Valsala B vs State Bank Of India
2022 Latest Caselaw 12157 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                              PRESENT
               THE HONOURABLE MR. JUSTICE GOPINATH P.
    THURSDAY, THE 22ND DAY OF DECEMBER 2022 / 1ST POUSHA, 1944
                      WP(C) NO. 36822 OF 2022
PETITIONER:

          VALSALA B
          AGED 57 YEARS
          W/O STEPHEN S.V, S.V NIVAS, KALLAMPODUVIL, THAVARAVILA,
          CHAIKOTTUKONAM P.O, THIRUVANANTHAPURAM , PIN - 695122

          BY ADVS.
          JIBU P THOMAS
          N.S.SOUMYA MOL


RESPONDENT:

          STATE BANK OF INDIA
          REPRESENTED BY ITS AUTHORIZED OFFICER, STRESSED ASSETS
          RECOVERY BRANCH, LMS COMPOUND, OPP. MUSEUM WEST GATE,
          VIKAS BHAVAN P.O, THIRUVANANTHAPURAM, PIN - 695033

          BY ADVS.
          SRI.TOM K.THOMAS, SC SBI (BY ORDER)
          TOM K.THOMAS


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
22.12.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P (C) No.36822/2022                    -2-

                                 JUDGMENT

Petitioner has approached this Court challenging proceedings initiated under

the Securitisation and Reconstruction of Financial Assets and Enforcement of

Security Interest Act (hereinafter referred to as the Securitisation Act) for recovery

of the amounts due upon a housing loan availed by the petitioner.

2. During the course of hearing, petitioner has confined the relief to an

opportunity for repaying the outstanding amount in instalments.

3. It was submitted on behalf of the respondent bank that the petitioner

committed default in repayment and the outstanding amount is Rs.31,47,000/-..

The learned counsel for respondent bank also submits that the sale scheduled did

not take place for want of bidders. The learned counsel also submits that since the

original application has already been filed before the Debts Recovery Tribunal, the

loan cannot be regularised. 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.

4. I have heard the learned counsel for the petitioner as well as the

learned Standing 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 outstanding amount

in fifteen (15) instalments.

6. Accordingly, there will be a direction to the respondent bank to accept

repayment of the entire outstanding amount of Rs.35,00,000/- along with bank

charges from the petitioner on the following conditions:

(i) The outstanding amount of Rs.35,00,000/- together with any accrued interest/costs shall be repaid in fifteen (15) equated monthly instalments.

(ii) The first instalment shall be paid on or before 15-01-2023 and subsequent instalments shall be paid on or before 15 th 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 AMG

APPENDIX OF WP(C) 36822/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE PHOTO COPY OF THE SALE NOTICE DATED 30.08.2022 ISSUED BY THE RESPONDENT BANK