Prakash M.N vs Kerala Bank Ltd
2022 Latest Caselaw 6393 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. 17045 OF 2022
PETITIONER:

          PRAKASH M.N.,
          AGED 48 YEARS
          S/O.LATE NARAYANAN, PRAKSH BHAVAN,
          PALAMUKKU, ANCHAL P.O., KOLLAM-691 306.

          BY ADVS.
          RENI JAMES
          N.S.REHNA
          BINIYAMIN K.S.



RESPONDENT:

          KERALA BANK LTD.,
          REPRESENTED BY ITS MANAGER,
          ANCHAL EVENING BRANCH, KOLLAM-691 306.

          SRI. P.C. SASIDHARAN (SC)




     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.17045/2022                     2



                              JUDGMENT

Petitioner has approached this Court challenging proceedings

initiated under the Securitisation and Reconstruction of Financial Assets

and Enforcement of Security Interest Act (hereinafter referred to as the

Securitisation Act) for recovery of the amounts due upon loan availed by

the petitioner.

2. During the course of hearing, petitioner has confined the relief to

an opportunity for repaying the outstanding amount in instalments.

3. It was submitted on behalf of the respondent bank that the

petitioner committed default in repayment and the outstanding amount is

Rs.3,24,713/-. 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 outstanding amount in limited

instalments.

4. I have heard the learned counsel for the petitioner as well as 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

outstanding amount in ten (10) instalments.

6. Accordingly, there will be a direction to the respondent bank to

accept repayment of the entire outstanding amount of Rs.3,24,713/- along

with bank charges from the petitioner on the following conditions:

(i) The outstanding amount of Rs.3,24,713/- together with any accured interest/costs shall be repaid in ten (10) equated monthly instalments

(ii) The first instalment shall be paid on or before 30.06.2022 and subsequent instalments shall be paid on or before 30 th of every succeeding month.

(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 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 spk

APPENDIX OF WP(C) 17045/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE ISSUED BY THE BANK DATED 08.11.2021.

Exhibit P2 TRUE COPY OF THE AFFIXED NOTICE ISSUED BY THE BANK.

RESPONDENT'S/S EXHIBITS : NIL