereafter, if the amount so directed is repaid
within the time as directed above, to have the loan account
regularized.
6. Accordingly, there will be a direction to the respondent
bank to accept repayment of the entire overdue amount of
Rs.92,85,092/- along with bank charges from the petitioners and
regularize the loan account of the petitioners on the following
conditions:
(a) The overdue amount of Rs.92,85,092/-
shall be repaid in eleven equated monthly
instalments.
WP(C) NO. 9318 OF 2022
(b) The first instalment shall be paid on or
before 07.05.2022 and the remaining
instalments shall be paid on or before the 7 th of
the succeeding months.
(c) Petitioners shall continue to pay the
regular EMI's along with the instalments
directed above.
(d) In the event of default of any one
instalment, the respondent bank shall be
entitled to proceed in accordance with law.
(e) In order to enable the petitioners 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
ssa/
WP(C) NO. 9318 OF 2022
APPENDIX OF WP(C) 9318/2022
PETITIONERS' EXHIBITS
Exhibit P1 TRUE COPY OF THE NOTICE OF THE 1ST
RESPONDENT DATED 06.12.2021.
Exhibit P2 TRUE COPY OF THE NOTICE ISSUED BY THE 1ST
RESPONDENT DATE 02.03.2022.
