K. Rajeswari vs The Union Bank Of India
2022 Latest Caselaw 12488 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
               THE HONOURABLE MR. JUSTICE GOPINATH P.
     FRIDAY, THE 23RD DAY OF DECEMBER 2022 / 2ND POUSHA, 1944
                      WP(C) NO. 41083 OF 2022
PETITIONER:

          K. RAJESWARI,
          AGED 44 YEARS,
          W/O. KANNAN, 2/120, ASWATHI HOUSE, KUNNUMPURAM,
          KALPATHY, PALAKKAD DISTRICT, PIN - 678 002.

          BY ADVS.
          JACOB SEBASTIAN
          K.V.WINSTON
          ANU JACOB



RESPONDENT:

          THE UNION BANK OF INDIA,
          PALAKKAD BRANCH, 853/1C, MANGALAM TOWERS, OPPOSITE TOWN
          BUS STAND, PALAKKAD DISTRICT, PIN - 678 001,
          REPRESENTED BY ITS AUTHORIZED OFFICER.

          BY ADV.A.S.P.KURUP


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
23.12.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 41083 OF 2022

                                 2


                            JUDGMENT

The petitioner availed several credit facilities from the

respondent Bank including three term loans and one working

capital loan. On default being committed, proceedings have been

initiated against the petitioner under the provisions of the

SARFAESI Act.

2. The learned counsel for the petitioner submits that the

petitioner may be permitted to pay off the liability in instalments.

3. The learned counsel for the respondent Bank submits

that out of the four loans, the three term loans can be

regularized, while the entire liability under the working capital

loan has to be paid in full. It is submitted that the overdue

amount in respect of the three term loans as on 23.12.2022 is

Rs.4,10,383/-, while the outstanding amount in respect of the

working capital loan as on 23.12.2022 is Rs.16,98,769.61.

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 WP(C) NO. 41083 OF 2022

granted an opportunity to repay the overdue amount of

Rs.4,10,383/- in respect of the three term loans in 12 instalments

and if the amount so directed is repaid within the time as directed

above, to have the three term loans regularised and that the

petitioner can also be granted an opportunity to repay the

outstanding amount of Rs.16,98,769.61 towards the working

capital loan in 12 instalments.

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

Bank to accept repayment of the overdue amount of

Rs.4,10,383/- (Rupees four lakhs ten thousand three hundred and

eighty three only) in respect of the three term loans along with

any accrued interest, costs and charges from the petitioner and

regularise the same and to accept repayment of the outstanding

amount of Rs.16,98,769.61 (Sixteen lakhs ninety eight thousand

seven hundred and sixty nine rupees and sixty one paise only) in

respect of the working capital loan along with any accrued

interest, costs and charges from the petitioner on the following

conditions:

i. The petitioner shall pay the overdue amount in the three term loans of Rs.4,10,383/- (Rupees four lakhs ten thousand three hundred and eighty three only) along with any accrued interest, costs and charges in 12 equated monthly instalments. 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. The WP(C) NO. 41083 OF 2022

petitioner shall continue to pay the regular EMI's along with the instalments directed above.

ii. The petitioner shall pay a sum of Rs.16,98,769.61 (Sixteen lakhs ninety eight thousand seven hundred and sixty nine rupees and sixty one paise only) due on the working capital loan along with any accrued interest, costs and charges in 12 equated monthly instalments. The first instalment shall be paid on or before 15.01.2023 and the subsequent instalments shall be paid on or before the 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

DK WP(C) NO. 41083 OF 2022

APPENDIX OF WP(C) 41083/2022

PETITIONER EXHIBITS

Exhibit-P1 A TRUE COPY OF POSSESSION NOTICE DATED 21.03.2022 ISSUED BY THE RESPONDENT BANK.

Exhibit-P2 A TRUE COPY OF POSSESSION NOTICE DATED 16.09.2022 ISSUED BY THE RESPONDENT BANK .