Shahul Hameed vs The Kerala State Co-Operative ...
2022 Latest Caselaw 11593 Ker

            IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                  PRESENT
             THE HONOURABLE MR. JUSTICE GOPINATH P.
 TUESDAY, THE 20TH DAY OF DECEMBER 2022 / 29TH AGRAHAYANA,
                                   1944
                       WP(C) NO. 37788 OF 2022
PETITIONERS:

    1       SHAHUL HAMEED,
            AGED 46 YEARS
            PILLAKODE, NENMENI POST,
            PALAKKAD , PIN - 678 506.

    2       RAHMATH
            AGED 37 YEARS
            PILLAKODE, NENMENI POST,
            PALAKKAD, PIN - 678 506.

            BY ADVS.
                    SREENATH VIJAYARAGHAVAN
                    AKHILA C.
                    K.R.MONISHA
                    V.T.LITHA


RESPONDENTS:

    1       THE KERALA STATE CO-OPERATIVE BANK LTD
            SHORNUR ROAD PALAKKAD-678004.
            REPRESENTED BY ITS AUTHORIZED OFFICER.

    2       THE AUTHORIZED OFFICER UNDER SARFAESI ACT
            KERALA STATE CO-OPERATIVE BANK, SHORNUR ROAD
            PALAKKAD, PIN - 678 004.


            BY ADV M.SASINDRAN

     THIS    WRIT      PETITION    (CIVIL)     HAVING    COME    UP    FOR
ADMISSION    ON   20.12.2022,       THE     COURT   ON   THE    SAME   DAY
DELIVERED THE FOLLOWING:
 W.P.(C) No.37788/2022
                                  -: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 upon a loan availed by the petitioners.

2. During the course of hearing, petitioners have

confined the relief to an opportunity for repaying the

outstanding amount in installments.

3. The learned counsel appearing for the respondent

Bank states that the outstanding amount as on 23-11-2022,

is Rs.35,46,027/-(Rupees Thirty Five Lakh Forty Six

Thousand and Twenty Seven only). It is submitted that the

term of loan is due to expire in the month of March, 2023,

and therefore regularization is not possible. It is submitted

that the amount of Rs.2,00,000/-(Rupees Two Lakh Only)

which was paid by the petitioners on 04-12-2022, will be

reduced from the total outstanding. It is submitted that the

balance amount can be permitted to be paid in some limited W.P.(C) No.37788/2022

installments.

4. I have heard Adv. Sreenath Vijayaraghavan, learned

counsel for the petitioners as well as Adv. M.Sasindran, 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

outstanding amount in 20 installments.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire

outstanding amount of Rs.33,46,027/-(Rupees Thirty Three

Lakh Forty Six Thousand and Twenty Seven only) along

with any accrued interest and bank charges from the

petitioners on the following conditions:

(i) The outstanding amount of Rs.33,46,027/-(Rupees

Thirty Three Lakh Forty Six Thousand and Twenty Seven

only) together with any accrued interest/cost shall be

repaid in 20 equated monthly installments;

(ii) The first installment shall be paid on or before W.P.(C) No.37788/2022

16-01-2022. The subsequent installments shall be paid on

or before the 16th 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 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.37788/2022

APPENDIX OF WP(C) 37788/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF NOTICE DATED 29.01.2021 ISSUED BY THE 1ST RESPONDENT TO THE 1ST PETITIONER

Exhibit P2 TRUE COPY OF NOTICE DATED 02.08.2021 ISSUED BY THE RESPONDENT TO THE PETITIONER

Exhibit P3 TRUE COPY OF THE REVENUE RECOVERY NOTICE