Kerala High Court
Sajimon vs Kerala Bank on 29 June, 2022
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
WEDNESDAY, THE 29TH DAY OF JUNE 2022/8TH ASHADHA, 1944
WP(C) NO. 5679 OF 2022
PETITIONER:
SAJIMON, S/O. Y.JOYKUTTY, AGED 45 YEARS,
MANAKKATTU VEEDU, PUTHUSSERY BHAGOM,
VAYALA P.O., ADOOR TALUK,
PATHANAMTHITTA DISTRICT - 691 554.
BY ADVS.
MANU RAMACHANDRAN
M.KIRANLAL
R.RAJESH (VARKALA)
T.S.SARATH
SAMEER M NAIR
GEETHU KRISHNAN
HARSHA SUSAN SAM
RESPONDENTS:
1 THE KERALA BANK,
KERALA STATE CO-OPERATIVE BANK LTD.,
P.B. NO. 6515, COBANK TOWERS, PALAYAM,
THIRUVANANTHAPURAM DISTRICT - 695 033
REPRESENTED BY ITS CHIEF GENERAL MANAGER.
2 THE CHIEF GENERAL MANAGER, KERALA BANK,
KERALA STATE CO-OPERATIVE BANK LTD.,
P.B. NO. 6515, COBANK TOWERS, PALAYAM,
THIRUVANANTHAPURAM DISTRICT - 695 033.
3 THE MANAGER, KERALA BANK,
KERALA STATE CO-OPERATIVE BANK LTD.,
ENATHU BRANCH, ADOOR,
PATHANAMTHITTA DISTRICT - 691 526.
BY ADVS.
SRI.N.RAGHURAJ, SC,
SMT JASMINE M M- GOVT.PLEADER
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 29.06.2022, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
WP(C) No.5679/2022
:2 :
JUDGMENT
Dated this the 29th day of June, 2022
Petitioner has approached this Court challenging
proceedings initiated under the Securitisation and
Reconstruction of Financial Assets and Enforcement of
Security Interest Act (hereinafter referred to as the
SARFAESI Act) for recovery of the amounts due on a
Consumption 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 instalments and to obtain regularisation 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 `29,65,232/-. It was further submitted
that though proceedings for recovery have been initiated, as
a matter of indulgence, the respondent bank is willing to
WP(C) No.5679/2022
accept repayment of the overdue amount in limited
instalments and regularise the loan account.
4. I have heard the learned counsel for the petitioner
as well as the learned Standing Counsel for the respondent
Bank.
5. Having regard to the facts and circumstances of
the case and the situation now prevailing, apart from the
submissions made as recorded above and also taking into
account the fact that the petitioner has undertaken to clear
off the overdue amount along with regular EMIs, I am of the
view that the petitioner can be granted an opportunity to
clear off the overdue amount in instalments in the following
manner:
(i) An amount of `10 lakhs shall be remitted within
a period of one month from today.
(ii) The balance amount with any accrued interest
and charges shall be repaid in fifteen (15)
equated monthly instalments. The first
instalment shall be paid on or before
16.08.2022 and the subsequent instalments
shall be paid on the last working day of every
succeeding month.
WP(C) No.5679/2022
(iii) Petitioner shall continue to pay the regular
EMI's along with the instalments as directed
above.
(iv) In the event of default of any one instalment,
the respondent bank shall be entitled to
proceed in accordance with law.
(v) In order to enable the petitioner to repay the
entire amount, all coercive proceedings shall
be kept in abeyance.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE
ncd/29.06.22
WP(C) No.5679/2022
APPENDIX OF WP(C) 5679/2022
PETITIONER'S EXHIBITS
Exhibit P1 THE TRUE COPY OF THE 1ST PAGE OF
PASS BOOK OF CONSUMPTION LOAN NO.
50/135/877 OF KERALA BANK, ENATHU
BRANCH .
Exhibit P2 THE TRUE COPY OF THE NOTICE VIDE
NO. 208 DATED 06.10.2020 BY THE 3RD
RESPONDENT INFORMING ABOUT THE ONE
TIME SETTLEMENT SCHEME
Exhibit P3 THE TRUE COPY OF THE EMAIL
REPRESENTATION DATED 19.01.2022
PREFERRED BY THE PETITIONER TO THE
1ST RESPONDENT
Exhibit P4 A TRUE COPY OF THE CIRCULAR
NO.3/2022 ISSUED BY REGISTRAR OF
CO-OPERATIVE SOCIETIES, STATE OF
KERALA
