Rajaneesh P.S vs Kerala Gramin Bank
2022 Latest Caselaw 11790 Ker

               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. 39548 OF 2022
PETITIONER:

          RAJANEESH P.S,
          AGED 41 YEARS,
          S/O. SIVARAMAN NAIR,
          PALLIYAMBIL HOUSE,
          VANHODE P.O.,
          WAYANAD - 670 731.

          BY ADVS.
          N.KRISHNA RAJA MAULI
          BINIYAMIN K.S.



RESPONDENTS:

    1     KERALA GRAMIN BANK,
          REPRESENTED BY ITS MANAGER,
          MAKKIAD, WAYANAD - 670 731.

    2     AUTHARISED OFFICER,
          KERALA GRAMIN BANK,
          REGIONAL OFFICE,KALPETTA,
          WAYANAD - 673 121.

          BY ADV JAWAHAR JOSE




     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. 39548 OF 2022

                                  2


                            JUDGMENT

The petitioner availed several credit facilities from the

respondent bank, which include three cash credit facilities

and one term loan. On default being committed, proceedings

have been initiated against the petitioner under the

provisions of the SARFAESI Act.

2. It was submitted on behalf of the respondent bank

that the petitioner committed default in repayment of the

above four loans and the total outstanding amount is

Rs.19,56,585/-(Rupees nineteen lakhs fifty six thousand five

hundred and eighty five 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 outstanding amount in limited instalments.

3. I have heard the learned counsel for the petitioner as

well as the learned Standing Counsel for the respondents.

4. 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 12 instalments.

5. Accordingly, there will be a direction to the WP(C) NO. 39548 OF 2022

respondent bank to accept repayment of the entire

outstanding amount of Rs.19,56,585/-(Rupees nineteen lakhs

fifty six thousand five hundred and eighty five only) along

with any accrued interest, costs and charges charges from the

petitioner on the following conditions:

(i)The outstanding amount of Rs.19,56,585/-(Rupees nineteen lakhs fifty six thousand five hundred and eighty five 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) 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 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. 39548 OF 2022

APPENDIX OF WP(C) 39548/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE POSSESSION NOTICE UNDER SECTION 13(4) OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT ISSUED BY THE 2ND RESPONDENT DATED 17.10.2022