Pathrose V Y vs The South Indian Bank
2022 Latest Caselaw 9563 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. 27384 OF 2022
PETITIONER:

          PATHROSE V. Y,
          AGED 53 YEARS,
          S/O. MATHAI YOHANAN, VATTAPPARA HOUSE,
          VEMBILY, AIKKARANAD, ERNAKULAM, PIN - 683 565.

          BY ADVS.
          S.MUMTAZ
          ALISHA ASLAM
          AJITH M. JIJI
          AMINA RUBY FAIZAL



RESPONDENT:

          THE SOUTH INDIAN BANK,
          REP. BY THE AUTHORIZED OFFICER, SIB HOUSE,
          T B ROAD, MISSION QUARTERS, THRISSUR, PIN - 680 001.

          BY 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:
 WP(C) NO. 27384 OF 2022

                                 2


                            JUDGMENT

The petitioner has approached this Court challenging

proceedings under the SARFAESI Act which have been initiated

by the bank for recovery of the amounts due from the

petitioner.

2. During the course of hearing, petitioner has confined

the relief to an opportunity for repaying the overdue amount in

instalments and to obtain regularisation of the loan account.

3. It was submitted on behalf of the respondent bank

that the petitioner committed default in repayment and the

total overdue amount in respect of all the three facilities

(housing loan, term loan and overdraft) is stated to be

Rs.47,38,943.78/-(Forty seven lakhs thirty eight thousand nine

hundred forty three rupees and seventy eight paise only). 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 overdue amount in

limited instalments and regularise the loan account.

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

well as the learned counsel for the respondent.

5. Having regard to the circumstances of the case and WP(C) NO. 27384 OF 2022

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 on

condition that Rs.5,00,000/- shall be paid on or before

31.08.2022 and the balance amount shall be paid in 12 equal

monthly instalments, the first of which shall be paid on or

before 16.09.2022 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.47,38,943.78/-(Forty seven lakhs thirty eight

thousand nine hundred forty three rupees and seventy eight

paise only) along with accrued interest, costs and charges

from the petitioner and regularise the loan account of the

petitioner on the following conditions:

i. The petitioner shall pay a sum of Rs.5,00,000/- (Rupees five lakhs only) on or before 31.08.2022; balance overdue amount along with any accrued interest, costs and charges shall be repaid in 12 equal monthly instalments.

ii. The first instalment shall be paid on or before 16.09.2022 and the subsequent instalments shall be paid on or before the last working day of every succeeding month.

iii. Petitioner shall continue to pay the regular EMI's along WP(C) NO. 27384 OF 2022

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 DK WP(C) NO. 27384 OF 2022

APPENDIX OF WP(C) 27384/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF NOTICE OF POSSESSION DATED 24/11/2021 ISSUED BY THE RESPONDENT BANK.

Exhibit P2 TRUE COPY OF NOTICE DATED 29/6/2022 ISSUED BY THE RESPONDENT BANK.

Exhibit P3 TRUE COPY OF ADVOCATE COMMISSIONER NOTICE DATED 11/8/2022.

Exhibit P4 TRUE COPY OF POSTAL ENVELOPE OF EXT.

P3

Exhibit P5 TRUE COPY OF THE POSTAL TRACKING RECORD

Exhibit P6 TRUE COPY OF THE REQUEST LETTER 19/8/2022 SUBMITTED BY THE PETITIONER BEFORE THE RESPONDENT