Riju J vs Dhanalaxmi Bank Ltd
2022 Latest Caselaw 6318 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. 17683 OF 2022
PETITIONERS:

    1       RIJU J.,
            AGED 40 YEARS
            S/O.D.N.JOHN, RESIDING AT AYILLIYAM,RASSELPURAM P.O.,
            MARANALLOOR, KERALA-695 501.

    2       ARCHANA RIJU,
            AGED 31 YEARS
            W/O.RIJU.J., RESIDING AT AYILLIYAM,RASSELPURAM P.O.,
            MARANALLOOR, KERALA-695 501.

            BY ADVS.
            ARUN CHAND
            VINAYAK G MENON
            BHARAT VIJAY P.
            THAREEQ ANVER K.
            K.SALMA JENNATH
            MAJID MUHAMMED K.
            EVELYN VARGHESE



RESPONDENTS:

    1       DHANALAXMI BANK LTD.,
            REGIONAL OFFICE, "AMRITH PLAZA", 2ND FLOOR, T.C.
            30/1398/4, NALUMUKKU, PETTAH P.O.,
            THIRUVANANTHAPURAM-695 024, REPRESENTED BY ITS
            AUTHORIZED OFFICER.

    2       DHANALAXMI BANK LTD.,
            SASTHAMANGALAM BRANCH, TC NO.IX/767-1, BALAKRISHNA
            BUILDING, SASTHAMANGALAM, THIRUVANANTHAPURAM-695 010,
            REPRESENTED BY ITS AUTHORIZED OFFICER.

            BY ADV P.VIJAYARAGHAVAN, SC




     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. 17683 OF 2022

                                  2


                               JUDGMENT

The 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 total overdue

amount is Rs.2,53,203/-(Rupees two lakhs fifty three thousand two

hundred and three only) towards two loans. 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 the learned counsel for the petitioners as well

as the learned 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 total overdue amount on WP(C) NO. 17683 OF 2022

condition that Rs.50,000/- shall be paid on or before 30.06.2022

and the balance amount shall be paid in 8 equal monthly

instalments and the first of which shall be paid on or before

30.07.2022 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.2,53,203/-(Rupees two lakhs fifty three thousand two hundred

and three only) along with bank charges from the petitioners and

regularise the loan account of the petitioners on the following

conditions:

i. The petitioners shall pay a sum of Rs.50,000/- on or before 30.06.2022; balance overdue amount along with any accrued interest and charges shall be repaid in 8 equal monthly instalments.

ii. The first instalment shall be paid on or before 30.07.2022 and the subsequent instalments shall be paid on the last working day of every 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.

v. In order to enable the petitioners to repay the entire amounts, all coercive proceedings shall be kept in abeyance. WP(C) NO. 17683 OF 2022

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE DK WP(C) NO. 17683 OF 2022

APPENDIX OF WP(C) 17683/2022

PETITIONER EXHIBITS

Exhibit P1 THE TRUE COPY OF THE NOTICE DATED 06.01.2022 ISSUED BY THE FIRST RESPONDENT UNDER SECTION 13(2) OF THE SARFAESI ACT 2002.

Exhibit P2 THE TRUE COPY OF THE NOTICE DATED 05.05.2022 ISSUED BY THE FIRST RESPONDENT UNDER SECTION 13(4) OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002.