Nitheeshan Puthukkudy vs The Kannur Co-Operative Urban ...
2022 Latest Caselaw 7936 Ker

         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. 10176 OF 2022


PETITIONER:

         NITHEESHAN PUTHUKKUDY,
         AGED 48 YEARS,
         S/O. KUNHIRAMAN NAMBIAR,
         KANNOTH HOUSE,
         NEAR ELAYAVOOR TEMPLE,
         MUNDAYAD P.O.,
         KANNUR DISTRICT-670 594.

         BY ADV T.G.RAJENDRAN

RESPONDENT:

         THE KANNUR CO-OPERATIVE URBAN BANK LTD.,
         REPRESENTED BY ITS AUTHORISED OFFICER,
         HEAD OFFICE, THAVAKKARA, NEAR YATHRI NIVAS,
         KANNUR-670 002.

         BY ADVS.
         G.S.KRISHNAN KARTHA
         LIJIN THAMBAN

     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.10176/2022
                                    :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 upon a business loan

availed by the petitioner.

2. During the course of hearing, petitioner has confined

the relief to an opportunity for repaying the outstanding

amount in instalments.

3. It was submitted on behalf of the respondent bank

that the petitioner committed default in repayment and the

outstanding amount is `32,30,679/-. 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. WP(C) No.10176/2022

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 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

twelve (12) instalments.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire

outstanding amount of `32,30,679/- along with bank charges

from the petitioner on the following conditions:

(i) The outstanding amount of `32,30,679/-together with any accrued interest/costs shall be repaid in twelve (12) equated monthly instalments.

(ii) The first instalment shall be paid on or before 30.07.2022 and subsequent instalments shall be paid on or before 30th 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.

WP(C) No.10176/2022

(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 ncd/29.06.22 WP(C) No.10176/2022

APPENDIX OF WP(C) 10176/2022

PETITIONER'S EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE ISSUED BY THE 1ST RESPONDENT DATED 23.12.2020 Exhibit P2 TRUE COPY OF THE DOCKET SHEET ORDER IN CMP NO.2751/2021 ON THE FILE OF THE CHIEF JUDICIAL MAGISTRATE COURT, THALASSERY