Baiju vs Punjab National
2022 Latest Caselaw 9072 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. 24159 OF 2022
PETITIONER:

          BAIJU P.K.
          AGED 46 YEARS
          PADINJARE KANDOTH HOUSE, CHERUVAYOOR, . P.O.,
          VAZHAKKAD, MALAPPURAM DISTRICT ., PIN - 673645

          BY ADVS.
          U.K.DEVIDAS
          REMYA MURALI


RESPONDENT:

          PUNJAB NATIONAL BANK,
          CIRCLE SASTRA CENTRE, SHATHABDI BHAVAN,
          MINI BY PASS ROAD, GOVINDAPURAM, KOZHIKKODE DISTRICT.
          REP. BY ITS CHIEF MANAGER (AUTHORISED OFFICER),
          PIN - 673016
OTHER PRESENT:

          SRI. SANTHEEP ANKARATH (SC)


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
27.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P (C) No.24159/2022                       -2-

                                   JUDGMENT

Petitioner has approached this Court challenging proceedings initiated under

the Securitisation and Reconstruction of Financial Assets and Enforcement of

Security Interest Act (hereinafter referred to as the Securitisation Act) for recovery

of the amounts due upon loans availed by the petitioner.

2. During the course of hearing, petitioner has confined the 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.22,93,382/-. 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.

4. I have heard the learned counsel for the petitioner as well as the

learned Standing Counsel for the respondents. The learned counsel for the

petitioner submits that the sale is posted tomorrow. The learned Standing counsel

for the respondent bank confirms that there are no bidders. The petitioner seeks

time to clear the entire liability in installments.

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 fifteen (15) instalments.

6. Accordingly, there will be a direction to the respondent bank to accept

repayment of the entire outstanding amount of Rs.22,93,382/- along with bank

charges from the petitioner on the following conditions:

(i) The outstanding amount of Rs.22,93,382/- together with any accrued interest/costs shall be repaid in fifteen (15) equated monthly instalments.

(ii) The first instalment shall be paid on or before 16-08-2022 and subsequent instalments shall be paid on or before 16 th 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.

(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 AMG

APPENDIX OF WP(C) 24159/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE DATED 10.01.2022 ISSUED BY THE RESPONDENT TO THE PETITIONER.

Exhibit P2 TRUE COPY OF THE NOTICE DATED 27.06.2022 ISSUED BY THE RESPONDENT