K.Mohanan vs The State Bank Of India
2022 Latest Caselaw 9305 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                THE HONOURABLE MR. JUSTICE GOPINATH P.
    WEDNESDAY, THE 10TH DAY OF AUGUST 2022 / 19TH SRAVANA, 1944
                       WP(C) NO. 21123 OF 2022
PETITIONER:

          K. MOHANAN
          AGED 69 YEARS
          S/O.K.NARAYANAN, KUNNANCHATH (H), CHUDUVALATHUR,
          SHORNUR, PALAKKAD DISTRICT, PIN - 679 121.

          BY ADV K.N.ABHILASH



RESPONDENTS:

    1     THE STATE BANK OF INDIA
          REPRESENTED BY ITS BRANCH MANAGER, SHORNUR BRANCH,
          PALAKKAD DISTRICT, PIN - 679 121.

    2     THE AUTHORIZED OFFICER
          THE STATE BANK OF INDIA, ASSET RECOVERY MANAGEMENT
          BRANCH, R.S.BUILDING, M.G.ROAD, ERNAKULAM DISTRICT, PIN
          - 682 011.

          BY ADVS.
          BINDUMOL JOSEPH
          SRIVIDYA K
          M.V.RAHUL




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
10.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P (C) No.21123/2022                    -2-

                                 JUDGMENT

This writ petition has been filed challenging proceedings initiated under the

Securitisation and Reconstruction of Financial Assets and Enforcement of Security

Interest Act.

2. The learned counsel for the respondent bank states that the present

writ petition is filed by one of the guarantors. It is submitted that though the

original borrower had been granted the time to pay off the overdue amounts and to

regularise the loan account through directions issued in W.P (C) No.8566/2022, not

a single installment was paid and therefore the petitioner who is guarantor is not

entitled any relief. It was also submitted that the overdue amount is Rs.13,31,033/-

as on 05-08-2022.

3. Learned counsel for the petitioner submits that the petitioner has

already complied with the interim direction issued and has remitted an amount

Rs.2,00,000/- towards the loan liability. He submits that if a reasonable

opportunity is granted, the overdue amount will also be remitted in stallments.

4. I have heard the learned counsel for the petitioner as well as the

learned Standing Counsel for the respondent Bank.

5. Having regard to the facts and circumstances of the case and the

situation now prevailing, apart from the submissions made as recorded above and

also taking into account the fact that the petitioner has undertaken to clear off the

overdue amount along with regular EMIs, I am of the view that the petitioner can be

granted an opportunity to clear off the overdue amount in twelve (12) equal

monthly instalments first of which shall be paid on or before 31-08-2022 and

thereafter, if the amount so directed is repaid within the time as directed above, 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.13,31,033/- along with bank charges

from the petitioner and regularise the loan account on the following conditions:

(i) The petitioner/borrower will pay the overdue amount of

Rs.13,31,033/- together with any accrued interest and charges shall be

repaid in twelve equated monthly instalments.

(ii) The first instalment shall be paid on or before 31-08-2022 and the

subsequent instalments shall be paid on the last working day of every

succeeding month.

(iii) Petitioner/Borrower 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 shall be kept in abeyance.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE AMG

APPENDIX OF WP(C) 21123/2022

PETITIONER EXHIBITS

Exhibit P1 THE TRUE COPY OF THE POSSESSION NOTICE PUBLISHED IN MATHRUBHUMI NEWS DAILY DATED 18/06/2022.