Gopakumar.B vs The State Bank Of India
2022 Latest Caselaw 9937 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. 27463 OF 2022
PETITIONER:

          GOPAKUMAR.B
          AGED 48 YEARS, S/O SUKUMARAN
          KAVALAYIL, KUNNUMMA,
          PULINCUNNU, ALAPPUZHA - 688 504.

          BY ADVS.
                     S.SHANAVAS KHAN
                     S.INDU


RESPONDENTS:

    1     THE STATE BANK OF INDIA
          ADB(3054)
          KALLUPALATHIL BUILDING, CCSB ROAD
          IRON BRIDGE P.O., ALAPPUZHA - 688 011
          REPRESENTED BY ITS BRANCH MANAGER.

    2     THE CHIEF MANAGER/AUTHORISED OFFICER
          THE STATE BANK OF INDIA
          RASMEC, 1ST FLOOR, KALLUPALATHIL BUILDING
          CCSB ROAD, IRON BRIDGE P.O.,
          ALAPPUZHA - 688 011.

          BY ADV SHRI.JITHESH MENON, SC, SBI



OTHER PRESENT:

          ADV. DEEPA NARAYANAN (SC)


     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. 27463 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 the three term loans 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 accounts.

3. It was submitted on behalf of the respondent bank

that the petitioner committed default in repayment and the

total overdue amount as on 26-08-2022 is Rs.3,90,879/-

(Rupees Three Lakhs Ninety Thousand Eight Hundred and

Seventy Nine 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 accounts.

4. I have heard Adv.S.Shanavas Khan, learned counsel

for the petitioner as well as Adv.Deepa Narayanan, 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

accounts regularized.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire overdue

amount of Rs.3,90,879/- (Rupees Three Lakhs Ninety

Thousand Eight Hundred and Seventy Nine only) along with

bank charges from the petitioner and regularize the loan

accounts of the petitioner on the following conditions:

(i) The total overdue amount of Rs.3,90,879/- (Rupees

Three Lakhs Ninety Thousand Eight Hundred and Seventy

Nine 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

installments 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) 27463/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE COMMUNICATION DATED 24/05/2019 ISSUED BY AREA CLAIMS MANAGER, SBI GENERAL INSURANCE.

Exhibit P2 TRUE COPY OF 13(2) NOTICE DATED 01/12/2021 ISSUED BY SECOND RESPONDENT.

Exhibit P3 TRUE COPY OF THE POSSESSION NOTICE DATED 18/07/2022 ISSUED BY THE SECOND RESPONDENT .