Sheen Jose Mandi vs The Kerala State Co-Operative ...
2022 Latest Caselaw 6801 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. 19270 OF 2022
PETITIONER/S:

             SHEEN JOSE MANDI
             AGED 50 YEARS
             S/O. JOSE MANDI, THATTIL MANDI HOUSE, ANTHIKKAD VILLAGE
             AND DESOM, THRISSUR DISTRICT.

             BY ADV P.K.ANIL



RESPONDENT/S:

     1       THE KERALA STATE CO-OPERATIVE BANK LTD.
             ANTHIKKAD BRANCH, KANJANI P.O., THRISSUR DISTRICT -
             680612, REPRESENTED BY THE MANAGER.

     2       THE AUTHORISED OFFICER
             KERALA STATE CO-OPERATIVE BANK LTD, ANTHIKKAD BRANCH,
             KANJANI P. O., THRISSUR - 680612.

     3       THE REGIONAL MANAGER
             KERALA STATE CO-OPERATIVE BANK LTD., CO-OPERATIVE
             BUILDING, KOVILAKATHUMPADAM, THRISSUR DISTRICT - 680022.

             SRI.P.C.SASIDHARAN, SC


     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).19270/22                            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 amount 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 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.2,39,065/- as on

31.05.2022. 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 overdue amount in limited instalments and regularise the loan

account.

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

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

overdue amount along with regular EMIs, I am of the view that the petitioner can

be granted an opportunity to clear off the overdue amount in twelve (12) equal

instalments, first of which shall be paid on or before 30.6.2022 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.2,39,065/- 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.2,39,065/- together with any accrued interest and charges shall be repaid in twelve equated monthly instalments.

(ii) The first instalment shall be paid on or before 30.6.2022 and the subsequent instalments shall be paid on the last working day of every succeeding month.

(iii) Petitioner shall continue to pay the regular EMIs along with the instalments as directed above.

(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 amount, all coercive proceedings shall be kept in abeyance.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

                                                                JUDGE
okb/14.6.22
                                                           //True copy//    PS to Judge




                      APPENDIX OF WP(C) 19270/2022

PETITIONER EXHIBITS

Exhibit P1             TRUE COPY OF THE NOTICE ISSUED BY THE 2ND
                       RESPONDENT DATED 31.1.2022.

Exhibit P2             TRUE COPY OF THE NOTICE REF NO. 80012843384
                       ISSUED BY THE 2ND RESPONDENT DATED NIL.