Kerala High Court
Manoj Kumar.V.K vs Punjab National Bank on 28 June, 2022
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
TUESDAY, THE 28TH DAY OF JUNE 2022 / 7TH ASHADHA, 1944
WP(C) NO. 20966 OF 2022
PETITIONER:
MANOJ KUMAR.V.K
AGED 43 YEARS
S/O PRABHAKARAN,
DEVI KRIPA HOUSE, NARUKARA,MANJERI,
MALAPPURAM DT, PIN - 676 122.
BY ADVS.
FRANKLIN ARACKAL
M.B.SOORI
RESPONDENTS:
1 PUNJAB NATIONAL BANK,
PLOT NO.4,SECTOR 10,DWARAKA,
NEW DELHI - 110 075,
REPRESENTED BY ITS AUTHORIZED OFFICER.
2 THE AUTHORIZED OFFICER,
PUNJAB NATIONAL BANK SHATHABDI BHAVAN,
MINI BY PASS ROAD GOVINDAPURAM, KOZHIKODE - 673 016.
3 PUNJAB NATIONAL BANK,
MALAPPURAM BRANCH, MALAPPURAM.P.O
PIN - 676 519, REP BY ITS BRANCH MANAGER.
BY SRI.SANDEEP ANKARATH, SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
28.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 20966 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
total outstanding amount as on 28.06.2022 is Rs.27,10,000/-
(Rupees twenty seven lakhs ten thousand 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 Rs.27,10,000/-(Rupees twenty seven
WP(C) NO. 20966 OF 2022
lakhs ten thousand only) along with bank charges from the
petitioner on the following conditions:
(i)The total outstanding amount of Rs.27,10,000/-
(Rupees twenty seven lakhs ten thousand 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
01.07.2022 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.
If the petitioner clears the liability as above in
instalments and pays such other interest and costs that has
been demanded by the 1st respondent Bank, the sale of the
petitioner's property scheduled to be held on 29.06.2022 shall
stand adjourned.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE
DK
WP(C) NO. 20966 OF 2022
APPENDIX OF WP(C) 20966/2022
PETITIONER EXHIBITS
Exhibit P1 TRUE COPY OF THE NOTICE DATED
18/8/2018 ISSUED BY THE 2ND RESPONDENT
UNDER SECTION 13(2) OF THE SARFAESI
ACT.
Exhibit P2 TRUE COPY OF THE NOTICE DATED
18/4/2022 ISSUED BY THE UNDER SECTION
13(4) OF THE ACT .
Exhibit P3 TRUE COPY OF THE SALE NOTICE DATED
19/4/2022 ISSUED BY THE 2ND RESPONDENT
TO THE PETITIONER.
Exhibit P4 TRUE COPY OF THE LETTER DATED
20/12/2018 ISSUED FROM THE OFFICE OF
MANJERI MUNICIPALITY.
Exhibit P5 TRUE COPY OF THE NOTICE DATED
27/5/2022 ISSUED BY THE 2ND
RESPONDENT.
