N. Rajeevan vs The Authorised Recovery Officer
2022 Latest Caselaw 1241 Ker

            IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                PRESENT

        THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

   FRIDAY, THE 28TH DAY OF JANUARY 2022 / 8TH MAGHA, 1943

                     WP(C) NO. 25556 OF 2021

PETITIONER:

            N. RAJEEVAN
            S/O BALAN NAMBIAR, AGED 59 YEARS
            RAJEEVAM,
            NADAL VAYANASALA, KUTTIKAKAM,
            KANNUR-670663.
            BY ADV K.S.AJAYAGHOSH


RESPONDENTS:

    1       THE AUTHORISED RECOVERY OFFICER
            THE KANNUR CO-OPERATIVE URBAN BANK LIMITED,
            THAVAKKARA, KANNUR-670002.
    2       THE BRANCH MANAGER
            THE KANNUR CO-OPERATIVE URBAN BANK LIMITED,
            MAIN BRANCH, THAVAKKARA,
            KANNUR-670002.
            BY ADVS.
            SRI.LIJIN THAMBAN
            SRI.G.S.KRISHNAN KARTHA



     THIS     WRIT   PETITION    (CIVIL)     HAVING    COME    UP    FOR
ADMISSION     ON   28.01.2022,    THE     COURT   ON   THE    SAME   DAY
DELIVERED THE FOLLOWING:
 W.P.(C) No.25556/21
                                  -:2:-

                     BECHU KURIAN THOMAS, J.
                    ---------------------------------
                      W.P.(C) No.25556 of 2021
                    ----------------------------------
                 Dated this the 28th day of January, 2022

                              JUDGMENT

Petitioner as borrower from the respondent bank, has

committed default in repayment. Consequently, proceedings

have been initiated by the bank for recovery of the amounts due.

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.28,21,759/-. 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 Sri.Ajayagosh K.S., the learned counsel for

the petitioner as well as Sri.Lijin Thamban, the learned counsel

for the respondents.

5. Having regard to the circumstances of the case and the W.P.(C) No.25556/21

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

sixteen instalments.

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

bank to accept repayment of the entire outstanding amount of

Rs.28,21,759/- along with bank charges from the petitioner on

the following conditions:

(i) The outstanding amount of Rs.28,21,759/- shall be repaid in sixteen equated monthly instalments.

(ii) The first instalment shall be paid on or before 03.03.2022.

(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/-

BECHU KURIAN THOMAS JUDGE vps W.P.(C) No.25556/21

APPENDIX OF WP(C) 25556/2021

PETITIONER EXHIBITS EXHIBIT P1 A TRUE COPY OF THE NOTICE DATED 26.10.2021 ISSUED BY THE ADVOCATE COMMISSIONER IN CMP NO.1003/21 OF THE CHIEF JUDICIAL MAGISTRATE COURT, THALASSERY.

EXHIBIT P2 TRUE COPY OF THE NOTICE DATED 11.12.2019 UNDER SECTION 13(2) OF THE SARFAESI ACT ISSUED BY THE 1ST RESPONDENT.