Kerala High Court
Indira.N.K vs The Manager 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. 41029 OF 2022
PETITIONERS:
1 INDIRA.N.K,
AGED 50 YEARS,
W/O. PREMAJAN, P C,
PARACHALIL HOUSE, THAMARASSEY P.O,
RAROTH, TAMARASSERI,
KOZHIKODE - 673 573.
2 RAMADEVI,
W/O PREMAJAN P.P,
POOVULLAPARAMBIL HOUSE,
CHAGAROTH VILLAGE, KOZHILANDI THALUK,
KANNADY DESAM, KOZHIKODE - 673 525.
BY ADVS.
ANIL KUMAR K.P.
ARYA ASHOKAN
RESPONDENTS:
1 THE MANAGER,
THE KERALA STATE CO-OPERATIVE BANK LTD,
REGIONAL OFFICE KOZHIKODE, KALLAI ROAD,
CHALAPPURAMP P.O, KOZHIKODE - 673 002.
2 THE AUTHORISED OFFICER,
THE KERALA STATE CO-OPERATIVE BANK LTD,
KALLAI ROAD, CALICUT - 673 002.
BY ADV P C SASIDHARAN, STANDING COUNCIL
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. 41029 OF 2022
2
JUDGMENT
Petitioners have approached this Court challenging
proceedings under the SARFAESI Act which have been
initiated by the respondent Bank for recovery of the amounts
due from the petitioners.
2. During the course of hearing, petitioners have
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 petitioners committed default in repayment of a
mortgage loan and the overdue amount is Rs.9,14,498/-
(Rupees nine lakhs fourteen thousand four hundred and
ninety eight only). The learned counsel appearing for the
respondent Bank submits that the date for sale has not been
fixed and the notice produced by the petitioners is a notice
regarding fixation of reserved price. It is submitted that
notwithstanding the above, the respondent Bank is willing to
accept repayment of the overdue amount in limited
instalments.
4. I have heard the learned counsel for the petitioners
WP(C) NO. 41029 OF 2022
as well as 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 12 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.9,14,498/-(Rupees nine lakhs fourteen thousand
four hundred and ninety eight only) along with any accrued
interest, costs and charges from the petitioners and
regularise the loan account of the petitioners on the following
conditions:
i. The overdue amount of Rs.9,14,498/-(Rupees nine lakhs
fourteen thousand four hundred and ninety eight only)
along with any accrued interest, costs and charges shall
be repaid in 12 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. Petitioners shall continue to pay the regular EMI's along
with the instalments directed above.
WP(C) NO. 41029 OF 2022
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 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
DK
WP(C) NO. 41029 OF 2022
APPENDIX OF WP(C) 41029/2022
PETITIONER EXHIBITS
Exhibit p1 TRUE COPY OF THE DEMAND NOTICE DATED
3.10.2019 ISSUED BY THE RESPONDENT
BANK
Exhibit P2 TRUE COPY OF THE SALE NOTICE DATED
15.11.2022 ISSUED BY THE RESPONDENT
