Jeena Mathew vs South Indian Bank Ltd
2022 Latest Caselaw 9535 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. 27471 OF 2022
PETITIONER:

          JEENA MATHEW
          AGED 54 YEARS, W/O. MATHEW V POTHEN,
          VALIPLACKAL HOUSE, NARAKATHANI P.O,
          PATHANAMTHITTA DISTRICT, PIN - 689 544.


          BY ADVS.
                      M.P.MADHAVANKUTTY
                      ANOOP SATHYAN
                      MATHEW DEVASSI
                      ANANTHAKRISHNAN A. KARTHA
                      REMYA M. MENON


RESPONDENTS:

    1     SOUTH INDIAN BANK LTD
          REGIONAL OFFICE
          THIRUVALLA, RAMANCHIRA, MUTHOOR P.O,
          THIRUVALLA, PATHANAMTHITTA,PIN - 689 107.
          REPRESENTED BY ITS AUTHORIZED OFFICER.

    2     THE AUTHORIZED OFFICER
          SOUTH INDIAN BANK LTD,
          REGIONAL OFFICE
          THIRUVALLA, RAMANCHIRA, MUTHOOR P.O.,
          THIRUVALLA, PATHANAMTHITTA, PIN - 689 107.

OTHER PRESENT:

          ADV. SUNIL SHANKAR (SC)


      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) No.27471/2022
                                  -:2:-


                           JUDGMENT

Petitioner has approached this Court challenging

proceedings initiated under the Securitisation and

Reconstruction of Financial Assets and Enforcement of

Security Interest Act (SARFAESI Act) for recovery of the

amounts due upon a loan availed by the petitioner.

2. During the course of hearing, petitioner has

confined the relief to an opportunity for repaying the

outstanding amount in installments.

3. It was submitted on behalf of the respondent bank

that the petitioner committed default in repayment and the

outstanding amount is Rs.42,44,531.79/- (Rupees Forty Two

Lakhs Forty Four Thousand Five Hundred and Thirty One

and Paise Seventy Nine Only). It was further submitted

that though proceedings for recovery have been initiated,

as a matter of indulgence, the petitioner can be permitted

to pay off the outstanding amount is six equal monthly

instalments.

W.P.(C) No.27471/2022

4. I have heard Adv.M.P.Madhavankutty, learned

counsel for the petitioner as well as Adv.Sunil Shankar, the

learned counsel for the respondents.

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 15 installments.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire

outstanding amount of Rs.42,44,531.79/- (Rupees Forty Two

Lakhs Forty Four Thousand Five Hundred and Thirty One

and Paise Seventy Nine Only) along with bank charges from

the petitioner on the following conditions:

(i) The outstanding amount of Rs.42,44,531.79/-

(Rupees Forty Two Lakhs Forty Four Thousand Five

Hundred and Thirty One and Paise Seventy Nine Only)

together with any accrued interest/cost shall be repaid in

15 equated monthly installments.

W.P.(C) No.27471/2022

(ii) The first installment shall be paid on or before

16-09-2022. The subsequent installments shall be paid on

or before the last working day of the succeeding months

(iii) In the event of default of any one installment, 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 shall be kept in

abeyance.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE ats W.P.(C) No.27471/2022

APPENDIX OF WP(C) 27471/2022

PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE NOTICE DATED 21.07.2022 ISSUED BY THE ADVOCATE COMMISSIONER APPOINTED IN MC NO. 171/2022 BEFORE THE CJM COURT, PATHANAMTHITTA