Kerala High Court
Sujith P.S vs South Indian Bank Limited on 22 April, 2022
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. 13819 OF 2022
PETITIONER:
SUJITH P.S., AGED 36 YEARS
S/O. SUDHAKARAN, PROPRIETOR,
M/S. GINGER MOBILES, P.K. TOWER, NORTH NADA,
KODUNGALLUR, PIN - 680664,
RESIDING AT PADIYATH HOUSE, METHALA P.O,
KODUNGALLUR, THRISSUR DISTRICT, PIN - 680669.
BY ADVS.
JOSEPH GEORGE
P.A.REJIMON
RESPONDENTS:
1 SOUTH INDIAN BANK LIMITED,
REPRESENTED BY ITS BRANCH MANAGER,
KODUNGALLUR - CHANDAPURA BRANCH,
KODUNGALLUR P.O,
THRISSUR DISTRICT, PIN - 680 664.
2 THE AUTHORIZED OFFICER (CHIEF MANAGER),
M/S. SOUTH INDIAN BANK LTD, REGIONAL OFFICE,
SOUTH INDIAN BANK, CHRIST COLLEGE ROAD,
IRINJALAKUDA, THRISSUR, PIN - 680 125.
ADV.K.K.JOHN, 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.13819 of 2022
2
VIJU ABRAHAM, J
.......................................
W.P.(C) No.13819 of 2022
................................................
Dated this the 22 nd day of April, 2022
JUDGMENT
Petitioner availed a cash credit facility from the
respondent Bank and the same has now been defaulted.
Ext.P1 is the possession notice issued under Section 13(8)
of the Securitization and Reconstruction of Financial Assets
and Enforcement of Security Interest Act, 2002.
2. During the course of the hearing, petitioner has confined
the relief to an opportunity for repaying the outstanding
amount in instalments.
3. I have heard Sri.Joseph George, the learned counsel for the
petitioner as well as Sri.K.K.John, the learned Standing
Counsel for respondents.
4. The learned Standing Counsel, upon instructions, submitted
that the petitioner committed default in repayment and the
outstanding amount is Rs.1,33,40,875.40. 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 outstanding amount in
limited instalments.
5. Considering the facts and circumstances of the case, I am
WP(C) NO.13819 of 2022
of the view that, this writ petition itself can be disposed
of, permitting the petitioner to repay the outstanding
amount in '10' instalments.
6. Accordingly, there will be a direction to the respondent-
Bank to accept repayment of the entire outstanding amount
of Rs.1,33,40,875.40 along with bank charges from the
petitioner on the following conditions:
(i). The outstanding amount of Rs. 1,33,40,875.40 shall be
repaid in '10' equated monthly instalments.
(ii). The first instalment shall be paid on or before
16.05.2022 and the remaining instalments shall be paid on
or before the 16th day of every succeeding month.
(iii). In the event of default of any one instalment, the
respondent-Bank shall be entitled to proceed in accordance
with law.
(iv) 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.
Sd/-
VIJU ABRAHAM, JUDGE
AMV/22/04/2022
WP(C) NO.13819 of 2022
APPENDIX OF WP(C) 13819/2022
PETITIONER EXHIBITS
Exhibit P1 TRUE PHOTOCOPY NOTICE DATED
09.03.2022 ISSUED BY THE 2ND
RESPONDENT.
RESPONDENTS EXHIBITS : NIL
TRUE COPY
