Jayachandra Babu vs Bank Of Maharashtra
2022 Latest Caselaw 11833 Ker

Citation : 2022 Latest Caselaw 11833 Ker
Judgement Date : 21 December, 2022

Kerala High Court

Jayachandra Babu vs Bank Of Maharashtra 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. 26755 OF 2022
PETITIONERS:

    1     JAYACHANDRA BABU,
          AGED 53 YEARS,
          S/O NARAYANA KURUP, SREE MANGALAM, PARAYIL JUNCTION,
          MANGALAMKUNNU, KALLUVATHUKKAL.P.O, KOLLAM,
          PIN - 691 578.

    2     SREELATHA,
          AGED 44 YEARS,
          W/O JAYACHANDRA BABU, SREEMANGALAM, PARAYIL JUNCTION,
          MANGALAMKUNNU, KALLUVATHUKKAL. P. O, KOLLAM,
          PIN - 691 578.

          BY ADVS.
          P.R.JAYASANKAR
          MANJUSHA K
          SREELAKSHMI SABU



RESPONDENTS:

    1     BANK OF MAHARASHTRA,
          DOOR NO 1438, KARTHIK CASTLE, NEAR COLLECTORATE,
          KOLLAM, PIN - 691 009, REPRESENTED BY ITS BRANCH
          MANAGER.

    2     BANK OF MAHARASHTRA,
          PRINTEK TOWERS, PANAVILA JUNCTION, M G ROAD,
          THIRUVANANTHAPURAM, PIN - 695 001, REPRESENTED BY THE
          AUTHORIZED OFFICER.

          BY ADV TISSY ROSE K CHERIYAN KAYYALAPARAMPIL




     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. 26755 OF 2022

                               2


                          JUDGMENT

Petitioners have approached this Court challenging

proceedings under the SARFAESI Act which have been

initiated by the bank for recovery of the amounts due from

the petitioners. The petitioners seek a direction permitting

them to clear the liability to the respondent Bank in

instalments.

2. The learned counsel appearing for the

respondent Bank would submit that the petitioners are

recalcitrant defaulters. It is submitted that the offer now

made to settle the liability in instalments is not bona fide. It

is submitted that after obtaining the interim order on

19.08.2022 and after paying the amount directed to be paid

by this Court, the petitioners have not paid a single penny

towards the loan liability for the past nearly four months. It

is submitted that the account had slipped into NPA status on

several occasions in the past. It is submitted that if the

petitioners are to be given any further instalments, they

must make a substantial payment on or before 31.12.2022,

especially considering the fact that they have not made any

payment for the past nearly four months. The learned WP(C) NO. 26755 OF 2022

counsel also submits that as on 26.10.2022, after giving

credit to the amount paid in terms of the interim order, the

amount outstanding is Rs.27,93,706/-.

3. Having heard the learned counsel appearing for

the petitioners, the learned counsel appearing for the

respondent Bank and having regard to the fact that the loan

account in question is stated to be a housing loan, I am of

the opinion that one final opportunity can be extended to

the petitioners to clear the liability in instalments. However,

noting the submission of the learned counsel for the

respondent Bank that a substantial amount has to be paid

on or before 31.12.2022, this writ petition will stand

disposed of in the following manner:

1. The petitioners shall remit a sum of Rs.5

lakhs towards the loan liability on or before

31.12.2022, the balance outstanding amount

together with any accrued interest and costs shall

be repaid in 12 equal monthly instalments

commencing from 31.01.2023;

2. If the petitioners fail to pay any of the

instalments as above, it will be open to the WP(C) NO. 26755 OF 2022

respondent Bank to continue with the proceedings

now initiated against the petitioners;

3. Considering the fact that sufficient

instalments have been extended to the

petitioners, it is made clear that no further

application for extension of time will be

entertained under any circumstances.

The writ petition will stand disposed of as above.

Sd/-

GOPINATH P.