Arun Antony Jose vs The South Indian Bank
2022 Latest Caselaw 7516 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. 19211 OF 2022
PETITIONER:

          ARUN ANTONY JOSE,
          AGED 35 YEARS,
          S/O. JOSE C O, PROPRIETOR M/S.BONBI TRADERS,
          CHIRACKAL BUILDING, PADUVAPURAM, EDAKUNNU,
          ERNAKULAM - 685 576.

          BY ADVS.
          SHIBIN K F
          SEBY JOSEPH



RESPONDENT:

          THE SOUTH INDIAN BANK
          REP BY THE AUTHORIZED OFFICER,
          REGIONAL OFFICE, VI/950-C & D, AKP CENTRE,
          CHRIST COLLEGE ROAD, CHRIST NAGAR,
          IRINJALAKUDA 680 125.

          BY ADVS.
          SUNIL SHANKER
          SANDHRA.S




     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. 19211 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 as on 13.06.2022 is Rs.76,19,470/-

(Rupees seventy six lakhs nineteen thousand four hundred

and seventy 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 respondent.

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 12 instalments.

5. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire WP(C) NO. 19211 OF 2022

outstanding amount of Rs.76,19,470/-(Rupees seventy six

lakhs nineteen thousand four hundred and seventy only)

along with bank charges from the petitioner on the following

conditions:

(i)The outstanding amount of Rs.76,19,470/-(Rupees seventy six lakhs nineteen thousand four hundred and seventy only) along with any accrued interest and charges shall be repaid in 12 equated monthly instalments.

(ii)The first instalment shall be paid on or before 30.07.2022 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 writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE DK WP(C) NO. 19211 OF 2022

APPENDIX OF WP(C) 19211/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF POSSESSION NOTICE DATED 27/10/2021 ISSUED BY THE RESPONDENT TO THE PETITIONER

Exhibit P2 REQUEST LETTER DATED 12/04/2022 SUBMITTED BY THE PETITIONER TO THE RESPONDENT