Vahitha vs Kerala State Co-Operative Bank ...
2022 Latest Caselaw 9063 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.
     WEDNESDAY, THE 27TH DAY OF JULY 2022 / 5TH SRAVANA, 1944
                        WP(C) NO. 24267 OF 2022
PETITIONER:

          VAHITHA
          AGED 49 YEARS, W/O.MUHAMMED,
          PUTHIYAVEETTIL (H), THALIKULAM,
          CHAVAKKAD, THRISSUR- 680 569.
          BY ADVS.
                   LINDONS C.DAVIS
                   E.U.DHANYA
                   SWATHY A.P.


RESPONDENTS:

    1     KERALA STATE CO-OPERATIVE BANK LTD.
          (FORMERLY THRISSUR DISTRICT COOPERATIVE BANK)
          REPRESENTED BY ITS GENERAL MANAGER
          SAHAKARANA SADAHBDHI MANDIRAM,
          KOVILAKUTHAUMPADAM, THRISSUR., PIN - 680 022.

    2     AUTHORIZED OFFICER
          KERALA STATE CO-OPERATIVE BANK LTD.,
          THRIPRAYAR BRANCH, P.O. NATTIKA, THRISSUR.,
          PIN - 680 566.

    3     BRANCH MANAGER
          KERALA STATE CO-OPERATIVE BANK LTD.
          (FORMERLY THRISSUR DISTRICT COOPERATIVE BANK)
          THRIPRAYAR BRANCH, P.O. NATTIKA,
          THRISSUR DISTRICT., PIN - 680 566.


OTHER PRESENT:

          SRI. P.C. SASIDHARAN (SC)


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
27.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 24267 OF 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

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.6,82,121/- (Rupees Six Lakhs Eighty

Two Thousand One Hundred and Twenty One 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.Lindons.C.Davis, learned counsel

for the petitioner as well as Adv.P.C.Sasidharan, 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 15 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.6,82,121/- (Rupees Six Lakhs Eighty Two

Thousand One Hundred and Twenty One 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.6,82,121/- (Rupees Six

Lakhs Eighty Two Thousand One Hundred and Twenty One

only) shall be repaid in 15 equated monthly installments

along with any accrued interest and costs;

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

20.08.2022. The subsequent installments shall be paid on or

before the last working day of the 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) 24267/2022

PETITIONER EXHIBITS Exhibit P1 A COPY OF THE NOTICE AS PER S.13(4) OF SARFAESI ACT DATED 18.07.2022 ISSUED BY THE 2ND RESPONDENT WITH RESPECT TO LOANS.