Kerala High Court
Elsy Jose vs The Kerala State Co-Operative ... on 21 December, 2022
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
WEDNESDAY, THE 21ST DAY OF DECEMBER 2022 / 30TH AGRAHAYANA, 1944
WP(C) NO. 40676 OF 2022
PETITIONER:
ELSY JOSE,
AGED 47 YEARS,
W/O.JOSE, PALATHINGAL HOUSE, KARAYAMPADAM,
VARANDARAPALLY P. O TRICHUR - 680 303.
BY ADV S.SUJINI
RESPONDENT:
THE KERALA STATE CO-OPERATIVE BANK,
REP. BY AUTHORISED OFFICER,
REGIONAL OFFICE, SAHAKARANA SHATHABDI MANDIRAM ,
KOVILAKATHUMPADAM, TRICHUR - 680 022.
BY ADV SRI.P.C.SASIDHARAN, SC, IDUKKI DISTRICT
CO.OPERATIVE BANK
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
21.12.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 40676 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 simple
mortgage loan and the overdue amount is Rs.4,53,533/-(Rupees
four lakhs fifty three thousand five hundred and thirty three only).
It was further submitted that though proceedings for recovery
have been initiated, as a matter of indulgence, the respondent
bank is willing to accept repayment of the overdue amount in
limited instalments and regularise the loan account.
4. I have heard the learned counsel for the petitioner as well
as the learned counsel 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 petitioner can be
granted an opportunity to repay the overdue amount in 18
WP(C) NO. 40676 OF 2022
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.4,53,533/-(Rupees four lakhs fifty three thousand five hundred
and thirty three 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.4,53,533/-(Rupees four lakhs fifty
three thousand five hundred and thirty three only) along with
any accrued interest, costs and charges shall be repaid in 18
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 abeyance.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE
DK
WP(C) NO. 40676 OF 2022
APPENDIX OF WP(C) 40676/2022
PETITIONER EXHIBITS
Exhibit P1 TRUE COPY OF THE FRONT PAGE OF THE PASS
BOOK EVIDENCING THE DETAILS OF THE LOAN
Exhibit P2 TRUE COPY OF THE MEDICAL CERTIFICATE
DATED 1/12/2022 ISSUED BY BY GOVERNMENT
MEDICAL COLLEGE MULANKUNNATHUKAVU TRICHUR
Exhibit P3 TRUE COPY OF THE NOTICE U/S 13 [2] RULE 9
OF THE SECURITIZATION AND RECONSTRUCTION
OF FINANCIAL ASSETS AND ENFORCEMENT OF
SECURITY INTEREST ACT 2002 DATED 24/11/22
SERVED UPON THE PETITIONER
Exhibit P4 TRUE COPY OF THE NEWSPAPER DESHABHIMANI
DAILY PUBLICATION DATED 30/11/22
