Vikranth T.P vs The Kodungallur Town ...
2022 Latest Caselaw 9930 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
                THE HONOURABLE MR. JUSTICE GOPINATH P.
     WEDNESDAY, THE 31ST DAY OF AUGUST 2022 / 9TH BHADRA, 1944
                       WP(C) NO. 16763 OF 2022
PETITIONER:

    1     VIKRANTH T.P
          AGED 59 YEARS, S/O. PANKAJAKSHAN,
          THALAMITTATH HOUSE, ANIYAL EAST, EDAVANAKKAD,
          ERNAKULAM DISTRICT-682 502.

    2     VINOD KUMAR T.P.
          AGED 57 YEARS, S/O. PANKAJAKSHAN,
          THALAMITTATH HOUSE, NEDUNGAD NORTH, NAYARAMBALAM,
          ERNAKULAM DISTRICT - 682 509.

          BY ADV P.K.SAJEEV


RESPONDENTS:

    1     THE KODUNGALLUR TOWN CO-OPERATIVE BANK LTD.NO. 102,
          LOKAMALESWARAM NORTH BRANCH, CHANDAPPURA,
          KODUNGALLUR- 680 664, REP. BY ITS BRANCH MANAGER.

    2     THE AUTHORISED OFFICER,
          THE KODUNGALLUR TOWN CO-OPERATIVE BANK LTD. NO.102,
          SOUTH NADA, KODUNGALLUR - 680 664.

          BY ADV V.M.KRISHNAKUMAR


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
31.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 16763 OF 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

overdue amount in installments and to obtain regularization

of the loan account.

3. It was submitted on behalf of the respondent bank

that the petitioner committed default in repayment and the

overdue amount as on 30-08-2022 is Rs.23,81,810/- (Rupees

Twenty Three Lakhs Eighty One Thousand Eight Hundred

and Ten 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 installments and

regularize the loan account.

4. I have heard Adv.P.K.Sajeev, learned counsel for the

petitioner as well as Adv.V.M.Krishnakumar, the learned

counsel for the respondent.

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 overdue amount

in 12 installments and thereafter, if the amount so directed

is repaid within the time as directed above, to have the loan

account regularized.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire overdue

amount of Rs.23,81,810/- (Rupees Twenty Three Lakhs

Eighty One Thousand Eight Hundred and Ten only) along

with bank charges from the petitioner and regularize the

loan account of the petitioner on the following conditions:

(i) The overdue amount of Rs.23,81,810/- (Rupees

Twenty Three Lakhs Eighty One Thousand Eight Hundred

and Ten only) shall be repaid in 12 equated monthly

installments along with any accrued interest and costs;

(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) Petitioner shall continue to pay the regular EMI's

along with the installments as directed above;

(iv) In the event of default of any one installment, 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 ats

APPENDIX OF WP(C) 16763/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE POSSESSION NOTICE DATED 15.11.2019 ISSUED BY THE 2ND RESPONDENT.

Exhibit P2 TRUE COPY OF THE POSSESSION NOTICE DATED 03.12.2021 ISSUED BY THE 2ND RESPONDENT.

Exhibit P3 TRUE COPY OF THE NOTICE FOR SALE DATED 16.04.2022 ISSUED BY THE 2ND RESPONDENT.