Kareem vs The Authorized Officer, Kerala ...
2022 Latest Caselaw 6112 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. 11573 OF 2022
PETITIONER/S:

          KAREEM,
          AGED 48 YEARS
          S/O.HASANVAVA RAVUTHER, RESIDING AT THIKKINAPURATH,
          KAMPALADY, PORUVAZHI P.O., KOLLAM-690 520.

          BY ADVS.
          M.R.NANDAKUMAR
          JAYAKRISHNAN V.
          MAYIKA SUNDAR
          ARJUN ANIL


RESPONDENT/S:

    1     THE AUTHORIZED OFFICER, KERALA BANK,
          (KERALA STATE CO OPERATIVE BANK LTD.)., KERALA BANK,
          THIRUVANANTHAPURAM, PB NO.5122, EAST FORT P.O.,
          THIRUVANANTHAPURAM-695 023.

    2     THE AREA MANAGER, KERALA BANK,
          (KERALA STATE CO OPERATIVE BANK LTD.), SASTHAMKOTTA
          BRANCH, SASTHAMKOTTA P.O., KOLLAM-690 561.

    3     THE BRANCH MANAGER, KERALA BANK,
          (KERALA STATE CO OPERATIVE BANK LT.), CHAKKUVALLY
          BRANCH, CHAKKUVALLY P.O., KOLLAM-690 520.


OTHER PRESENT:

          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. 11573 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.4,28,710/- (Rupees Four Lakhs Twenty

Eight Thousand Seven Hundred and Ten 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.Nandakumar, learned counsel for

the petitioner as well as Adv.P.C Sasidharan, 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 overdue amount

in 10 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.4,28,710/- (Rupees Four Lakhs Twenty Eight

Thousand Seven Hundred and Ten 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.4,28,710/- (Rupees Four Lakhs Twenty Eight Thousand Seven Hundred and Ten only) together with any accrued interest and costs shall be repaid in 10 equated monthly installments;

(ii) The first installment shall be paid on or before 30-06-2022. The subsequent installments shall be paid on or before the last working day of 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) 11573/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE MEDICAL CERTIFICATE OF THE PETITIONER DATED 08.04.2022 ISSUED BY THE PADMAVATHY MEDICAL FOUNDATION.

Exhibit P2 TRUE COPY OF THE NOTICE DATED 04.03.2022 ISSUED BY THE 1ST AND 2ND RESPONDENT TO THE PETITIONER.