Vimesh Kumar vs The Authorised Officer
2022 Latest Caselaw 9481 Ker

            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. 26623 OF 2022
PETITIONER/S:

    1     VIMESH KUMAR
          AGED 39 YEARS
          S/O VASU
          VIMAS (H), KOTOOR P.O
          KOZHIKODE -, PIN - 673614
    2     SUDARSH LAL
          AGED 29 YEARS
          S/O VASU
          VIMAS (H), KOTOOR P.O
          KOZHIKODE -, PIN - 673614
    3     SANMAYANATH
          AGED 26 YEARS
          S/O VASU
          VIMAS (H), KOTOOR P.O
          KOZHIKODE - , PIN - 673614
          BY ADVS.
          SHARAN SHAHIER
          RAKHY BABY
          SONY SOLOMON


RESPONDENT/S:

          THE AUTHORISED OFFICER,
          KERALA STATE CO-OPERATIVE BANK ,
          REGIONAL OFFICE KOZHIKODE,
          P.B NO. 503, KALLAY ROAD , CHALAPURAM P.O
          KOZHIKODE PIN -
          , PIN - 673002
          BY ADV SRI.P.C.SASIDHARAN, SC, KOZHIKODE DISTRICT CO-
          OPERATIVE BANK


     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) .26623/22                             2



                                     JUDGMENT

Petitioners have 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 an overdraft facility

availed by the petitioners from the respondent bank.

2. During the course of hearing, petitioners have 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

petitioners committed default in repayment and the outstanding amount is

Rs.25,44,103/- as on 19.8.2022. 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 petitioners as well as the

learned Standing 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 petitioners can be granted an opportunity to repay the

outstanding amount in fifteen (15) instalments.

6. 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 petitioners on the following conditions:

(i) Petitioners shall discharge the liabilities to the respondent bank by paying the entire outstanding amount mentioned above together with any accrued interest/costs in fifteen (15) equated monthly instalments commencing from 16.9. 2022.

(ii) Petitioners 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 petitioners to repay the entire amount, all coercive proceedings shall be kept in abeyance.

It is made clear that notwithstanding the directions contained in the

judgment, it will always be open to the petitioners to seek One Time Settlement

and if such One Time Settlement is granted by the respondent bank, the

petitioners will be governed by the terms of that settlement and not by the

terms of this judgment.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

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



                      APPENDIX OF WP(C) 26623/2022

petitionersEXHIBITS
Exhibit P1              A TRUE COPY OF THE POSSESSION NOTICE DATED
                        25.07.2022
Exhibit2                A COPY OF THE PAPER PUBLICATION DATED
                        31/7/2022 IN DESHABHIMANI DAILY