Sajeed Aliyarukutty vs M/S.South Indian Bank Ltd
2022 Latest Caselaw 9605 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. 24625 OF 2022
PETITIONERS:

    1    SAJEED ALIYARUKUTTY
         PROPRIETOR,M/S.MADEENA USED CARS,
         NANGYARKULANGARA, ALAPPUZHA,PIN - 690 513.
         RESIDING AT SAFEER MANZIL, PALLIPPATTUMURI,
         THRIKKUNNAPUZHA P.O, ALAPPUZHA., PIN - 690 515.


    2    SUBAIDA SAJEED,
         AGED 43 YEARS
         SAFEER MANZIL, PALLIPPATTUMURI,
         THRIKKUNNAPUZHA P.O, ALAPPUZHA, PIN - 690 515.


         BY ADV K.K.SATHISH

RESPONDENTS:

    1    M/S.SOUTH INDIAN BANK LTD.
         KARTHIKAPALLY BRANCH,
         ST.THOMAS ORTHODOX CATHEDRAL BUILDING,
         KARTHIKAPALLY P.O, ALAPPUZHA DT., PIN - 690 516
         REPRESENTED BY ITS MANAGER
    2    THE SOUTH INDIAN BANK LTD.
         REGIONAL OFFICE, THIRUVALLA P.O,
         PATHANAMTHITTA DT., PIN - 689 101.
         REPRESENTED BY ITS CHIEF MANAGER
         BY ADVS.
                 SUNIL SANKAR.P.
                 Sunil Shankar A

     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.24625/2022
                                  -: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.35,02,195/- (Thirty Five Lakhs

Two Thousand One Hundred and Ninety Five 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

outstanding amount in limited installments.

4. I have heard Adv.K.K.Sathish, learned counsel for

the petitioner as well as Adv.Sunil Shankar, the learned

counsel for the respondents.

W.P.(C) No.24625/2022

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.35,02,195/- (Thirty Five Lakhs

Two Thousand One Hundred and Ninety Five Only) along

with bank charges from the petitioner on the following

conditions:

(i) The outstanding amount of Rs.35,02,195/- (Thirty

Five Lakhs Two Thousand One Hundred and Ninety Five

Only) together with any accrued interest/cost shall be

repaid in 15 equated monthly installments.

(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 W.P.(C) No.24625/2022

(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.24625/2022

APPENDIX OF WP(C) 24625/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE ACCIDENT REGISTER-CUM-WOUND CERTIFICATE ISSUED BY THE KARUVATTA POLICE STATION DATED 23-3-2018.

Exhibit P2 TRUE COPY OF THE MEDICAL CERTIFICATE ISSUED BY THE DEPARTMENT OF ORTHOPAEDICS, PUSHPAGIRI MEDICAL COLLEGE HOSPITAL, THIRUVALLA DATED 11-12-2017 Exhibit P3 TRUE COPY OF THAT DEMAND NOTICE DATED 3-3-2020 ISSUED ON BEHALF OF THE 1ST RESPONDENT BANK TO THE PETITIONERS Exhibit P4 TRUE COPY OF THAT NOTICE U/S.13(8) OF THE ACT READ WITH RULE 8(6) OF THE SECURITY INTEREST (ENFORCEMENT) RULES,2002 ISSUED BY THE 2ND RESPONDENT DATED 18-1-2021 Exhibit P5 TRUE COPY OF THE NOTICES ISSUED BY THE ADVOCATE COMMISSIONER DATED 14-7-2022 TO THE 1ST PETITIONER.

Exhibit P6 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 14-7-2022 TO THE 2ND PETITIONER