Salamath M.S vs State Bank Of India Sbi
2022 Latest Caselaw 7940 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. 16658 OF 2022


PETITIONER:

         SALAMATH M.S., AGED 51 YEARS,
         S/O.K.M.SULAIMAN RAWTHER,
         MUZHANGODITHARARYIL, VEDARAPLAVU P.O.,
         CHARUMMOODU, ALAPPUZHA-690 505.

         BY ADVS.
         V.K.PEERMOHAMED KHAN
         GIRISH KUMAR V.C

RESPONDENTS:

    1    STATE BANK OF INDIA,
         REPRESENTED BY ITS BRANCH MANAGER,
         CHARUMMOOD BRANCH, ALAPPUZHA-690 505.

    2    THE AUTHORIZED OFFICER,
         STATE BANK OF INDIA, RASMEC BRANCH,
         MAVELIKKARA, ALAPPUZHA-690 505.

         BY ADVS.
         SRI.JITHESH MENON, SC
         DEEPA NARAYANAN
         T.SETHUMADHAVAN (SR.)
         PREETHI. P.V.
         M.V.BALAGOPAL

     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.16658/2022
                                    :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 three loans 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 `26,43,166/- in respect of three loans

availed by the petitioner from the 1 st respondent bank. It was

further submitted that though proceedings for recovery have

been initiated, as a matter of indulgence, the respondent bank WP(C) No.16658/2022

is willing to accept repayment of the outstanding amount in

limited instalments.

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

well as the learned Standing Counsel for the respondent

bank.

5. The learned counsel for the petitioner submits that

there is an amount of `8 lakhs now to the credit of the

petitioner in the Savings Bank account of the respondent bank

and the same may be directed to be adjusted straight away

against the cash credit facility availed by the petitioner from

the respondent bank. It is submitted that the balance of the

outstanding in respect of the loans can be permitted to be

cleared in instalments.

6. The writ petition is disposed of on the following

conditions:

(i) The amount of `8 lakhs now available in the Savings Bank account of the petitioner with the respondent bank shall be adjusted forthwith towards the cash credit facility availed by the petitioner from the respondent bank.

(ii) The outstanding amount of `26,43,166/- together with any accrued interest/costs shall be repaid in WP(C) No.16658/2022

fifteen (15) equated monthly instalments.

(iii) The first instalment shall be paid on or before 30.09.2022 and subsequent instalments shall be paid on or before 30th of every succeeding month.

(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 amounts, all coercive proceedings shall be kept in abeyance.

(vi) The 1st respondent bank shall provide to the petitioner the account statement in respect of all the three loans availed by the petitioner after adjusting the amount of `8 lakhs as above.

Sd/-

GOPINATH P.

JUDGE ncd/29.06.22 WP(C) No.16658/2022

APPENDIX OF WP(C) 16658/2022

PETITIONER'S EXHIBITS

Exhibit P1 TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE RESPONDENT BANK