Abubackar K M vs The Muvattupuzha Urban ...
2022 Latest Caselaw 8841 Ker

            IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
             THE HONOURABLE MR. JUSTICE GOPINATH P.
  THURSDAY, THE 7TH DAY OF JULY 2022 / 16TH ASHADHA, 1944
                     WP(C) NO. 22049 OF 2022
PETITIONER:

            ABUBACKAR K M
            AGED 63 YEARS, S/O MUHAMMED,
            KOCHUMARIYIL HOUSE, KOORIKKAVU P O, MUVATTUPUZHA,
            PIN - 686673
            BY ADVS.
            S.MUMTAZ
            ALISHA ASLAM
            AJITH M. JIJI


RESPONDENT:

            THE MUVATTUPUZHA URBAN CO.OPERATTIVE BANK
            REPRESENTED BY THE AUTHORISED OFFICER,
            KACHEERITHAZHAM, MUVATTUPUZHA,ERNAKULAM,
            PIN - 686661
            ADV.SAJEEV KUMAR K. GOPAL (SC)



     THIS     WRIT   PETITION    (CIVIL)     HAVING    COME    UP    FOR
ADMISSION     ON   07.07.2022,    THE     COURT   ON   THE    SAME   DAY
DELIVERED THE FOLLOWING:
 W.P.(C) No.22049/2022
                                  -: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 is Rs.6,28,765/-(Rupees Six Lakhs

Twenty Eight Thousand Seven Hundred and Sixty Five

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.22049/2022

4. I have heard Adv.Ajith.M.Jiji, learned counsel for

the petitioner as well as Adv.Sajeev Kumar K.Gopal, the

learned Standing Counsel for the respondent.

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 10 installments.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire

outstanding amount of Rs.6,28,765/- (Rupees Six Lakhs

Twenty Eight Thousand Seven Hundred and Sixty Five

Only) along with bank charges from the petitioner on the

following conditions:

(i) The outstanding amount of Rs.6,28,765/-(Rupees

Six Lakhs Twenty Eight Thousand Seven Hundred and Sixty

Five Only) together with any accrued interest/cost shall be

repaid in 10 equated monthly installments. W.P.(C) No.22049/2022

(ii) The first installment shall be paid on or before

15.07.2022. 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.22049/2022

APPENDIX OF WP(C) 22049/2022

PETITIONER EXHIBITS EXHIBIT- P1 TRUE COPY OF POSSESSION NOTICE DATED 23/02/2022 ISSUED BY THE RESPONDENT TO THE PETITIONER.

EXHIBIT -P2 REQUEST LETTER DATED 31/05/2022 SUBMITTED BY HE PETITIONER TO THE RESPONDENT