Assain Haji vs Kottakkal Co-Operative Urban ...
2022 Latest Caselaw 6398 Ker

Citation : 2022 Latest Caselaw 6398 Ker
Judgement Date : 3 June, 2022

Kerala High Court

Assain Haji vs Kottakkal Co-Operative Urban ... on 3 June, 2022

               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. 14878 OF 2022
PETITIONER:

            ASSAIN HAJI
            AGED 54 YEARS
            S/O. MOIDEENKUTTY HAJI, PULLATT HOUSE, ACHANAMBALAM,
            KANNAMANGALAM (PO), MALAPPURAM DISTRICT, PIN-676304.
            BY ADVS.
            T.K.AJITH KUMAR
            K.T.SIDHIQ
            AISWARYA RAMESAN


RESPONDENTS:

    1       KOTTAKKAL CO-OPERATIVE URBAN BANK LTD.
            HEAD OFFICE, KATTAPPADI, KOTTAKKAL,
            MALAPPURAM DISTRICT, PIN-676503,
            REPRESENTED BY ITS GENERAL MANAGER.
    2       THE AUTHORISED OFFICER,
            KOTTAKKAL CO-OPERATIVE URBAN BANK LTD.,
            HEAD OFFICE, KATTAPPADI, KOTTAKKAL,
            MALAPPURAM DISTRICT, PIN-676503

            BY ADV DEVAPRASANTH.P.J.


     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. 14878 OF 2022                     2



                                   JUDGMENT

Petitioner has approached this Court challenging

proceedings initiated by the respondent Bank under the

provisions of the Securitisation and Reconstruction of Financial

Assets and Enforcement of Security Interest Act, for recovery of

the amounts due from the petitioner.

2. Learned counsel appearing for the petitioner submits

that the petitioner had taken cash credit facility from the

respondent bank, but he could not repay/service that loan

because of the financial crisis in connection with Covid-19

pandemic.

3. Learned Standing Counsel appearing for the

respondent bank submits that the petitioner availed cash credit

facility of Rs.75,00,000/- and committed default in repayment.

It is also submitted that regularisation is not possible. It is

further submitted that though proceedings for recovery have

been initiated, as a matter of indulgence, the respondent bank is

willing to accept the repayment of the amount due in limited

instalments. According to the learned Standing Counsel

appearing for the respondent, as of now, balance amount which is

liable to be repaid is Rs.91,49,148/- (Rupees ninety one lakh forty

nine thousand one hundred and forty eight only) as on

26.05.2022 and the petitioner can be permitted to clear the same

in fifteen instalments. The learned Standing Counsel submits

that the sale is scheduled to be held on 21.06.2022 and the

petitioner may be directed to pay some amount in lump-sum

before the date of the sale.

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

well as the learned Standing counsel appearing 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

fifteen instalments 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 outstanding amount of

Rs.91,49,148/- (Rupees ninety one lakh forty nine thousand one

hundred and forty eight only) along with any accrued interest and

bank charges from the petitioner on the following conditions:

1. The petitioner shall pay a lump-sum

amount of Rs.15,00,000/-(Rupees Fifteen lakhs only) on or before 20.06.2022.

2. The balance overdue amount shall be repaid in fifteen equated monthly instalments together with any accrued interest/charges.

3. The first instalment shall be paid on or before 30.06.2022 and the subsequent instalments shall be paid on or before the last working day of each succeeding month.