Kerala High Court
Anila Sivadas vs Authorised Officer, Union Bank Of ... on 20 December, 2022
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. 41335 OF 2022
PETITIONER:
ANILA SIVADAS,
AGED 43 YEARS,
W/O SIVADAS RAMANKUTTY, NO. VIII/904,
KODUVAMKUNNU HOUSE, PALLATHERI P.O,
PALAKKAD DISTRICT - 678 007.
BY ADV AAMIR SOHRAB M. M.
RESPONDENTS:
1 AUTHORISED OFFICER, UNION BANK OF INDIA (ERSTWHILE
CORPORATION BANK), KODUMBU BRANCH, NO. 1/542, GROUND
FLOOR, KANAKATH TOWERS, KADAMKODE, KARINGARAPPULLY P.O,
PALAKKAD DISTRICT - 678 551.
2 UNION BANK OF INDIA (ERSTWHILE CORPORATION BANK),
KODUMBU BRANCH, NO.1/542, GROUND FLOOR, KANAKATH
TOWERS, KADAMKODE,KARINGARAPPULLY P.O, PALAKKAD
DISTRICT - 678551,REPRESENTED BY ITS CHIEF MANAGER.
3 SIVADAS RAMANKUTTY,
AGED 47 YEARS, S/O RAMANKUTTY,
NO.VIII/904, KODUVAMKUNNU HOUSE, PALLATHERI P.O,
PALAKKAD DISTRICT - 678 007.
ADV. A S P KURUP (SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
20.12.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 41335 OF 2022
2
JUDGMENT
The petitioner has approached this Court challenging
proceedings under the SARFAESI Act which have been initiated
by the bank for recovery of the amounts due from the
petitioner.
2. During the course of hearing, petitioner has confined
the relief to an opportunity for repaying the overdue amount in
instalments and to obtain regularisation of the loan account.
3. It was submitted on behalf of the respondent bank
that the petitioner committed default in repayment of a
housing loan and the overdue amount is Rs.4,30,000/-(Rupees
four lakhs thirty thousand only). The learned counsel for the
respondent Bank submits that the sale of the property of the
petitioner is scheduled to be held on 20.01.2023. It is
submitted that notwithstanding the above, the respondent
Bank is willing to permit the petitioner to clear the overdue
amount in instalments.
4. I have heard the learned counsel for the petitioner as
well as the learned counsel for the respondent Bank.
5. Having regard to the circumstances of the case and
WP(C) NO. 41335 OF 2022
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 10
instalments and thereafter, if the amount so directed is repaid
within the time as directed above, to have the loan account
regularised.
6. Accordingly, there will be a direction to the respondent
bank to accept repayment of the entire overdue amount of
Rs.4,30,000/-(Rupees four lakhs thirty thousand only) along
with any accrued interest, costs and charges from the
petitioner and regularise the loan account of the petitioner on
the following conditions:
i. The overdue amount of Rs.4,30,000/-(Rupees four lakhs
thirty thousand only) along with any accrued interest,
costs and charges shall be repaid in 10 equated monthly
instalments.
ii. The first instalment shall be paid on or before 15.01.2023
and the subsequent instalments shall be paid on or before
the 15th day of every succeeding month.
iii. Petitioner shall continue to pay the regular EMI's along
with the instalments directed above.
iv. In the event of default of any one instalment, 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
WP(C) NO. 41335 OF 2022
abeyance.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE
DK
WP(C) NO. 41335 OF 2022
APPENDIX OF WP(C) 41335/2022
PETITIONER EXHIBITS
Exhibit P1 TRUE COPY OF THE NOTICE OF SALE UNDER
RULE 8 OF THE SECURITY INTEREST
(ENFORCEMENT) RULES, 2002, ISSUED BY
RESPONDENT NO.2 BANK, DATED 10.12.2021.
Exhibit P2 TRUE COPY OF THE THE ORDER IN CRL. M.P
NO. 2474/2021 ON THE FILES OF THE
HON'BLE CHIEF JUDICIAL MAGISTRATE'S
COURT, PALAKKAD, AND DATED 06-07-2022
