Kerala High Court
Chacko K V vs Kerala Bank Ltd on 2 December, 2022
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
FRIDAY, THE 2ND DAY OF DECEMBER 2022 / 11TH AGRAHAYANA, 1944
WP(C) NO. 37594 OF 2022
PETITIONER:
CHACKO K V
AGED 71 YEARS
S/O VARKEY,KANNAPARAMBIL HOUSE, MULLARINGAD
P.O.,VANNAPPURAM VILLAGE, IDUKKI , PIN - 685582
BY ADV LATHEESH SEBASTIAN
RESPONDENTS:
1 KERALA BANK LTD
REPRESENTED BY REGIONAL MANAGER,
REGIONAL OFFICE, KOTTAYAM
PIN - 686001
2 AUTHORIZED OFFICER & AREA MANAGER
UNDER THE SARFAESI ACT, KERALA BANK LTD., IDUKKI
COLONY P.O., IDUKKI
, PIN - 685501
3 BRANCH MANAGER
KERALA BANK LTD., KALIYAR BRANCH,
IDUKKI DISTRICT, PIN - 685582
BY ADV GILBERT GEORGE CORREYA
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 02.12.2022, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
W.P.(C) No. 37594 OF 2022
-:2:-
JUDGMENT
Dated this the 2nd day of December, 2022
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 cash credit 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. 24,19,924/- (Rupees Twenty Four Lakhs Nineteen
Thousand Nine Hundred and Twenty Four 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.
W.P.(C) No. 37594 OF 2022
4. I have heard Adv. Latheesh Sebastian, learned counsel for
the petitioner as well as Adv. Gilbert George Correya, the learned
Standing Counsel for the respondents.
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 18 installments.
6. Accordingly, there will be a direction to the respondent
bank to accept repayment of the entire outstanding amount of Rs.
24,19,924/- (Rupees Twenty Four Lakhs Nineteen Thousand Nine
Hundred and Twenty Four only) along with any accrued interest and
bank charges from the petitioner on the following conditions:
(i) The outstanding amount of Rs. 24,19,924/- (Rupees
Twenty Four Lakhs Nineteen Thousand Nine Hundred and Twenty
Four only) together with any accrued interest/cost shall be repaid in
18 equated monthly installments.
(ii) The first installment shall be paid on or before 15-12-
2022. The subsequent installments shall be paid on or before the last
W.P.(C) No. 37594 OF 2022
working day of the succeeding months
(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
mtk
W.P.(C) No. 37594 OF 2022
APPENDIX OF WP(C) 37594/2022
PETITIONER EXHIBITS
Exhibit1 TRUE COPY OF THE NOTICE OF THE 2ND
RESPONDENT TAKING SYMBOLIC POSSESSION OF
THE SECURED ASSET, THE RESIDENTIAL HOUSE
OF THE PETITIONER
Exhibit2 TRUE COPY OF THE REPRESENTATION OF THE
PETITIONER DATED 27.10.2022
