Baby M.Zakarias vs The Kerala State Co-Operative ...
2022 Latest Caselaw 6081 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
                THE HONOURABLE MR. JUSTICE GOPINATH P.
     WEDNESDAY, THE 1ST DAY OF JUNE 2022 / 11TH JYAISHTA, 1944
                        WP(C) NO. 4346 OF 2022
PETITIONERS:

    1     BABY M.ZAKARIAS,
          AGED 67 YEARS,
          S/O. ZAKARIAS, MULAKU KODIYANIKKAL HOUSE,
          CHAKKITTAPARA, KOORACHUNDU, KOZHIKODE DISTRICT,
          PIN - 673 526.

    2     LILLIKKUTTI,
          AGED 57 YEARS,
          W/O. BABY M. ZAKARIAS, MULAKU KODIYANIKKAL HOUSE,
          CHAKKITTAPARA, KOORACHUNDU, KOZHIKODE DISTRICT,
          PIN-673 526.

          BY ADVS.
          P.SAMSUDIN
          LIRA A.B.



RESPONDENTS:

    1     THE KERALA STATE CO-OPERATIVE BANK (KERALA BANK)
          REPRESENTED BY THE AUTHORISED OFFICER, P.B.NO.503,
          CHALAPPURAM P.O., KOZHIKODE DISTRICT, PIN - 673 002.

    2     THE MANAGER,
          KERALA STATE CO-OPERATIVE BANK LTD, (KERALA BANK),
          PERAMBRA BRANCH, PERAMBRA P.O., KOZHIKODE DISTRICT,
          PIN-673526.



          BY SRI. P.C. SASIDHARAN (SC)




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
01.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 4346 OF 2022

                                      2


                             JUDGMENT

Petitioners have approached this Court challenging

proceedings under the SARFAESI Act which have been

initiated by the bank for recovery of the amounts due from

the petitioners.

2. During the course of hearing, petitioners have

confined the relief to an opportunity for repaying the overdue

amount in instalments and to obtain regularisation of the loan

account.

3. It was submitted on behalf of the respondent bank

that the petitioners committed default in repayment and the

overdue amount is Rs.18,51,550/-(Rupees eighteen lakhs fifty

one thousand five hundred and fifty only) as on 27.05.2022.

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 instalments and regularise the

loan account.

4. I have heard Adv.P.Samsudin, learned counsel for the

petitioners as well as Adv.P.C.Sasidharan, the learned counsel

for the respondents.

WP(C) NO. 4346 OF 2022

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 petitioners

can be granted an opportunity to repay the overdue amount

in 15 instalments and thereafter, if the amount so directed is

repaid within the time as directed above, to have the loan

account regularised.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire overdue

amount of Rs.18,51,550/-(Rupees eighteen lakhs fifty one

thousand five hundred and fifty only) along with bank charges

from the petitioners and regularise the loan account of the

petitioners on the following conditions:

i) The overdue amount of Rs.18,51,550/-(Rupees eighteen lakhs fifty one thousand five hundred and fifty only) along with any accrued interest and charges shall be repaid in 15 equated monthly instalments.

ii) The first instalment shall be paid on or before 20.06.2022 and the subsequent instalments shall be paid on or before the 20th day of each succeeding month.

iii) Petitioners shall continue to pay the regular EMI's along with the instalments directed above.

iv) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.

WP(C) NO. 4346 OF 2022

v) In order to enable the petitioners 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 DK WP(C) NO. 4346 OF 2022

APPENDIX OF WP(C) 4346/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE DEMAND NOTICE DATED 13.10.2021 ISSUED TO THE PETITIONERS.

Exhibit P2 TRUE COPY OF THE NOTICE DATED 31.1.2022 ISSUED BY THE ADVOCATE COMMISSIONER TO THE PETITIONERS.

Exhibit P3 TRUE COPY OF THE PETITION IN CMP 84/2020 ON THE FILES OF CJM COURT KOZHIKODE