Kerala High Court
Reju Rajeev vs Branch Manager on 19 April, 2022
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE VIJU ABRAHAM
TUESDAY, THE 19TH DAY OF APRIL 2022 / 29TH CHAITHRA, 1944
WP(C) NO. 14169 OF 2022
PETITIONER:
REJU RAJEEV,
AGED 47 YEARS,
S/O. P A URBAN, SREENILAYAM, MRRA 23
MADHYAMAM ROAD, MARADU, ERNAKULAM- 682 304
BY ADV L.RAJESH NARAYAN
RESPONDENTS:
1 BRANCH MANAGER,
PACHALAM BRANCH, KERALA STATE CO-OPERATIVE BANK
LTD, NEAR KATTUNGAL TEMPLE,PACHALAM P.O, KOCHI
682 012
2 THE AUTHORISED OFFICER
KERALA STATE CO-OPERATIVE BANK LTD, ERNAKULAM
MAIN BRANCH, AEC PLAZA, VALANJAMBALAM, CHITTOOR
ROAD, ERNAKULAM 682 016
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 19.04.2022, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
VIJU ABRAHAM,J
---------------------------------
W.P.(C).No.14169 of 2022
-------------------------------------
Dated this the 19th day of April, 2022
JUDGMENT
Petitioner has availed an E-CAP loan of Rs.25 lakhs
for business purpose and the said loan was sanctioned as
per Ext.P1 order dated 29.3.2018. Though the petitioner
was effecting payment promptly, due to the outbreak of
Covid pandemic, there was loss in business and there was
default in repayment of the monthly installments. In the
said circumstance, bank initiated SARFAESI proceedings
as is evident from Ext.P2 possession notice. Petitioner has
sought for regularisation of loan and to permit him to pay
the overdue amount in equal monthly installments.
2. The learned Standing Counsel for the respondent
bank upon instructions submitted that the overdue amount
as on date is Rs.9,30,031/- and if the petitioner remit the
said overdue amount in '12' equal monthly installments,
the bank ready to regularise the said loan.
3. Considering the facts and circumstances of the
case, I am of the view that this writ petition itself can be
disposed of, permitting the petitioner to pay the entire
overdue amount of Rs.9,30,031/- in '12' equated monthly
installments and to have the loan account regularised.
4. Accordingly, there will be a direction to the
respondent-Bank to accept repayment of the entire overdue
amount of Rs.9,30,031/- along with bank charges and to
regularise the loan account of the petitioner on the following
conditions:
(i) The overdue amount of Rs.9,30,031/- along with
bank charges shall be repaid in '12' equated
monthly instalments.
(ii) The first instalment shall be paid on or before
01.05.2022 and the remaining instalments shall be
paid on or before the 1st day of every succeeding
month.
(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 initiated
against the petitioner shall be kept in abeyance.
The Writ Petition is disposed of as above.
sd/-
VIJU ABRAHAM,
JUDGE
pm
APPENDIX OF WP(C) 14169/2022
PETITIONER EXHIBITS
Exhibit P1 TRUE COPY OF THE LOAN SANCTION ORDER
DATED 29-03-2018
Exhibit P2 TRUE COPY OF THE NOTICE UNDER S 13(4)
DATED 22-3-2022 ISSUED BY THE 2ND
RESPONDENT.
