Nujumudeen vs Tata Capital Financialservices ...
2022 Latest Caselaw 11547 Ker

            IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
             THE HONOURABLE MR. JUSTICE GOPINATH P.
 THURSDAY, THE 15TH DAY OF DECEMBER 2022 / 24TH AGRAHAYANA,
                                1944
                    WP(C) NO. 36061 OF 2022
PETITIONERS:

    1       NUJUMUDEEN
            AGED 57 YEARS, S/O. USMANKUTTY,
            ALUMMOOTTIL HOUSE, CHERAVALLY, KAYAMKULAM PO,
            ALAPPUZHA DISTRICT, PIN - 690 502.

    2       SAIRA NUJUMUDEEN
            AGED 47 YEARS, W/O.NUJUMUDEEN,
            ALUMMOOTTIL HOUSE, CHERAVALLY, KAYAMAKULAM PO,
            ALAPPUZHA DISTRICT, PIN - 690 502.

            BY ADV A.SHAFEEK (KAYAMKULAM)


RESPONDENTS:

    1       TATA CAPITAL FINANCIALSERVICES LTD,
            REPRESENTED BY ITS CREDIT MANAGER,
            GROUND FLOOR, CHERUVILAKOM BUILDINGS,
            TC NO. 9/2284 (3), SASTHAMANGALAM,
            THIRUVANANTHAPURAM, PIN - 690 502.

    2       THE AUTHORIZED OFFICER
            TATA CAPITAL FINANCIAL SERVICES LTD.,
            AUTO PLAZA, OPP. TIMES OF INDIA,
            BANJARA HILLS, HYDERABAD, PIN - 500 034.


            BY ADV.RENJITH R.

     THIS    WRIT   PETITION    (CIVIL)     HAVING    COME    UP    FOR
ADMISSION    ON   15.12.2022,    THE     COURT   ON   THE    SAME   DAY
DELIVERED THE FOLLOWING:
 W.P.(C) No.36061 of 2022
                                   -:2:-


                           JUDGMENT

Petitioners have 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 under a business loan availed by the

petitioners.

2. During the course of hearing, petitioners have

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 petitioners committed default in repayment and the

overdue amount is Rs.39,43,000/- (Rupees Thirty Nine Lakh

and Forty Three Thousand 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. W.P.(C) No.36061 of 2022

4. I have heard Adv. A.Shafeek , learned counsel for

the petitioners as well as Adv. Renjith R., the learned

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

petitioners can be granted an opportunity to repay the

overdue amount in 10 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.39,43,000/- (Rupees Thirty Nine Lakh and

Forty Three Thousand Only) along with bank charges from

the petitioners and regularize the loan account of the

petitioners on the following conditions:

(i) The overdue amount of Rs.39,43,000/- (Rupees

Thirty Nine Lakh and Forty Three Thousand Only) together

with any accrued interest and costs shall be repaid in 10

equated monthly installments.

W.P.(C) No.36061 of 2022

(ii) The first installment shall be paid on or before

06-01-2023. The subsequent installments shall be paid on

or before the 6th day of the succeeding months;

(iii) Petitioners 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 petitioners 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.36061 of 2022

APPENDIX OF WP(C) 36061/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE SANCTION LETTER DATED 28/2/2016 ISSUED BY THE 1ST RESPONDENT Exhibit P2 TRUE COPY OF THE STATEMENT OF ACCOUNTS ISSUED BY THE 1ST RESPONDENT FOR THE PERIOD FROM 29/2/2016 TO 4/2/2021 Exhibit P3 TRUE COPY OF THE RECEIPT ISSUED BY THE STATE BANK OF INDIA, KAYAMKULAM BRANCH SHOWING THE PAYMENTS MADE DURING THE DATES ON 1/3/2021 , 23/03/2021 AND 24/03/2021 TOWARDS THE LOAN ACCOUNT Exhibit P4 TRUE COPY OF THE RECEIPT ISSUED BY THE STATE BANK OF INDIA, KAYAMKULAM BRANCH SHOWING THE PAYMENT MADE ON 29/4/2021 TOWARDS THE LOAN AMOUNT Exhibit P5 TRUE COPY OF THE RECEIPT ISSUED BY THE BANK SHOWING THE PAYMENT OF RS. 1,50,000/- ON 12/8/2021 TOWARDS THE LOAN ACCOUNT Exhibit P6 TRUE COPY OF THE ACKNOWLEDGEMENT ISSUED BY CANARA BANK SHOWING THE ACCEPTANCE OF RS. 2,00,000/- ON 7/9/2021 AND 13/9/2021 Exhibit P7 TRUE COPY OF THE RECEIPT DATED 13/10/2021 ISSUED BY THE STATE BANK OF INDIA, KAYAMKULAM BRANCH SHOWING THE PAYMENT OF RS. 1,00,000/- TOWARDS THE LOAN ACCOUNT Exhibit P8 TRUE COPY OF THE NOTICE DATED 08/10/2021 ISSUED BY THE 2ND RESPONDENT Exhibit P9 TRUE COPY OF THE NOTICE DATED 22/11/2021 ISSUED BY THE 2ND RESPONDENT Exhibit P10 TRUE COPY OF THE INTERIM ORDER DATED 21/12/2021 IN W.P.(C). NO. 28123/2021 OF THIS HON'BLE COURT Exhibit P11 TRUE COPY OF THE NOTICE DATED 4/11/2022 ISSUED BY THE ADVOCATE COMMISSIONER TO THE PETITIONERS