Kerala High Court
Sini Aboobacker (Mrs) vs Union Bank Of India on 1 July, 2022
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
FRIDAY, THE 1ST DAY OF JULY 2022 / 10TH ASHADHA, 1944
WP(C) NO. 18384 OF 2022
PETITIONER:
SINI ABOOBACKER (MRS)
AGED 43 YEARS
PROP: M/S SUPER WOOD INDUSTRIES, PERUMBAVOOR W/O SHAHUL
HAMEED, AGED 43 YEARS, CHIRAKKAKUDI HOUSE, ALLAPRA PO
PERUMBAVOOR ERNAKULAM, PIN-683553.
BY ADV J.ASOKAN(KONEZHATH)
RESPONDENTS:
1 UNION BANK OF INDIA
REPRESENTED BY ITS MANAGING DIRECTOR & CHIEF EXECUTIVE
OFFICER UNION BANK BHAVAN, 239, VIDHAN BHAVAN MARG,
NARIMAN POINT
MUMBAI PIN-400021.
2 THE DEPUTY GENERAL MANAGER
UNION BANK OF INDIA REGIONAL OFFICE-ERNAKULAM RURAL
HOSPITAL ROAD, ALUVA ERNAKULAM PIN-683101.
3 THE CHIEF MANAGER & AUTHORISED OFFICER
UNION BANK OF INDIA ARAKKAPADY BRANCH NEELANGAL
BUILDING, P P ROAD ROAD ARAKKAPADY ERNAKULAM PIN-
683556.
OTHER PRESENT:
SRI. A S P KURUP (SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
01.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P (C) No.18384/2022 -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 amount due upon a loan availed by the petitioner.
2. Learned counsel for the petitioner submits that the petitioner has
complied with the interim order dated 07-06-2022. 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.45,62,642/-. 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 ten (10) instalments.
6. Accordingly, there will be a direction to the respondent bank to accept
repayment of the entire outstanding amount of Rs.45,62,642/- along with bank
charges from the petitioner on the following conditions:
(i) The outstanding amount of Rs.45,62,642/- 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 30-07-2022 and
subsequent instalments shall be paid on the last working 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) 18384/2022
PETITIONER EXHIBITS
Exhibit P1 WEB PAGE OF GUIDELINES RBI/2012-13/273. RPCD.CO.MSME
&NFC.BC.40/06.02.31/2012-2013 ISSUED BY RESERVE BANK
OF INDIA FOR THE REHABILITATION OF SICK MICRO & SMALL
ENTERPRISES TO ALL SCHEDULED COMMERCIAL BANKS.
Exhibit P2 TRUE COPY OF IMPUGNED DEMAND NOTICE ADV:504-55014
DATED 15.11.2021 ISSUED UNDER SECTION 13 (2) OF THE
SARFAEASI ACT TO PETITIONER'S MSE UNIT.
Exhibit P3 TRUE COPY OF THE OBJECTION LETTER DATED 26.05.2022 TO
THE IMPUGNED EXBT-P2 NOTICE SENT BY THE PETITIONER
WHICH THE 3RD RESPONDENT ACKNOWLEDGED ON 27.05.2022
UNDER SECTION 3A OF THE ACT.
Exhibit P4 TRUE COPY OF THE LETTER 504/55014-13(4) DATED
19.02.2022 ISSUED BY THE 3RD RESPONDENT FOR SYMBOLIC
POSSESSION OF THE COLLATERAL HOUSE PROPERTY BELONGING
TO THE GUARANTORS.
Exhibit P5 TRUE COPY OF E-AUCTION SALE NOTICE: RO/EKM-R/SALE
NOTICES/2022-23 DATED 09.05.2022 FIXING E-AUCTION
SALE OF THE COLLATERAL HOUSE PROPERTY ON 17.06.2022.
Exhibit P6 TRUE COPY OF VALUATION REPORT DATED 24.02.2022 FIXING
VERY LOW RESERVE PRICE RS65 LAKHS AS AGAINST OPEN
MARKET PRICE RS85.50 LAKHS FOR THE COLLATERAL HOUSE
PROPERTY OF THE GUARANTORS.
Exhibit P7 TRUE COPY OF LOAN STATEMENT FOR PERIOD FROM
01.04.2021 TO 27.05.2022 OBTAINED FROM THE 3RD
RESPONDENT ON 27.05.2022 DUE TO THE ABSENCE OF
DETAILS OF AMOUNT PAYABLE IN THE EXBT-P2 IMPUGNED
NOTICE FOR CASH CREDIT (HYPN.) ACCOUNT.
Exhibit P8 TRUE COPY OF LOAN STATEMENT FOR PERIOD FROM
01.04.2021 TO 27.05.2022 OBTAINED FROM THE 3RD
RESPONDENT ON 27.05.2022 DUE TO THE ABSENCE OF
DETAILS OF AMOUNT PAYABLE IN THE EXBT-P2 IMPUGNED
NOTICE FOR CASH CREDIT (HYPN.) ACCOUNT.
