M/S. Sree Maruthi Pharma vs Indian Bank
2022 Latest Caselaw 6514 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
                THE HONOURABLE MR. JUSTICE GOPINATH P.
     WEDNESDAY, THE 8TH DAY OF JUNE 2022 / 18TH JYAISHTA, 1944
                       WP(C) NO. 17825 OF 2022
PETITIONERS:

    1     M/S. SREE MARUTHI PHARMA
          REPRESENTED BY ITS MANAGING PARTNER MR. G SARAN,
          TC 25 - 3429 (1), CHIRAKULAM ROAD, STATUE,
          THIRUVANANTHAPURAM, PIN - 695001

    2     G. SARAN
          AGED 41 YEARS
          S/O MR. S GOPALAKRISHNAN,
          TC 19/2302/6, ARATHI, VPS 72 B, VATTAVILA,
          THIRUMALA, THIRUVANANTHAPURAM -, PIN - 695006

    3     SYAM KUMAR
          AGED 33 YEARS
          S/O. MR. G REMAMANI,
          TC 19/1710 SUMASADANAM, THAMALAM,
          POOJAPPURA, THIRUVANANTHAPURAM, PIN - 695012

          BY ADV MITHUN P.


RESPONDENTS:

    1     INDIAN BANK
          REPRESENTED BY ITS GENERAL MANAGER,
          MAIN BRANCH, THIRUVANANTHAPURAM, PIN - 695001

    2     AUTHORISED OFFICER
          INDIAN BANK, STATUE BRANCH,
          THIRUVANANTHAPURAM, PIN - 695001


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
08.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P (C) No.17825/2022                      -2-

                                  JUDGMENT

The petitioner has availed credit facilities from the Bank including one over

draft facility and several term loans. The 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 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 instalments and to obtain

regularisation of all the loan accounts.

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

amount in respect of all the loans together is Rs.6,93,607/-, while the total liability

is stated to be Rs.1,75,95,237/-. 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 accounts.

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

learned Standing Counsel for the respondent Bank.

5. Having regard to the facts and circumstances of the case and the

situation now prevailing, apart from the submissions made as recorded above and

taking into account the fact that the petitioner has undertaken to clear off the

overdue amount, I am of the view that the petitioner can be granted an opportunity

to clear off the overdue amount in seven (7) equal instalments first of which shall be

paid on or before 15-07-2022 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.6,93,607/- along with bank charges

from the petitioner and regularise the loan account of the petitioner on the

following conditions:

(i) The overdue amount of Rs.6,93,607/- together with any accrued interest and charges shall be repaid in seven equated monthly instalments.

(ii) The first instalment shall be paid on or before 15-07-2022 and the subsequent instalments shall be paid on the last working day of every succeeding month.

(iii) Petitioner shall also service all the loans by paying all future installments in respect of all the loans in time.

(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 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 AMG

APPENDIX OF WP(C) 17825/2022

PETITIONER EXHIBITS

Exhibit P1 COPY OF THE NOTICE UNDER 13(2) SARFAESI ACT DATED 09.05.2022

Exhibit P2 COPY OF THE REPRESENTATION PREFERRED BY THE 2ND PETITIONER BEFORE THE 1ST RESPONDENT DATED 16.05.2022