Kerala High Court
Raju Franson vs Kerala State Co-Operative Bank ... on 14 June, 2022
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. 17309 OF 2022
PETITIONER/S:
RAJU FRANSON
AGED 55 YEARS,S/O. FRANSON P. J., AGED 55 YEARS, PANATHU
HOUSE, KOLANI P.O., THODUPUZHA VILLAGE, THODUPUZHA TALUK,
IDUKKI DISTRICT - 685 608.
BY ADVS.
GEORGE MATHEW
PRAVEEN S.
M.D.SASIKUMAR
SUNIL KUMAR A.G
DIPU JAMES
MATHEW K.T.
GEORGE K.V.
STEPHY K REGI
RESPONDENT/S:
1 KERALA STATE CO-OPERATIVE BANK LTD.,
(KERALA BANK) REP. BY ITS MANAGING DIRECTOR & CHIEF
EXECUTIVE OFFICER, COBANK TOWERS, PALAYAM,
THIRUVANANTHAPURAM - 695 033.
2 THE AUTHORISED OFFICER & AREA MANAGER,
THE KERALA STATE CO-OPERATIVE BANK LTD., (KERALA BANK),
THODUPUZHA MAIN BRANCH,THODUPUZHA P.O., THODUPUZHA TALUK
& IDUKKI DISTRICT - 685033.
3 THE KERALA STATE CO-OPERATIVE BANK LTD.,
(KERALA BANK), THODUPUZHA MAIN BRANCH, REP. BY ITS SENIOR
MANAGER, THODUPUZHA P.O., IDUKKI TALUK & IDUKKI DISTRICT
- 685 584.
SRI.GILBERT GEORGE KORREYA, 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).17309/22 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 amounts due upon two cash credit facilities 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 respective outstanding amounts in the
cash credit facilities are Rs.58,01,342/- and Rs.11,94,360/-. 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 entire outstanding
amount in twelve (12) instalments, out of which Rs.5,00,000/- shall be paid on or
before 10.07.2022.
6. Accordingly, there will be a direction to the respondent bank to accept
repayment of the entire outstanding amounts in the above mentioned two cash
credit facilities along with accrued interest/bank charges from the petitioner on
the following conditions:
(i) The petitioner shall pay an amount of Rs.5,00,000/- (Rupees Five lakhs
only) on or before 10.07.2022 and thereafter the balance outstanding
amounts together with any accrued interest and charges shall be repaid
in twelve (12) equated monthly instalments starting from 30.7.2022 .
(ii) The petitioner shall pay subsequent instalments on or before 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
okb/15.6.22
//True copy// PS to Judge
APPENDIX OF WP(C) 17309/2022
PETITIONER EXHIBITS
Exhibit P1 TRUE COPY OF DEMAND NOTICE DTD. 18.12.2020 BY
2 RESPONDENT U/S. 13 (2) OF SARFAESI ACT 2002.
Exhibit P2 TRUE COPY OF NOTICE DTD. 23.11.2021 ISSUED
RESPONDENT TO PETITIONER.
EXHIBIT P3 TRUE COPY OF ORDER DATED 12/5/2022 IN
MC.NO.234/2022 OF THE CHIEF JUDICIAL
MAGISTRATE'S COURT, THODUPUZHA
