Ali Muhammed vs Authorized Officer, Kerala State ...
2022 Latest Caselaw 6868 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. 8405 OF 2022
PETITIONER/S:

     1       ALI MUHAMMED
             AGED 24 YEARS
             S/O. NOUSHAD, AKBAR MANZIL, KULAYATTIKKARA P. O.,
             ARAYANKAVU, ERNAKULAM DIST., PIN - 682315.

     2       ALI AKBAR
             AGED 27 YEARS
             S/O. NOUSHAD, AKBAR MANZIL, KULAYATTIKKARA P. O.,
             ARAYANKAVU, ERNAKULAM DIST., PIN - 682315.

             BY ADV DILISH K. JOHN



RESPONDENT/S:

             AUTHORIZED OFFICER, KERALA STATE CO-OPERATIVE BANK
             REGIONAL OFFICE, SAHAKARANA SADABTHI MANDIRAM, THRISSUR
             DIST. - 680022.

             BY ADV SRI.N.RAGHURAJ, SC, ERNAKULAM DISTRICT CO-
             OPERATIVE BANK LTD.




     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).8405/22                              2




                                     JUDGMENT

Petitioners have 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 separate loans availed by them from the 1 st

respondent bank.

2. It is submitted that the total outstanding liability in respect of the 1 st

petitioner is Rs.23,99,431/- while in the case of the 2 nd petitioner the total

outstanding liability is Rs.27,03,408/-. During the course of hearing, petitioners

have confined their relief to an opportunity for repaying the outstanding amounts

in instalments.

3. It was submitted on behalf of the respondent bank that the petitioners

are chronic defaulters and no indulgence whatsoever can be shown to them.

However, it is submitted that if the petitioners are willing to repay the entire

outstanding liability along with accrued interest and costs in six (6) instalments,

the bank is ready to accept the same.

4. The learned counsel for the petitioners submitted that they may be

given an opportunity to repay the entire liability in ten (10) instalments.

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 petitioners can be granted an opportunity to repay the outstanding

amount in ten (10) instalments.

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

repayment of the entire outstanding amounts mentioned above along with bank

charges from the petitioners on the following conditions:

(i) Petitioners shall discharge their respective liabilities to the 1 st respondent bank by paying the entire outstanding amount mentioned above together with any accrued interest/costs in ten (10) equated monthly instalments commencing from 30.06.2022.

(ii) Petitioners shall pay the 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 petitioners 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/14.6.22 //True copy// PS to Judge

APPENDIX OF WP(C) 8405/2022

PETITIONER EXHIBITS

Exhibit P1 THE TRUE COPY OF THE RECEIPTS.

Exhibit P2 THE TRUE COPY OF THE NOTICE ISSUED BY THE RESPONDENT BANK.