Kerala High Court
James Joseph vs The Branch Manager, State Bank Of ... on 1 June, 2022
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. 15895 OF 2022
PETITIONERS:
1 JAMES JOSEPH,
AGED 63 YEARS,
S/O. JOSEPH THOMAS, MULLUKALAYIL, NEAR BISHOP HOUSE,
KANJIRAPPALLY, KOTTAYAM DISTRICT, PIN - 686 507.
2 TONY JAMES,
S/O. JAMES JOSEPH, MULLUKALAYIL, NEAR BISHOP HOUSE,
KANJIRAPPALLY, KOTTAYAM DISTRICT, PIN - 686 507.
3 ROY THOMAS,
S/O. JOSEPH THOMAS, MULLUKALAYIL, NEAR BISHOP HOUSE,
KANJIRAPPALLY, KOTTAYAM DISTRICT, PIN - 686 507.
BY ADV. NOBLE MATHEW
RESPONDENTS:
1 THE BRANCH MANAGER,
STATE BANK OF INDIA, VADAVATHOOR BRANCH, ELIM CENTRE,
K.K. ROAD, VADAVATHOOR P.O, KOTTAYAM DISTRICT,
PIN - 686 010.
2 THE ASSISTANT GENERAL MANAGER,
STATE BANK OF INDIA, REGIONAL OFFICE,
SME CENTRE, POLACHIRACKAL CHAMBERS, 3RD FLOOR,
OPP. COLLECTORATE, KOTTAYAM DISTRICT, PIN - 686 002.
3 M/S. FORCE MOTORS LTD.
REP. BY ITS MANAGER, AKURUDI, PUNE, MAHARASHTRA,
PIN - 411 035.
4 THE DEPUTY TAHSILDAR,
KANJIRAPPALLY TALUK, KANJIRAPPALLY P.O,
KOTTAYAM DISTRICT, PIN - 686 507.
ADV.DEEPA NARAYANAN, SC, SBI
ADV.JITHESH MENON
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. 15895 OF 2022
2
JUDGMENT
Petitioners have approached this Court challenging
Securitisation proceedings initiated against the petitioners under
the provisions of the SARFAESI Act in respect of a cash credit
facility availed by the petitioners for business purposes.
2. The learned counsel for the petitioners submits that
petitioners had suffered loss in his business and therefore could
not service the loan at the appropriate time and the outstanding
amount is Rs.13,54,517-(Rupees thirteen lakhs fifty four thousand
five hundred and seventeen only) as on 18.04.2022. It is
submitted that if the petitioners are granted an instalment
facility, they will be in a position to clear out the entire liability.
3. The learned Standing Counsel appearing for the Bank
submits that since the loan is a cash credit facility, the petitioners
cannot seek regularization of the loan and the entire amount has
to be remitted.
4. Taking note of the submissions of the learned counsel
for the petitioners and the learned Standing Counsel for the
respondents 1 and 2, this writ petition is disposed of directing the
respondent Bank to accept repayment of the entire outstanding
WP(C) NO. 15895 OF 2022
amount of Rs.13,54,517-(Rupees thirteen lakhs fifty four
thousand five hundred and seventeen only) along with bank
charges from the petitioners in the following manner:-
(i)The outstanding amount of Rs.13,54,517-(Rupees
thirteen lakhs fifty four thousand five hundred and
seventeen only) along with any accrued interest and
charges shall be repaid in 12 equated monthly
instalments.
(ii)The first instalment shall be paid on or before
30.06.2022.
(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 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. 15895 OF 2022
APPENDIX OF WP(C) 15895/2022
PETITIONER EXHIBITS
Exhibit P1 PHOTOSTAT COPY OF THE DEMAND NOTICE
UNDER SECTION 7 OF THE REVENUE RECOVERY
ACT ISSUED BY THE RESPONDENT NO. 4 DATED
18.04.2022.
Exhibit P2 PHOTOSTAT COPY OF THE DEMAND NOTICE
UNDER SECTION 34 OF THE REVENUE RECOVERY
ACT ISSUED BY THE RESPONDENT NO. 4 DATED
18.04.2022.
