Abdul Khader C S vs State Bank Of India
2022 Latest Caselaw 7487 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
                THE HONOURABLE MR. JUSTICE GOPINATH P.
        FRIDAY, THE 24TH DAY OF JUNE 2022 / 3RD ASHADHA, 1944
                       WP(C) NO. 19468 OF 2022
PETITIONER:

           ABDUL KHADER C S,
           AGED 58 YEARS,
           S/O SAYED MUHAMMED,
           CHAKKUNGAL HOUSE, PEZHAKKAPPILLY P.O.,
           MUVATTUPUZHA, ERNAKULAM, PIN - 686 674.

           BY ADVS.
           K.R.PRATHISH
           S.RENJITH
           P.K.SREEVALSAKRISHNAN



RESPONDENTS:

    1      STATE BANK OF INDIA
           STRESSED ASSETS RECOVERY BRANCH, 7TH FLOOR,
           VANKARATH TOWERS, PALARIVATTOM, ERNAKULAM,
           PIN - 682 024.
           REP BY ITS MANAGER/AUTHORISED OFFICER

    2      THE MANAGER
           STATE BANK OF INDIA, SARB ERNAKULAM, 40/974,
           R.S BUILDING, M.G ROAD, ERNAKULAM,
           KOCHI, PIN - 682 035.

           BY ADV SRI.S.EASWARAN, SC



     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
24.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 19468 OF 2022

                                 2


                            JUDGMENT

Petitioner has approached this Court challenging

proceedings under the SARFAESI Act which have been initiated

by the bank for recovery of the amounts due from the

petitioner.

2. It was submitted on behalf of the respondent bank

that the petitioner committed default in repayment and the

outstanding amount is Rs.26,62,043/-(Rupees twenty six lakhs

sixty two thousand and forty three 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 outstanding amount in

limited instalments.

3. I have heard the learned counsel for the petitioner as

well as the learned Standing Counsel for the respondents.

4. 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 15

instalments.

5. Accordingly, there will be a direction to the respondent

bank to accept repayment of the entire outstanding amount of WP(C) NO. 19468 OF 2022

Rs.26,62,043/-(Rupees twenty six lakhs sixty two thousand and

forty three only) along with bank charges from the petitioner on

the following conditions:

(i)The outstanding amount of Rs.26,62,043/-(Rupees twenty six lakhs sixty two thousand and forty three only) along with any accrued interest and charges shall be repaid in 15 equated monthly instalments.

(ii)The first instalment shall be paid on or before 15.07.2022 and the subsequent instalments shall be paid on 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 sale of the petitioner's property which is scheduled to

be held on 27.06.2022 shall stand adjourned to enable the

petitioner to comply with the directions contained in this

judgment.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE DK WP(C) NO. 19468 OF 2022

APPENDIX OF WP(C) 19468/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE U/S. 13(2) OF THE SARFESI DATED 01.02.2013

Exhibit P2 TRUE COPY OF THE OTS SCHEME ISSUED BY THE RESPONDENT BANK TO THE PETITIONER DATED 01.02.2022

Exhibit P3 TRUE COPY OF THE SETTLEMENT FORMAT ISSUED BY THE RESPONDENT BANK DATED 09.03.2022

Exhibit P4 TRUE COPY OF THE NOTICE UNDER RULE 8(6) OF SARFESI ACT ISSUED BY THE RESPONDENT BANK DATED 13.05.2022