Sreekumar B.T vs State Bank Of India Sbi
2022 Latest Caselaw 6391 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. 17336 OF 2022
PETITIONER:

          SREEKUMAR B.T
          AGED 45 YEARS, S/O BHASKARAN NAIR, THULASI BHAVAN,
          VALIYARA, VELLANAD P.O, THIRUVANANTHAPURAM 695 543.

          BY ADV V.A.VINOD


RESPONDENT:

          STATE BANK OF INDIA SBI
          REPRESENTED BY ITS BRANCH MANAGER, VELLANAD BRANCH, 1ST
          FLOOR, VYAPARA BHAVAN, VELLANAD, THIRUVANANTHAPURAM -
          695 543.


OTHER PRESENT:

          SRI. R .S. KALKURA (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. 17336 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.1,83,716/- (Rupees One Lakh Eighty

Three Thousand Seven Hundred and Sixteen 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.V.A.Vinod, learned counsel for the

petitioner as well as Adv.R.S.Kalkura, 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 15 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.1,83,716/- (Rupees One Lakh Eighty Three

Thousand Seven Hundred and Sixteen 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.1,83,716/- (Rupees One Lakh Eighty Three Thousand Seven Hundred and Sixteen only) together with any accrued interest and costs shall be repaid in 15 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) 17336/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 05.04.2022.