Sheeba C.S vs Indian Bank
2022 Latest Caselaw 6280 Ker

                  IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                      PRESENT
                   THE HONOURABLE MR. JUSTICE GOPINATH P.
         FRIDAY, THE 3RD DAY OF JUNE 2022 / 13TH JYAISHTA, 1944
                           WP(C) NO. 5307 OF 2022
PETITIONERS:

     1     SHEEBA C.S.
           AGED 45 YEARS
           SHEEBA C.S, AGED 45, W/O USMAN C.B., PROPRIETRIX,
           M/S F AND N ENTERPRISES, CHERUPARAMBIL HOUSE, CHOORNKIKKARA,
           ALUVA - 683 106, PIN - 683101.

     2     USMAN C.B.
           AGED 52 YEARS
           USMAN C.B., AGED 52, S/O ANTHIRAVALLY BEERANKUTTI,
           CHERUPARAMBIL HOUSE, CHOORNKIKKARA, ALUVA,
           ERNAKULAM - 683 106, PIN - 683106.

           BY ADVS.
           P.G.JAYASHANKAR
           P.K.RESHMA (KALARICKAL)
           REVATHY P. MANOHARAN
           S.RAJEEV (K/001711/2019)
           SAJANA V.H


RESPONDENTS:

     1     INDIAN BANK
           INDIAN BANK, KALAMASSERY BRANCH, 1ST FLOOR, AKKM TOWER,
           CUSAT JUNCTION, S. KALAMASSERY, COCHIN UNIVERSITY PO,
           ERNAKULAM - 682 022, REPRESENTED BY ITS BRANCH MANAGER, PIN
           - 682022

     2     AUTHORISED OFFICER
           AUTHORIZED OFFICER, INDIAN BANK, ZONAL OFFICE, 62/1550 B &
           C, RAM MEENA BUILDING, VALANJAMBALAM JUNCTION, SA ROAD,
           KOCHI, PIN - 682 016, PIN - 682016.

     3     THE BRANCH MANAGER
           THE BRANCH MANAGER, INDIAN BANK, KALAMASSERY BRANCH, FIRST
           FLOOR, AKKM TOWER, CUSAT JUNCTION, S. KALAMASSERY, COCHIN
           UNIVERSITY PO, ERNAKULAM - 682 022, PIN - 682022

OTHER PRESENT:

     1         ADV.S.EASWARAN (S.C)

      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION            ON
03.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 5307 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.5,88,000/- (Rupees Five Lakhs Eighty

Eight Thousand 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.P.G.Jayashankar, learned counsel

for the petitioner as well as Adv.S.Easwaran, the learned

Standing Counsel for the respondent.

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 6 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.5,88,000/- (Rupees Five Lakhs Eighty Eight

Thousand 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.5,88,000/- (Rupees Five Lakhs Eighty Eight Thousand only) together with any accrued interest and costs shall be repaid in 6 equated monthly installments;

(ii) The first installment shall be paid on or before 10-07-2022. 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) 5307/2022

PETITIONER EXHIBITS Exhibit P1 EXHIBIT P1 - A TRUE COPY OF THE NOTICE DATED 01.11.2021 ISSUED UNDER S.13 (2) TO THE PETITIONERS Exhibit P2 EXHIBIT P2 - A TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE 2ND RESPONDENT UNDER S. 13(4) Exhibit P3 EXHIBIT P3 - A TRUE COPY OF THE REPRESENTATION DATED 02.02.2022 PREFERRED BY THE 2ND PETITIONER Exhibit P4 EXHIBIT P4 - A TRUE COPY OF THE EMAIL DATED 08.02.2022 PREFERRED BY THE PETITIONER ADDRESSED TO THE 3RD RESPONDENT Exhibit P5 EXHIBIT P5 - A TRUE COPY OF THE E-AUCTION NOTICE DATED 09.02.2022 ISSUED BY THE 1ST RESPONDENT BANK