Kerala High Court
Sajitha V.P vs The Manager, Kuttiady ... on 6 July, 2022
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
WEDNESDAY, THE 6TH DAY OF JULY 2022 / 15TH ASHADHA, 1944
WP(C) NO. 26456 OF 2021
PETITIONER:
SAJITHA V.P
AGED 39 YEARS, W/O SATHYAN,
VALIYAVEETTIL, KAYAKKODI P.O., VADAKARA,
KOZHIKODE DISTRICT, PIN-673 508.
BY ADVS.
P.T.SHEEJISH
HARIKIRAN
JASHITHA VIJAYAN
STEPHY GRACE RAJ
A.ABDUL RAHMAN
PRAVEENKUMAR P.
AKHILA SRIDHARAN
SRIRAM P
RESPONDENTS:
1 THE MANAGER, KUTTIADY CO-OPERATIVE URBAN BANK LTD,
URATH, KUTTIADY, KOZHIKODE DISTRICT, PIN-673 508.
2 KUTTIADY CO-OPERATIVE URBAN BANK LTD,
REPRESENTED BY ITS AUTHORISED OFFICER, URATH, KUTTIADY,
KOZHIKODE DISTRICT, PIN-673 508.
BY ADVS.
P.P.JACOB
MARIYAM JACOB
ANU V. KUTTAN
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
06.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 26456 OF 2021 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.5,47,842/- (Rupees Five Lakhs Forty
Seven Thousand Eight Hundred and Forty Two 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.P.T.Sheejish learned counsel for
the petitioner as well as Adv.P.P.Jacob, the learned 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 overdue amount
in 12 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.5,47,842/- (Rupees Five Lakhs Forty Seven
Thousand Eight Hundred and Forty Two only) along with
bank charges from the petitioner and regularize the loan
account of the petitioner on the following conditions:
(i) The overdue amount of Rs.5,47,842/- (Rupees Five
Lakhs Forty Seven Thousand Eight Hundred and Forty Two
only) shall be repaid in 12 equated monthly installments
along with any accrued interest and costs;
(ii) The first installment shall be paid on or before
30.07.2022. The subsequent installments shall be paid on or
before the last working day of succeeding months;
(iii) Petitioner shall continue to pay the regular EMI's
along with the 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) 26456/2021
PETITIONER EXHIBITS
EXHIBIT P1 THE TRUE COPY OF THE NOTICE DATED 13.3.2019 ISSUED
TO THE PETITIONER BY THE ADVOCATE COMMISSIONER
