Chandrashekharan Nair vs The State Co-Operative Bank
2022 Latest Caselaw 8334 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. 21101 OF 2022
PETITIONER/S:

    1      CHANDRASHEKHARAN NAIR
           AGED 75 YEARS
           S/O. NARAYANAN NAIR, EDATHIL RATHEESH BHAVAN HOUSE,
           VAZHAPPALLY P.O., CHANGANACHERRY, KOTTAYAM DISTRICT.
           PIN - 686 103
    2      SIVAKUMAR R,
           AGED 43 YEARS
           S/O. RAMANUNNI, REPRESENTED BY HIS MOTHER VALSAMMA
           MATHEW, EDATHIL RATHEESH BHAVAN HOUSE, VAZHAPPALLY
           P.O., CHANGANACHERRY, KOTTAYAM DISTRICT. PIN - 686 103
    3      REKHA SIVAKUMAR,
           AGED 38 YEARS
           W/O SIVAKUMAR, EDATHIL RATHEESH BHAVAN HOUSE,
           VAZHAPPALLY P.O., CHANGANACHERRY, KOTTAYAM DISTRICT.
           PIN- 686 103

           BY ADVS.
           M.P.MADHAVANKUTTY
           MATHEW DEVASSI


RESPONDENT/S:

    1      THE STATE CO-OPERATIVE BANK
           (KERALA BANK) REPRESENTED BY THE AUTHORIZED OFFICER
           KOTTAYAM REGIONAL OFFICER PB NO. 140, CENTRAL JUNCTION,
           KOTTAYAM, PIN - 686001

    2      THE BRANCH MANAGER
           EVENING BRANCH, KERALA STATE CO-OPERATIVE BANK
           CHANGANACHERRY, KOTTAYAM, PIN - 686 101
OTHER PRESENT:

           SRI. ATHUL SHAJI (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).21101/22                               2



                                    JUDGMENT

Petitioners have approached this Court being aggrieved by the

proceedings initiated against them under the Securitisation and Reconstruction

of Financial Assets and Enforcement of Security Interest Act (hereinafter

referred to as the Securitisation Act) for recovery of amounts due from

petitioners 1 and 3. It is submitted that all the petitioners had availed separate

loans from the 1st respondent bank. It is submitted that the loan availed by the

2nd petitioner has been paid off in full, while the loans taken by the 1 st and 3rd

petitioners remain to be paid. All the loans were secured by creating mortgage

over common properties.

2. The learned counsel for the petitioners would submit that if

reasonable opportunity is given to clear the liabilities, the petitioners will be in

a position to close the remaining loans as well.

3. The learned Standing Counsel appearing for the 1 st respondent

submits that in respect of the liability of the 1 st petitioner, the account cannot be

regularised and the entire outstanding amount of Rs.27,64,393/- has to be

remitted for clearing the liability. In respect of the facility availed by the 3 rd

petitioner, it is submitted that, the overdue amount is Rs.4,12,000/- and the

said loan account can be regularised if the 3rd petitioner pays the overdue

amount together with along with any accrued interest/costs and regular EMIs.

4. 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 1st petitioner can be granted an opportunity to repay the

outstanding amount in twenty (20) instalments commencing from 15.7.2022,

together with accrued interest/costs. The 3 rd petitioner shall pay the overdue

amount of Rs.4,12,000/- along with any accrued interest/costs and regular

instalments in respect of the loan availed by her, in ten (10) equal monthly

instalments commencing from 15.7.2022. Petitioners 1 and 3 shall pay

subsequent instalments on or before the last working day of every succeeding

month. It is made clear that in the event of default of any one instalment, the

respondent bank shall be entitled to proceed against the petitioners in

accordance with law. In order to enable petitioners 1 and 3 to repay the entire

outstanding/overdue amounts, all coercive proceedings shall be kept in

abeyance. The 3rd petitioner shall, in addition, pay regular instalments in

respect of the loan availed by her.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE okb/1.7.22 //True copy// P.S. to Judge

APPENDIX OF WP(C) 21101/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE ISSUED UNDER SECTION 13 (2) OF THE SARFAESI ACT DATED 30.11.2021.

Exhibit P2 TRUE COPY OF THE NOTICE UNDER SECTION 13 (2) OF THE SARFAESI ACT DATED 30.11.2021.

Exhibit P3 TRUE COPY OF THE NOTICE DATED 13.06.2022 ISSUED BY THE ADVOCATE COMMISSIONER.