Jayakumar Vasudevan vs State Bank Of India
2022 Latest Caselaw 4657 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. 14064 OF 2022
PETITIONER/S:

            JAYAKUMAR VASUDEVAN,
            AGED 55 YEARS
            S/O. VASUDEVAN,
            SOUPARNIKA HOUSE , H.NO. 409,
            VENMANY THAZHAM, CHENGANNUR 689 509.

            BY ADV E.V.MOLY



RESPONDENT/S:

            STATE BANK OF INDIA ,
            RASMEC, MAVELIKKARA 690 101, REP. BY ITS
            AUTHORIZED OFFICER.


OTHER PRESENT:

            SC: JITHESH MENON




     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.14064/2022

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                                  JUDGMENT

Petitioner, as borrower from the respondent

bank, has committed default in repayment under

two loan accounts. 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 total overdue amount in

instalments and to obtain regularisation of

the loan accounts.

3. It was submitted on behalf of the respondent

bank that the petitioner committed default in

repayment and the total overdue amount as on

18.04.2022 is Rs.12,36,636/- (Rupees twelve

lakh thirty six thousand six hundred and

thirty six only). It was further submitted WP(C) No.14064/2022

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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 accounts.

4. I have heard the learned counsel for the

petitioner as well as the learned Standing

Counsel for the respondent.

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 total overdue

amount in 15 instalments and thereafter, if

the amount so directed is repaid within the

time as directed above, to have the loan

accounts regularised.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the WP(C) No.14064/2022

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entire overdue amount of Rs.12,36,636/-

(Rupees twelve lakh thirty six thousand six

hundred and thirty six only) along with bank

charges from the petitioner and regularise the

loan accounts of the petitioner on the

following conditions:

a)The total overdue amount of Rs.12,36,636/-

(Rupees twelve lakh thirty six thousand six

hundred and thirty six only) shall be

repaid in 15 equated monthly instalments.

b)The first instalment shall be paid on or

before 23.05.2022.

c)Petitioner shall continue to pay the

regular EMIs 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 petitioner to repay WP(C) No.14064/2022

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the entire amounts, all coercive

proceedings shall be kept in abeyance.

The writ petition is disposed of as above.

Sd/-

VIJU ABRAHAM

JUDGE bka/22.04.2022 WP(C) No.14064/2022

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APPENDIX OF WP(C) 14064/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE POSSESSION NOTICE DATED 16.03.2022 ISSUED BY THE BANK.