Kerala High Court
Thilakan vs State Bank Of India Sbi 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. 40309 OF 2022
PETITIONER:
THILAKAN,
AGED 49 YEARS,
S/O.APPU, OTHALAKKATT NIKARTH HOUSE,
AROOKUTTY P.O., CHERTHALA, ALAPPUZHA-688 535.
BY ADV K.V.SABU
RESPONDENTS:
1 STATE BANK OF INDIA,
RASMEC, IRON BRIDGE P.O., ALAPPUZHA - 688 012.
2 AUTHORIZED OFFICER, STATE BANK OF INDIA, RASMEC,
IRON BRIDGE P.O., ALAPPUZHA - 688 012.
BY SMT.DEEPA NARAYANAN
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. 40309 OF 2022
2
JUDGMENT
The petitioner availed two loans from the respondent
Bank. One is a housing loan and the other is a top up loan.
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
accounts.
3. It was submitted on behalf of the respondent bank
that the petitioner committed default in repayment of the
above two loans and the total overdue amount as on
15.12.2022 is Rs.7,54,087/-(Rupees seven lakhs fifty four
thousand and eighty seven 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 accounts.
WP(C) NO. 40309 OF 2022
4. I have heard the learned counsel for the petitioner 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 petitioner
can be granted an opportunity to repay the overdue amount
in 15 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.7,54,087/-(Rupees seven lakhs fifty four
thousand and eighty seven only) along with any accrued
interest, costs and charges from the petitioner and regularise
the loan accounts of the petitioner on the following
conditions:
i. The overdue amount of Rs.7,54,087/-(Rupees seven
lakhs fifty four thousand and eighty seven only) along
with any accrued interest, costs and charges shall be
repaid in 15 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.
WP(C) NO. 40309 OF 2022
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.
Notwithstanding the above directions, it will always be open
to the petitioner to approach the respondent Bank for
restructuring of the loan. However, the filing of such
representation will not absolve the petitioner of the liability to
pay instalments in terms of this judgment. If One Time
Settlement / restructuring facility is granted, the parties will
be governed by the terms of such agreement and not by the
terms contained in this judgment.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE
DK
WP(C) NO. 40309 OF 2022
APPENDIX OF WP(C) 40309/2022
PETITIONER EXHIBITS
Exhibit P1 A COPY OF THE NOTICE DT.31.12.2018
ISSUED BY THE 2ND RESPONDENT
Exhibit P2 A COPY OF THE NOTICE SEND BY THE
ADVOCATE COMMISSIONER DT.7.9.2019
Exhibit P3 A COPY OF THE NOTICE DT.6.10.2022
ISSUED BY THE ADVOCATE COMMISSIONER
