Pradeep Kumar vs The South Indian Bank Ltd
2022 Latest Caselaw 12551 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. 42425 OF 2022

PETITIONER:

              PRADEEP KUMAR
              AGED 55 YEARS
              S/O KUMAR,
              KAVINU KIZHAKKETHIL,
              THEKKEMALA PO, KOZHENCHERY,
              PATHANAMTHITTA., PIN - 689654
              BY ADVS.
              S.MUMTAZ
              AMINA RUBY FAIZAL
              ALISHA ASLAM
              AJITH M. JIJI


RESPONDENT:

              THE SOUTH INDIAN BANK LTD
              .,
              REP BY THE AUTHORIZED OFFICER,
              REGIONAL OFFICE, 2ND FLOOR,
              TMJ COMPLEX, RAMANCHIRA, THIRUVALLA, PIN - 689107
              BY ADV SUNIL SHANKER


OTHER PRESENT:

              SC Sri Jomy George



      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
23.12.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P. (C) No. 42425 of 2022
                                     ..2..




                             JUDGMENT

Dated this the 23rd day of December, 2022

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 an overdraft facility 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.22,43,842/-. 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.

W.P. (C) No. 42425 of 2022 ..3..

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 ten

(10) instalments.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire

outstanding amount of Rs.22,43,842/- along with

bank charges from the petitioner on the following

conditions:

(i) The outstanding amount of Rs.22,43,842/-

together with any accrued interest/costs shall

be repaid in ten (10) equated monthly

instalments.

(ii) The first instalment shall be paid on or before W.P. (C) No. 42425 of 2022 ..4..

16.01.2023 and subsequent instalments

shall be paid on or before 16 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 RMV W.P. (C) No. 42425 of 2022 ..5..

APPENDIX OF WP(C) 42425/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE DEMAND NOTICE DATED 24/06/2021 Exhibit P2 TRUE COPY OF THE NOTICE OF POSSESSION ISSUED ON THE PETITIONER DATED 15/07/2022 Exhibit P3 TRUE COPY OF THE SAID ADVOCATE COMMISSION NOTICE Exhibit p4 TRUE COPY OF THE REQUEST LETTER DATED 15/02/2022

RESPONDENTS' EXHIBITS:NIL

TRUE COPY

P.A.TO JUDGE