Vasanthakumaran Nair vs Union Bank Of India
2022 Latest Caselaw 8592 Ker

         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. 21102 OF 2022
PETITIONER:

         VASANTHAKUMARAN NAIR
         AGED 61 YEARS, S/O.RATNAMMA,
         SAJI VILASAM, PUTHAYAM, PARAKKAL, ALIYAD P.O.,
         THIRUVANANTHAPURAM - 695 607.


         BY ADV LATHEESH SEBASTIAN


RESPONDENTS:

    1    UNION BANK OF INDIA
         REPRESENTED BY ITS REGIONAL MANAGER,
         REGIONAL OFFICE, UNION BANK BHAVAN, M.G.ROAD,
         STATUE, THIRUVANANTHAPURAM - 695 001.


    2    THE AUTHORIZED OFFICER
         UNDER THE SARFAESI ACT, UNION BANK OF INDIA,
         REGIONAL OFFICE, UNION BANK BHAVAN, M.G.ROAD,
         STATUE, THIRUVANANTHAPURAM - 695 001.


    3    THE BRANCH MANAGER
         UNION BANK OF INDIA, PIRAPPANCODE BRANCH,
         PIRAPPANCODE P.O., THIRUVANANTHAPURAM - 695 607.



OTHER PRESENT:

         SRI. ASP KURUP


     THIS WRIT PETITION     (CIVIL) HAVING COME UP        FOR
ADMISSION ON 06.07.2022,    THE COURT ON THE SAME         DAY
DELIVERED THE FOLLOWING:
 W.P.(C) No.21102/2022
                                        -: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

outstanding amount in installments.

3. It was submitted on behalf of the respondent bank

that the petitioner committed default in repayment and the

outstanding amount as on 06-07-2022 is Rs.11,02,482/-

(Rupees Eleven Lakhs Two Thousand Four Hundred and

Eighty 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 outstanding amount in limited

installments.

W.P.(C) No.21102/2022

4. I have heard Adv.Latheesh Sebastian., learned

counsel for the petitioner as well as Adv.A.S.P.Kurup, the

learned Standing 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

outstanding amount in 12 installments.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire

outstanding amount of Rs.11,02,482/- (Rupees Eleven

Lakhs Two Thousand Four Hundred and Eighty Two Only)

along with bank charges from the petitioner on the

following conditions:

(i) The outstanding amount of Rs.11,02,482/-

(Rupees Eleven Lakhs Two Thousand Four Hundred and

Eighty Two Only) together with any accrued interest/cost

shall be repaid in 12 equated monthly installments. W.P.(C) No.21102/2022

(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 the succeeding months.

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

respondent bank 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 ats W.P.(C) No.21102/2022

APPENDIX OF WP(C) 21102/2022

PETITIONER EXHIBITS EXHIBIT P1 TRUE COPY OF THE NOTICE OF THE 2ND RESPONDENT DATED 08/03/2017.

EXHIBIT P2 TRUE COPY OF THE JUDGMENT OF THIS HON'BLE COURT DATED 17/03/2017 IN WP(C) NO.9047/2017.

EXHIBIT P3 TRUE COPY OF THE RECEIPT SHOWING PAYMENT OF RS.50,000/- IN THE LOAN ACCOUNT OF THE PETITIONER DATED 21/01/2022.

EXHIBIT P4 TRUE COPY OF THE REPRESENTATION OF THE PETITIONER SUBMITTED BEFORE THE 3RD RESPONDENT DATED 21/01/2022.

EXHIBIT P5 TRUE COPY OF THE POSSESSION NOTICE OF THE ADVOCATE COMMISSIONER DATED 28/05/2022.