Shibin Raj.G.P vs M/S. Indusind Bank Ltd [Rep. By Its ...
2022 Latest Caselaw 9477 Ker

W.P(C) .22254/22                       1



                   IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                   PRESENT
                    THE HONOURABLE MR. JUSTICE GOPINATH P.
       THURSDAY, THE 25TH DAY OF AUGUST 2022 / 3RD BHADRA, 1944
                           WP(C) NO. 22254 OF 2022
PETITIONER/S:

              SHIBIN RAJ.G.P.
              AGED 31 YEARS
              S/O. PUSHPARAJAN,
              GPSS NIVAS, KAKKANAM,
              MARAYAMUTTOM.P.O., PERUMKADAVILA,
              THIRUVANANTHAPURAM
              , PIN - 695124
              BY ADV O.D.SIVADAS


RESPONDENT/S:

              M/S. INDUSIND BANK LTD [REP. BY ITS AUTHORIZED
              OFFICER ]
              M/S. INDUSIND BANK LTD.,
              FIRST FLOOR, JAIN TOWER, 2 ,
              VARAPUZHA ROAD, NEAR RAILWAYBRIDGE,
              EDAPPALLY, ERNAKULAM DISTRICT - 682024
              REPRESENTED BY ITS AUTHORIZED OFFICER.
              , PIN - 682024
              BY ADVS.
              G.HARIHARAN
              PRAVEEN.H.(K/1441/2002)
              K.S.SMITHA(K/106/2012)
              V.R.SANJEEV KUMAR(K/000741/2017)
              ANJALY T.A(K/1694/2020)


      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
25.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P(C) .22254/22                            2




                                    JUDGMENT

Petitioner has approached this Court challenging proceedings initiated

under the Securitisation and Reconstruction of Financial Assets and

Enforcement of Security Interest Act (hereinafter referred to as the

Securitisation Act) for recovery of the amount due upon a loan availed by the

petitioner from the respondent bank.

2. During the course of hearing, petitioner has confined the relief to an

opportunity for repaying the outstanding amount in instalments.

3. It was submitted on behalf of the respondent bank that the petitioner

committed default in repayment and the outstanding amount is Rs.56,75,353/-

as on 11.5.2022. 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.

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

learned counsel for the respondent Bank.

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

outstanding amount in twenty (20) instalments.

5. Accordingly, there will be a direction to the respondent bank to

accept repayment of the entire outstanding amount mentioned above along

with bank charges from the petitioner on the following conditions:

(i) Petitioner shall discharge the liabilities to the respondent bank by

paying the entire outstanding amount mentioned above together with any accrued interest/costs in twenty (20) equated monthly instalments commencing from 16.9. 2022.

(ii) Petitioner shall pay the subsequent instalments on or before the last working 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 amount, all coercive proceedings shall be kept in abeyance.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE okb / //True copy// P.S. to Judge

APPENDIX OF WP(C) 22254/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE REGISTRATION CERTIFICATE FOR THE VEHICLE BEARING REGISTRATION NO.KL-19L-

Exhibit P2 TRUE COPY OF THE NOTIFICATION DATED 24.03.2020 DUE TO THE COUNTRY VIDE LOCK DOWN DECLARED BY THE GOVERNMENT OF INDIA.

Exhibit P3 TRUE COPY OF THE NOTICE DATED 11.05.2022 ISSUED BY THE RESPONDENT UNDER SECTION 13(2) OF THE SARFAESI ACT