Sidhiq E A vs Kerala State Co-Operative Bank ...
2022 Latest Caselaw 7951 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. 20465 OF 2022


PETITIONER:

         SIDHIQ E.A., AGED 48,
         S/O ALI EDAKKUKARAN VEEDU,
         KURUMPISSERI, IRINJALAKKUDA,
         THRISSUR DISTRICT-680 121.

         BY ADV A.B.MOHANAKUMAR

RESPONDENT:

         THE KERALA STATE CO-OPERATIVE BANK LTD.,
         IRINJALAKKUDA BRANCH,
         REPRESENTED BY MANAGER,
         PIN-680 121.

         SRI P C SASIDHARAN-SC

     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.20465/2022
                                     :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

business 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 `11,88,337/-. 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.20465/2022

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 considering the

fact that this is a housing loan 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 fifteen (15) equal instalments first of

which shall be paid on or before 15.07.2022 and thereafter,

if the amount so directed is repaid within the time as

directed above, to have the loan account regularised.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire overdue

amount of `11,88,337/- along with bank charges from the

petitioner and regularise the loan account of the petitioner WP(C) No.20465/2022

on the following conditions:

(i) The overdue amount of `11,88,337/- together with any accrued interest and charges shall be repaid in fifteen (15) equated monthly instalments.

(ii) The first instalment shall be paid on or before 15.07.2022 and the subsequent instalments shall be paid on the last working day of every succeeding month.

(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.20465/2022

APPENDIX OF WP(C) 20465/2022

PETITIONER'S EXHIBITS

Exhibit P1 TRUE COPY OF POSSESSION NOTICE DATED 20.5.2022 ISSUED FROM RESPONDENT BANK