Raghavan vs The Authorised Officer
2022 Latest Caselaw 8287 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. 21537 OF 2022
PETITIONER:

              RAGHAVAN,AGED 79 YEARS
              S/O. KUNJIKKANNAKKURUPPU, SAROJAN MURIYAD.P.O NEAR POST
              OFFICE KOOTHUPARAMBU- 670 643

              BY ADV DILISH JOHN



RESPONDENT:

              THE AUTHORISED OFFICER,
              KERALA STATE FINANCIAL ENTERPRISES LTD., KOOTHUPARAMBU
              BRANCH KOOTHUPARAMBU-670 643


OTHER PRESENT:

              SRI. ARUN ANTONY (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.21537/2022                   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 SARFAESI Act) for recovery of the amounts due upon a loan

availed by the petitioner from the Kerala State Financial Enterprises Ltd.

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 that the petitioner

committed default in repayment and the outstanding amount is

Rs.7,28,330/-. It was further submitted that though proceedings for

recovery have been initiated, as a matter of indulgence, the respondent

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 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 granted an opportunity to repay

the outstanding amount in fifteen (15) instalments.

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

accept repayment of the entire outstanding amount of Rs.7,28,330/-

along with bank charges from the petitioner on the following conditions:

(i) The outstanding amount of Rs.7,28,330/-together with any accured interest/costs shall be repaid in fifteen (15) equated monthly instalments

(ii) The first instalment shall be paid on or before 30.07.2022 and subsequent instalments shall be paid on or before the last working day of every succeeding month.

(iii) In the event of default of any one instalment, the respondent 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 acd

APPENDIX OF WP(C) 21537/2022

PETITIONER EXHIBITS

Exhibit P1 THE TRUE COPY OF THE NOTICE ISSUED BY THE RESPONDENT

Exhibit P2 THE TRUE COPY OF THE TREATMENT CERTIFICATE OF THE PETITIONER