Jayaprakashan.P vs Authorized Officer
2022 Latest Caselaw 11621 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. 40162 OF 2022
PETITIONER/S:

          JAYAPRAKASHAN.P
          AGED 48 YEARS
          S/O.PONNARATH KELU, PONNARATH HOUSE,
          KUTTIATHOOR.P.O., MAYYIL, KANNUR-670602, NOW AT
          KANIYAMKANDI QUARTERS, MUTTIL, WAYANAD, PIN - 673122
          BY ADVS.
          C.A.CHACKO
          C.M.CHARISMA
          BABU V.P.


RESPONDENT/S:

    1     AUTHORIZED OFFICER
          INDIAN OVERSEAS BANK, REGIONAL OFFICE, ERNAKULAM, PIN -
          682035
    2     BRANCH MANAGER
          INDIAN OVERSEAS BANK, KALPETTA BRANCH, OPPOSITE CIVIL
          STATION, NORTH KALPETTA, WAYANAD, PIN - 673122
          BY ADV SRI.SUNIL SHANKAR, SC, INDIAN OVERSEAS BANK


     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. 40162 OF 2022                      2



                                  JUDGMENT

Petitioner has approached this Court, challenging

proceedings initiated by the respondent Bank under the

provisions of the Securitisation and Reconstruction of

Financial Assets and Enforcement of Security Interest Act,

for recovery of the amounts due from the petitioner.

2. Learned counsel appearing for the petitioner

submits that the petitioner availed an overdraft facility from

the respondent bank, but he could not repay that loan

because of financial crisis. During course of hearing,

petitioner has confined the relief to an opportunity for

repaying the liability in instalments. It is also submitted that

the mortgaged properties of the petitioner are scheduled to

be sold on 31.12.2022.

3. Learned counsel appearing for the respondent

bank submits that the petitioner availed an overdraft facility

from the respondent bank and committed default in

repayment. It is also submitted that regularisation is not

possible. It is further submitted that though proceedings for

recovery have been initiated, as a matter of indulgence, the

respondent bank is willing to accept the repayment of the

outstanding amount in limited instalments. It is also

submitted that while the respondent bank has no objection

in granting instalments to clear the entire outstanding

liability, a substantial amount may be directed to be paid

before the date of sale. According to the learned counsel

appearing for the respondent, as of now, balance amount

which is liable to be repaid is Rs.1,23,42,524/- (Rupees One

Crore twenty three lakhs forty two thousand five hundred

and twenty four only) .

4. Learned counsel appearing for the petitioner

submits that the petitioner will clear the entire liability in

six equal monthly instalments.

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 six instalments.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire

outstanding amount of Rs.1,23,42,524/- (Rupees One Crore

twenty three lakhs forty two thousand five hundred and

twenty four only) along with accrued interest and bank

charges from the petitioner in the following manner:

(i) Petitioner shall pay a lump sum amount of Rs.10,00,000/-

(Rupees Ten lakhs only) before 05.00 pm on 29.12.2022;

(ii) The balance outstanding amount of Rs.1,13,42,524/-

(Rupees One Crore thirteen lakhs forty two thousand five hundred and twenty four only) shall be repaid in six equated monthly instalments along with any accrued interest/costs;

(iii) The first instalment shall be paid on or before 16.01.2023 and the subsequent instalments shall be paid on or before the 16th day of the succeeding months;

(iv) Is is made clear that if the petitioner does not deposit the amount of Rs.10,00,000/- on or before 29.12.2022, it will be open to the respondent bank to proceed with the sale scheduled on 31.12.2022;

(v) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law;

(vi) 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 ajt

APPENDIX OF WP(C) 40162/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF NOTICE DATED 22/11/2022 ISSUED BY 1ST RESPONDENT