Sathy Sugathan vs Kaduthuruthy Urban Co-Operative ...
2022 Latest Caselaw 6281 Ker

W.P.(C) No.14604 of 2022
                                    -:1:-

              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. 14604 OF 2022
PETITIONERS:

     1     SATHY SUGATHAN
           AGED 48 YEARS, W/O. SUGATHAN,
           THOOMBANPARAMBIL HOUSE, PAZHUTHURUTHU, THIRUVANBADU,
           NEEZHOOR VILLAGE, KOTTAYAM-686 612
     2     SUGATHAN.T.S.,
           AGED 57 YEARS, S/O. SIVARAMAN,
            THOOMBANPARAMBIL HOUSE, PAZHUTHURUTHU,
           THIRUVANBADU, NEEZHOOR VILLAGE, KOTTAYAM-686 612
     3     CHELLAMMA
           AGED 90 YEARS, W/O. SIVARAMAN,
           THOOMBANPARAMBIL HOUSE, PAZHUTHURUTHU, THIRUVANBADU,
           NEEZHOOR VILLAGE, KOTTAYAM-686 612
           BY ADV S.SHYAM


RESPONDENTS:

     1     KADUTHURUTHY URBAN CO-OPERATIVE BANK K 399
           KADUTHURUTHY P.O., KOTTAYAM DISTRICT,
           PIN-686 604, REPRESENTED BY ITS ADMINISTRATOR,
           ASSISTANT REGISTRAR OF CO OPERATIVE SOCIETIES (G).
     2     THE AUTHORISED OFFICER,
           KADUTHURUTHY URBAN CO OPERATIVE BANK K 399,
           KADUTHURUTHY P.O., KOTTAYAM DISTRICT,PIN-686 604.
           BY ADVS.
           C.MURALIKRISHNAN (PAYYANUR)
           ABRAHAM GEORGE JACOB


     THIS WRIT PETITION             (CIVIL) HAVING COME UP    FOR
ADMISSION ON 03.06.2022,            THE COURT ON THE SAME     DAY
DELIVERED THE FOLLOWING:
 W.P.(C) No.14604 of 2022
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                                 JUDGMENT

Petitioners have 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 petitioners.

2. During the course of hearing, petitioners have

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 petitioners committed default in repayment and the

overdue amount is Rs.21,00,202/-(Rupees Twenty One

Lakhs Two Hundred and Two 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. W.P.(C) No.14604 of 2022

4. I have heard Adv.S.Shyam, learned counsel for the

petitioners as well as Adv.C.Muralikrishnan, 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

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 regularized.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire overdue

amount of Rs.21,00,202/-(Rupees Twenty One Lakhs Two

Hundred and Two Only) along with bank charges from the

petitioners and regularize the loan account of the

petitioners on the following conditions:

(i) The overdue amount of Rs.21,00,202/- (Rupees

Twenty One Lakhs Two Hundred and Two Only) together

with any accrued interest and costs shall be repaid in

15 equated monthly installments.

W.P.(C) No.14604 of 2022

(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) Petitioners 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 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

ats W.P.(C) No.14604 of 2022

APPENDIX OF WP(C) 14604/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF A PAPER CUTTING FROM THE MANORAMA DAILY DATED 5.3.2022 Exhibit P2 TRUE COPY OF THE ACKNOWLEDGMENT DATED 28.2.18 FOR DEPOSIT OF TITLE DEEDS Exhibit P3 TRUE COPY OF THE NOTICE DATED 29.3.2022 ISSUED BY ADVOCATE ANIL JOSE