M. Abdulla vs The Authorized Officer
2022 Latest Caselaw 6897 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. 19148 OF 2022
PETITIONER:

          M. ABDULLA
          AGED 45 YEARS, S/O. MOOSA,
          RESIDING AT MANIYANAGAL HOUSE, K.G.P4/350-A,
          BAMBRANA POST, MANJESHWARA TALUK,
          KASARAGOD DISTRICT - 671321.

          BY ADVS.
          T.MADHU
          C.R.SARADAMANI
          SHAHID AZEEZ
          RESHMA SANTHOSH
          RENJISH S. MENON


RESPONDENTS:

    1     THE AUTHORIZED OFFICER
          THE KASARAGOD CO-OPERATIVE TOWN BANK LTD, NO. 970,
          HEAD OFFICE, POST BOX NO.10, PANDURANGA TEMPLE ROAD,
          KASARAGOD - 671121.

    2     THE KASARAGOD CO-OPERATIVE TOWN BANK LTD.NO. 970,
          KUMBLA BRANCH, KUMBLA P.O, KASARAGOD DISTRICT - 671321,
          REPRESENTED BY ITS MANAGER.

          SRI.PUSHPARAJAN KODOTH (S.C)



     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
14.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 19148 OF 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 (SARFAESI Act) for recovery of the

amounts 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 installments and to obtain regularization

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.2,44,071/- (Rupees Two Lakhs Forty

Four Thousand and Seventy One only). 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

installments and regularize the loan account.

4. I have heard Adv.T.Madhu learned counsel for the

petitioner as well as Adv.Pushparajan Kodoth, 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 overdue amount

in 8 installments and thereafter, if the amount so directed is

repaid within the time as directed above, to have the loan

account regularized.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire overdue

amount of Rs.2,44,071/- (Rupees Two Lakhs Forty Four

Thousand and Seventy One only) along with bank charges

from the petitioner and regularize the loan account of the

petitioner on the following conditions:

(i) The overdue amount of Rs.2,44,071/- (Rupees Two

Lakhs Forty Four Thousand and Seventy One only) shall be

repaid in 8 equated monthly installments along with any

accrued interest and costs;

(ii) The first installment shall be paid on or before

15-07-2022. The subsequent installments shall be paid on or

before the last working day of the succeeding months;

(iii) Petitioner shall continue to pay the regular EMI's

along with the installments directed above;

(iv) In the event of default of any one installment, the

respondent bank shall be entitled to proceed in accordance

with law.

(v) 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

ats

APPENDIX OF WP(C) 19148/2022

PETITIONER EXHIBITS

Exhibit P1 THE TRUE COPY OF THE DEMAND NOTICE DATED 14.12.2021 ISSUED BY THE FIRST RESPONDENT.

Exhibit P2 THE TRUE COPY OF THE POSSESSION NOTICE DATED 3.3.2022 ISSUED BY THE FIRST RESPONDENT.

Exhibit P3 THE TRUE COPY OF THE NOTICE DATED 11.05.2022 ISSUED BY THE LEARNED ADVOCATE COMMISSIONER APPOINTED BY THE LEARNED CHIEF JUDICIAL MAGISTRATE'S COURT, KASARAGOD IN CMP NO. 672/2022.