Kannan Kaladharan vs The Branch Manager
2022 Latest Caselaw 8274 Ker

               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. 20906 OF 2022
PETITIONER:

           KANNAN KALADHARAN
           AGED 39 YEARS
           S/O.KALADHARAN, KARTHIKANILAYAM, CHELATTUBHAGAM,
           TRICHATTUKULAM P.O., PANAVALLY, CHERTHALA TALUK,
           PIN - 688 526.

           BY ADVS.
           N.ASHOK KUMAR
           P.S.SAJEEV (CHIRAYIL)


RESPONDENTS:

    1      THE BRANCH MANAGER
           DCB BANK, 67/624-A, ST.FRANCIS ASSISSI HALL, BROADWAY,
           ERNAKULAM - 682 031.

    2      DCB BANK LTD.,
           6TH FLOOR, TOWER-A, PENISULA BUSINESS PARK, SENAPATI
           BAPAT MARG, LOWER PAREL, MUMBAI - 400 013
           REPRESENTED BY ITS MANAGING DIRECTOR.

    3      THE AUTHORIZED OFFICER UNDER SARFAESI ACT
           DCB BANK RETAIL ASSETS - COLLECTION, 1ST FLOOR, NO.6,
           RAJAJI ROAD, NUNGAMBAKKAM, CHENNAI - 600 034.

           BY ADV B.S.SURESH KUMAR (SC)


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
01.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 20906 OF 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 (SARFAESI Act) for recovery of the

amounts due upon a loan availed by the petitioner.

2. During the course of hearing, petitioner has

confined the relief to an opportunity for repaying the

overdue amount in installments and to obtain regularization

of the loan account.

3. It was submitted on behalf of the respondent bank

that the petitioner committed default in repayment and the

overdue amount is Rs.7,05,098/- (Rupees Seven Lakhs Five

Thousand and Ninety Eight only). 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 overdue amount in limited

installments and regularize the loan account.

4. I have heard Adv.N.Asok Kumar learned counsel for

the petitioner as well as Adv.B.S.Sureshkumar, the learned

Standing Counsel for 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 overdue amount

in 10 installments and thereafter, if the amount so directed

is repaid within the time as directed above, to have the loan

account regularized.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire overdue

amount of Rs.7,05,098/- (Rupees Seven Lakhs Five Thousand

and Ninety Eight only) along with bank charges from the

petitioner and regularize the loan account of the petitioner

on the following conditions:

(i) The overdue amount Rs.7,05,098/- (Rupees Seven

Lakhs Five Thousand and Ninety Eight only) shall be repaid

in 10 equated monthly installments along with any accrued

interest and costs;

(ii) The first installment shall be paid on or before

29-07-2022. The subsequent installments shall be paid on or

before the last working day of succeeding months;

(iii) Petitioner shall continue to pay regular

installments directed above;

(iv) In the event of default of any one installment, the

respondent bank shall be entitled to proceed in accordance

with law.

(v) 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

ats

APPENDIX OF WP(C) 20906/2022

PETITIONER EXHIBITS

Exhibit P1 A TRUE COPY OF THE NOTICE DATED 10/07/2019 ISSUED BY THE 3RD RESPONDENT TO THE PETITIONER.

Exhibit P2 A TRUE COPY OF THE PROCEEDINGS OF THE CHIEF JUDICIAL MAGISTRATE COURT, ALAPPUZHA OBTAINED FROM E-COURT SERVICES.

Exhibit P3 A TRUE COPY OF THE MEDICAL CERTIFICATE DATED 14/11/2020 ISSUED TO KANAKA KALADHARAN BY THE GOVERNMENT MEDICAL COLLEGE, KOTTAYAM.