Arun Thomas vs Federal Bank Limited
2022 Latest Caselaw 11628 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. 39487 OF 2022
PETITIONER/S:

    1     ARUN THOMAS
          AGED 42 YEARS
          S/O THOMAS MICHALE,
          MANARKATT HOUSE,
          MEEENACHIL.P.O
          PALA,
          KOTTAYAM., PIN - 686575
    2     THOMAS MICHAEL
          AGED 69 YEARS
          S/O MICHALE,
          MANARKKATT HOUSE MEENACHIL P.O
          PALA, KOTTAYAM., PIN - 686575
    3     SMT. BRIJIT ARUN
          AGED 37 YEARS
          W/O ARUN THOMAS,
          MANARKATT HOUSE MEENACHIL P.O
          PALA, KOTTAYAM., PIN - 686575
          BY ADV K.V.GOPINATHAN NAIR


RESPONDENT/S:

    1     FEDERAL BANK LIMITED
          LCRDA/ERNAKULAM DIVISION,
          FEDERAL TOWERS MARINE DRIVE KOCHI
          REPRESENTED BY THE AUTHORIZED OFFICER UNDER SARFAESI
          ACT, PIN - 682031
    2     BRANCH HEAD
          FEDERAL BANK LIMITED
          VYTILA ,ERNAKULAM., PIN - 682032
          BY ADV MOHAN JACOB GEORGE


     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. 39487 OF 2022                2



                               JUDGMENT

Petitioners have 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 petitioners.

2. Learned counsel appearing for the petitioners

submits that the 1st petitioner availed an agriculture cash

credit facility from the respondent bank, but he could not

repay that loan because of financial crisis. During course of

hearing, petitioners have confined the relief to an

opportunity for repaying the liability in instalments.

3. Learned counsel appearing for the respondent

bank submits that the 1st petitioner availed an agricultural

cash credit loan from the respondent bank and committed

default in repayment. It is submitted that petitioners 2 and 3

are co-obligants to the facility availed by the 1 st petitioner.

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. According to the learned

counsel appearing for the respondent, the balance amount

which is liable to be repaid is Rs.6,17,70,321/- (Rupees Six

crores seventeen lakhs seventy thousand three hundred and

twenty one only) as on 19.12.2022 and the petitioners can be

permitted to clear the same in limited instalments.

4. I have heard the learned counsel for the

petitioners as well as the learned Standing counsel

appearing for the respondent.

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 twenty instalments.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire

outstanding amount of Rs.6,17,70,321/- (Rupees Six crores

seventeen lakhs seventy thousand three hundred and twenty

one only) along with accrued interest and bank charges from

the petitioners in the following manner:

(i) The outstanding amount of Rs.6,17,70,321/- (Rupees Six crores seventeen lakhs seventy thousand three hundred and twenty one only) shall be repaid in twenty equated monthly

instalments along with any accrued interest/costs;

(ii) 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;

(iii) In the event of default of any one instalment, 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 ajt

APPENDIX OF WP(C) 39487/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE LETTER SANCTIONING THE FACILITY ON 30.3.2022.

Exhibit P2 TRUE COPY OF THE POSSESSION NOTICE DATED 19.11.2022.