Seena Gopal vs Kottayam Co-Operative Urban Bank ...
2022 Latest Caselaw 4599 Ker

        IN THE HIGH COURT OF KERALA AT ERNAKULAM
                        PRESENT
         THE HONOURABLE MR.JUSTICE VIJU ABRAHAM
 FRIDAY, THE 22ND DAY OF APRIL 2022 / 2ND VAISAKHA, 1944
                WP(C) NO. 14105 OF 2022
PETITIONERS:

    1    SEENA GOPAL,
         AGED 49 YEARS,
         W/O. RAMESH M.V.,
         MAMBALATH HOUSE,
         T.B.ROAD, KOTTAYAM,
         PIN - 686 001.
    2    RAMESH M.V.,
         AGED 52 YEARS,
         S/O.M.K.VISWANATH,
         MAMBALATH HOUSE,
         T.B.ROAD, KOTTAYAM,
         PIN - 686 001.
         BY ADVS.
         JOY GEORGE
         PRAICY JOSEPH
         VINO JOSE
         TANYA JOY
RESPONDENTS:

    1    THE KOTTAYAM CO-OPERATIVE URBAN BANK LTD.,
         NO.421, HEAD OFFICE THIRUNAKARA,
         REPRESENTED BY THE AUTHORIZED OFFICER,
         THE KOTTAYAM CO-OPERATIVE URBAN BANK LTD.,
         PIN - 686 001.
    2    THE GENERAL MANAGER,
         THE KOTTAYAM CO-OPERATIVE URBAN BANK LTD.,
         THIRUNAKARA, KOTTAYAM, PIN - 686 001.
    3    RESERVE BANK OF INDIA,
         REPRESENTED BY ITS GOVERNOR,
         6 SANSAD MARG, SANSAD MARG AREA,
         NEW DELHI, DELHI - 110 001.
    4    REGISTRAR OF CO-OPERATIVE SOCIETIES,
         VAZHUTHAKADU, THIRUVANANTHAPURAM, PIN 695001.
         ADV.SURIN GEORGE IPE, SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 22.04.2022, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
 WP(C) NO.14105 of 2022
                                                 2



                                    VIJU ABRAHAM, J
                              .......................................
                               W.P.(C) No.14105 of 2022
                           ................................................
                         Dated this the 22 nd day of April, 2022


                                           JUDGMENT

Petitioners availed three loans [i.e., two ordinary

loans and a personal overdraft] from the respondent

Bank and the same have now been defaulted. Ext.P4

is the possession notice issued under Section 13(2) of

the Securitization and Reconstruction of Financial

Assets and Enforcement of Security Interest Act, 2002.

2. During the course of the hearing, petitioners sought

for an opportunity to repay the entire overdue amount

in instalments and to obtain regularisation of the loan

accounts.

3. I have heard Sri.Joy George, the learned counsel for

the petitioners as well as Sri.Surin George Ipe, the

learned Standing Counsel for respondents.

4. The learned Standing Counsel, upon instructions,

submitted that the total outstanding in the personal

overdraft and the overdue amount in two ordinary WP(C) NO.14105 of 2022

loans comes to Rs.46,88,544/- and respondents are

agreeable to defer the coercive proceedings initiated

against the petitioners, on condition that petitioners

deposit a substantial sum to prove their bona fides

and repay the balance amount in instalments.

5. Considering the facts and circumstances of the case, I

am of the view that this writ petition itself can be

disposed of, permitting the petitioners to pay the

entire outstanding amount in the personal overdraft

and the overdue amount in two ordinary loans

totalling an amount of Rs.46,88,544/- in equated

monthly instalments and 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.46,88,544/- along with bank

charges and to regularise the loan account of the

petitioners on the following conditions:

(i). The petitioners shall make a deposit of Rs.5,00,000/-

[Rupees Five lakhs only] on or before 16.05.2022.

(ii). If the petitioners fail to deposit the said amount, the

respondent-Bank shall be free to proceed in accordance WP(C) NO.14105 of 2022

with law.

(iii) If the petitioners deposit the aforesaid amount, the

petitioners will be entitled to clear the balance amount,

after deducting the said amount of Rs.5,00,000/-, in '15'

equated monthly instalments, commencing from

16.06.2022. The remaining instalments shall be paid on or

before the 16th day of every succeeding month.

(iii). Petitioners shall continue to pay the regular EMI's in

respect of two ordinary loans 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 initiated against the

petitioners shall be kept in abeyance.

                The       writ petition is disposed of.




                                                                       Sd/-
                                                                VIJU ABRAHAM, JUDGE

       AMV/22/04/2022
 WP(C) NO.14105 of 2022




                         APPENDIX OF WP(C) 14105/2022

       PETITIONER EXHIBITS

       Exhibit P1            COPY OF THE ORDER OF THE MUNSIFF

COURT, KOTTAYAM DATED 19.01.2022 IN EP NO.39/20 IN OP(RC) 19/19 Exhibit P2 COPY OF THE PLAINT IN O.S.NO.18/2022 DATED 22.02.2022 Exhibit P3 COPY OF THE SUMMONS ISSUED BY THE SUB-COURT, KOTTAYAM DATED 08.03.2022 Exhibit P4 COPY OF THE NOTICE DATED 09.08.2021 ISSUED BY THE 1ST RESPONDENT UNDER SECTION 13(2) OF SARFAESI ACT.

       Exhibit P5            COPY OF THE ORDER OF THE CJM,
                             KOTTAYAM    IN   MC    179/22   DATED
                             08.03.2022
       Exhibit P6            COPY OF THE NOTICE OF THE ADVOCATE
                             COMMISSIONER DATED 22.03.2022.



       RESPONDENTS EXHIBITS : NIL




                                                          TRUE COPY