Sam Jose vs The Kerala State Co-Operative ...
2022 Latest Caselaw 9629 Ker

W.P(C) .26291/22                       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. 26291 OF 2022
PETITIONER/S:

              SAM JOSE
              AGED 55 YEARS
              S/O JOSE,
              THOZHUVATHINKAL,
              NEDUMBRAM PO, THIRUVALLA,
              PATHANAMTHITTA, PIN - 689110
              BY ADVS.
              S.MUMTAZ
              ALISHA ASLAM
              AJITH M. JIJI
              AMINA RUBY FAIZAL


RESPONDENT/S:

              THE KERALA STATE CO-OPERATIVE BANK
              THE KERALA STATE CO-OPERATIVE BANK,
              REP BY THE AUTHORIZED OFFICER,
              REGIONAL OFFICE, PB NO. 104,
              OPP. MUNICIPAL TOWN HALL,
              ALAPPUZHA. , PIN - 688011
              BY ADV N.RAGHURAJ


      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) .26291/22                             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 amounts due upon a consumption loan

availed by the petitioner.

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

an opportunity for repaying the overdue amounts 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 is

Rs.14,23,500/- as on date. 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 accounts.

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

learned Standing Counsel for the respondent Bank.

5. Having regard to the facts and circumstances of the case and the

situation now prevailing, apart from the submissions made as recorded above

and also taking into account the fact that the petitioner has undertaken to clear

off the overdue amount including any accrued interests and costs along with

regular EMIs, I am of the view that the petitioner can be granted an

opportunity to clear off the overdue amount in twelve (12) equal instalments

first of which shall be paid on or before 16.9.2022 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.14,23,500/- along with

accrued interest and costs from the petitioner and regularise the loan account

of the petitioner on the following conditions:

(i) The overdue amount of Rs.14,23,500/- together with any accrued interest and charges shall be repaid in ten equated monthly instalments.

(ii) The first instalment shall be paid on or before 16.9.2022 and the subsequent instalments shall be paid on the last working day of every succeeding month.

(iii) Petitioner shall continue to pay the regular EMIs along 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 okb/ //True copy// P.S. to Judge

APPENDIX OF WP(C) 26291/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE REQUEST LETTER DATED 01/10/2021 ISSUED BY THE PETITIONER Exhibit P2 TRUE COPY OF THE SAID NOTICE OF DEMAND DATED 05/05/2022 ISSUED ON THE PETITIONER Exhibit P3 TRUE COPY OF THE REQUEST LETTER DATED 20/07/2022 SUBMITTED BY THE PETITIONER TO THE RESPONDENT