Krishnaveni N vs The Federal Bank Limited
2022 Latest Caselaw 8335 Ker

W.P(C).21107/22                         1

                  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. 21107 OF 2022
PETITIONER/S:

      1       KRISHNAVENI N.
              AGED 64 YEARS
              W/O.LATE SADANANDAN A., ANDIPATT HOUSE, KADALUNDI (PO),
              KOZHIKODE - 673 302.
      2       SOUMYA A.
              AGED 36 YEARS
              D/O.LATE SADANANDAN A., KAVUKALATHIL HOUSE, ARIYALLUR
              (PO), VALLIKKUNNU, MALAPPURAM - 676 312.
      3       SOUBHYA A.
              AGED 34 YEARS
              D/O.LATE SADANANDAN A., "TEJOMAYA", PRABHODHINI
              ADIVARAM, MANNUR (PO), KOZHIKODE - 673 328.
      4       SOUJA A.
              AGED 32 YEARS
              D/O.LATE SADANANDAN A., MANATHANATH HOUSE, KADALUNDI
              (PO), CHALIYAM, KOZHIKODE - 673 302.

              BY ADV K.PRAVEEN KUMAR


RESPONDENT/S:

      1       THE FEDERAL BANK LIMITED
              REPRESENTED BY ITS MANAGING DIRECTOR, FEDERAL TOWERS,
              MARKET ROAD, PERIYAR NAGAR, ALUVA, ERNAKULAM - 683 101.
      2       THE MANAGER
              FEDERAL BANK LIMITED, CHALIYAM BRANCH, APCO ANNEX,
              CHALIYAM (PO), KOZHIKODE - 673 301.
      3       THE AUTHORISED OFFICER
              FEDERAL BANK LIMITED, LCRD/KOZHIKODE DIVISION, 1ST
              FLOOR, FEDERAL TOWERS, MAVOOR ROAD, KOZHIKODE - 673
              016.
OTHER PRESENT:

              SRI. SUNIL SHANKAR (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).21107/22                             2



                                    JUDGMENT

Petitioners have 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 amounts due upon a cash credit facility

availed by the 1st petitioner as the principal borrower from the respondent

bank.

2. It is submitted that the total outstanding liability of the 1st

petitioner in respect of the cash credit facility is Rs.67,49,080/-. During the

course of hearing, petitioners have confined their relief to an opportunity for

repaying the outstanding amounts in instalments.

3. It was submitted on behalf of the respondent bank that the

petitioners are chronic defaulters and no indulgence whatsoever can be shown

to them. However, it is submitted that if the petitioners are willing to repay the

entire outstanding liability along with accrued interest and costs in fifteen (15)

instalments, the bank is ready to accept the same.

4. The learned counsel for the petitioners submitted that they may be

given an opportunity to repay the entire liability in fifteen (15) instalments.

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 petitioners can be granted an opportunity to repay the

outstanding amounts in fifteen (15) instalments.

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

accept repayment of the entire outstanding amount mentioned above along

with bank charges from the petitioners on the following conditions:

(i) Petitioners shall discharge the liabilities to the respondent bank by paying the entire outstanding amount mentioned above together with any accrued interest/costs in fifteen (15) equated monthly instalments commencing from 30.07. 2022.

(ii) Petitioners shall pay the subsequent instalments on or before 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 petitioners to repay the entire amount, all coercive proceedings shall be kept in abeyance.

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) 21107/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE DEMAND NOTICE NO.KKDLCRD/SKP-579/1119/55-1768/22-23 DATED 31/3/2022 ISSUED BY THE 3RD RESPONDENT UNDER SEC. 13(2) OF THE SARFAESI ACT.