Jayakumar Edayanethu Thankamony vs South Indian Bank Ltd
2022 Latest Caselaw 6907 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. 19209 OF 2022
PETITIONER:

          JAYAKUMAR EDAYANETHU THANKAMONY
          AGED 50 YEARS
          EDAYANETHU HOUSE, MADATHIL & MULAKUZHA P.O.,
          CHENGANNUR, ALAPPUZHA, KERALA-689121.

          BY ADVS.
          S.MUMTAZ
          ALISHA ASLAM


RESPONDENT:

          SOUTH INDIAN BANK LTD.
          REP. BY THE AUTHORIZED OFFICER
          SBI HOUSE, TB ROAD, MISSION QUARTERS,
          THRISSUR-680001.




     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. 19209 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 the loans 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.7,00,310/- (Rupees Seven Lakhs Three

Hundred and Ten One only), as on 14-06-2022. 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 installments and regularize the loan account.

4. I have heard Adv.Ajith M. Jiji learned counsel for the

petitioner as well as Adv.Sunil Shanker, the learned

Standing Counsel for the respondent.

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 10 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.7,00,310/- (Rupees Seven Lakhs Three

Hundred and Ten 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.7,00,310/- (Rupees

Seven Lakhs Three Hundred and Ten One only) shall be

repaid in 10 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) 19209/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF POSSESSION NOTICE DATED 10-06-2022.

Exhibit P2 REQUEST LETTER DATED 10-06-2022 GIVEN BY THE PETITIONER TO THE RESPONDENT