Kerala High Court
Jagadikumar R.C vs State Bank Of India Sbi 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. 17576 OF 2022
PETITIONER:
JAGADIKUMAR R.C.
AGED 38 YEARS
S/O. CHELLAPPAN, ASIDHARAVILASAM, PALAMEL,
PADANILAM.P.O, NOORANAD, ALAPPUZHA DISTRICT - 690529.
BY ADV V.SUNIL KUMAR (PANACHAMOODU)
RESPONDENT:
STATE BANK OF INDIA SBI
NOORANAD BRANCH, ALAPPUZHA, REPRESENTED BY ITS
AUTHORIZED OFFICER, ASSET RECOVERY MANAGEMENT BRANCH,
M.G.ROAD, ERNAKULAM, PIN-682016.
BY ADVS.
K.K.CHANDRAN PILLAI (SR.)
S.AMBILY
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.17576/2022 -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 amount due upon a Home loan 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 total outstanding amount is Rs.22,46,
713/- as on 30-05-2022. 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 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.22,46, 713/- along with bank
charges from the petitioner on the following conditions:
(i) The outstanding amount of Rs.22,46, 713/-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 15-07-2022 and
subsequent instalments shall be paid on or before 15 th 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 petitioners to repay the entire amounts, all
coercive proceedings shall be kept in abeyance.
In the meanwhile the petitioner may approach the bank for settlement under
the one time settlement scheme, if any such scheme is in force and if the petitioner
is permitted to settle the liability under any such scheme the petitioner will be
governed by the terms of that settlement notwithstanding any direction in this
judgment. If the petitioner complies with the terms of this judgment, the passing of
final orders in O.A. No.230/2021 shall be deferred. In the case of default, the final
orders in O.A. No.230/2021 can be issued and the proceedings under the
SARFAESI Act may also continue against the petitioner.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE
AMG
APPENDIX OF WP(C) 17576/2022
PETITIONER EXHIBITS
Exhibit P1 A TRUE COPY OF THE STATEMENT OF ACCOUNT OF THE
HOUSING LOAN ACCOUNT NUMBER 67142937624.
Exhibit P2 A TRUE COPY OF THE STATEMENT OF ACCOUNT OF THE
HOUSING LOAN ACCOUNT NUMBER 67362550580.
Exhibit P3 A TRUE COPY OF THE DISCHARGE SUMMARY ISSUED FROM THE
JOSCO MULTY - SPECIALTY HOSPITAL DATED NIL.
Exhibit P4 A TRUE COPY OF THE NOTICE DATED 09/03/2022 ISSUED BY
THE ADVOCATE COMMISSIONER.
