E.M. Aliyar vs Csb Bank
2022 Latest Caselaw 6784 Ker

                    IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                        PRESENT
                     THE HONOURABLE MR. JUSTICE GOPINATH P.
       TUESDAY, THE 14TH DAY OF JUNE 2022 / 24TH JYAISHTA, 1944
                              WP(C) NO. 8034 OF 2022
PETITIONER:

                  E.M. ALIYAR
                  AGED 49 YEARS
                  S/O KOCHUMUHAMMED, ENCHAKUDIYIL HOUSE, ERAMALLOOR,
                  NELIKUZHI P O, KOTHAMANGALAM-686691.

                  BY ADVS.
                  K.M.ANEESH
                  ADARSH KUMAR
                  BIJU VARGHESE ABRAHAM
                  DILEEP CHANDRAN
                  SHASHANK DEVAN



RESPONDENTS:

       1          CSB BANK
                  ASSET RECOVERY BRANCH, REPRESENTED BY ITS AUTHORISED
                  OFFICER. CHITTOOR ROAD, VALANJAMBALAM, ERNAKULAM, PIN-
                  682016.

       2          THE AUTHORIZED OFFICER
                  CSB BANK, ASSET RECOVERY BRANCH, CHITTOOR ROAD,.
                  VALANJAMBALAM, ERNAKULAM, PIN-682016.

       3          CSB BANK
                  KOTHAMANGALAM BRANCH, REPRESENTED BY ITS AUTHORIZED
                  OFFICER, A M ROAD, CHERIYAPALLITHAZHAM, KOTHAMANGALAM,
                  PIN-686691.

                  BY ADV MADHU RADHAKRISHNAN


THIS       WRIT    PETITION   (CIVIL)   HAVING    COME   UP   FOR   ADMISSION   ON
14.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C)No.8034/2022                       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 cash credit facility

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.20,68,309/-

as on 31.5.2022. 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 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 petitioner can be granted an opportunity to repay the outstanding

amount in fifteen (15) instalments.

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

repayment of the entire outstanding amount of Rs.20,68,309/- along with bank

charges from the petitioner on the following conditions:

(i) The outstanding amount of Rs.20,68,309/-together with any accrued interest/costs shall be repaid in fifteen (15) equated monthly instalments

(ii) The first instalment shall be paid on or before 10.07.2022 and subsequent instalments shall be paid on the last working day 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 acd

APPENDIX OF WP(C) 8034/2022

PETITIONER EXHIBITS

Exhibit P1 THE TRUE COPY OF THE STATEMENT OF ACCOUNT OF THE PETITIONER'S LOAN ACCOUNT FROM 1.12.2020 TO 17.12.2021.

Exhibit P2 THE TRUE COPY OF THE DEMAND NOTICE DATED 8.11.2021.

Exhibit P3 THE TRUE COPY OF THE SAID JUDGMENT OF THIS HON'BLE COURT IN WPC NO.2398/2022.

Exhibit P4 THE TRUE COPY OF THE RECEIPT SHOWING THE PAYMENT OF RS.2 LAKH ON 8.03.2022.

Exhibit P5 THE TRUE COPY OF THE NOTICE AFFIXED BY THE RESPONDENTS ON THE SECURED PROPERTY.

Exhibit P6 THE TRUE COPY OF THE NOTICE DATED 04.03.2022 ISSUED TO THE PETITIONER.