Abdul Razak K vs The Authorized Officer, The ...
2022 Latest Caselaw 8616 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. 9485 OF 2022
PETITIONER/S:

          ABDUL RAZAK K
          AGED 51 YEARS
          SON OF IBRAHIM B.M., KALANDAR SHAFI MANZIL,
          KARINGAPALLAM, NEKRAJE VILLAGE AND POST KASARAGOD
          DISTRICT, PIN - 671543

          BY ADV SHIBA M SAMUEL



RESPONDENT/S:

    1     THE AUTHORIZED OFFICER, THE KASARAGOD CO OPERATIVE TOWN
          BANK LTD, NO.970
          PANDURANGA TEMPLE ROAD,P.B. NO.10, KASARAGOD, PIN -
          671121

    2     THE KASARAGOD CO OPERATIVE TOWN BANK LTD NO.970,BANK
          ROAD BRANCH
          BANK ROAD, KASARAGOD, REPRESENTED BY ITS BRANCH
          MANAGER, PIN - 671121

          BY ADV PUSHPARAJAN KODOTH




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
06.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C). 9485/2022
                                    2




                               JUDGMENT

Dated this the 6th day of July, 2022

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 Securitisation Act) for recovery of

the amounts due upon the loan availed by the petitioner.

2. During the course of hearing, petitioner has

confined his relief to an opportunity for repaying the outstanding

amount in instalments.

3. It was submitted on behalf of the respondent bank

that the petitioner committed default in repayment and the

outstanding amount is Rs.3,49,304/-. 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 instalments. WP(C). 9485/2022

4. I have heard the learned counsel for the petitioner

as well as 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

twelve (12) instalments.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire outstanding

amount of Rs.3,49,304/- along with bank charges from the

petitioner on the following conditions:

(i) The outstanding amount of Rs.3,49,304/- together with any accrued interest/costs shall be repaid in twelve (12) equal monthly instalments.

(ii) The first instalment shall be paid on or before 30.07.2022 and the subsequent instalments shall be paid on or before 30th 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.

WP(C). 9485/2022

(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

sb WP(C). 9485/2022

APPENDIX OF WP(C) 9485/2022

PETITIONER EXHIBITS

Exhibit P1 THE TRUE COPY OF THE MEDICAL REPORT ISSUED FROM THE REGIONAL CANCER CENTRE, THIRUVANTHAPURAM

ExhibitP2 THE DEATH CERTIFICATE OF THE 1ST BORROWER ABDUL AZEEZ K.M.

Exhibit P3 THE TRUE COPY OF THE DEMAND NOTICE UNDER SECTION 13(2) OF ACT 54 OF 2202 FOR ENFORCEMENT OF SECURITY INTEREST DATED 30/1/2021

Exhibit P4 THE TRUE COPY OF THE POSSESSION NOTICE DATED 10/1/2022ISSUED BY THE FIRST RESPONDENT

Exhibit P5 THE TRUE COPY THE CASH RECEIPT ACKNOWLEDGEMENT DATED 15/11/2021