Aneesudeen vs The Kottakkal Co-Operative Urban ...
2022 Latest Caselaw 7994 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. 21071 OF 2022
PETITIONER:

          ANEESUDEEN,
          AGED 42 YEARS,
          S/O. MOIDEEN C, CHEMPRA HOUSE,
          MULIYAMKUNNU, KUTTIPURAM P.O,
          MALAPPURAM DISTRICT - 679 571.

          BY ADV A.B.MOHANAKUMAR



RESPONDENT:

          THE KOTTAKKAL CO-OPERATIVE URBAN BANK LTD (NO.1378),
          HEAD OFFICE, KOTTAPPADI, KOTTAKKAL, MALAPPURAM
          DISTRICT, PIN - 676 503, REPRESENTED BY BRANCH
          MANAGER / AUTHORISED OFFICER.

          BY ADV.DEVAPRASANTH.P.J, 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. 21071 OF 2022

                                   2


                                JUDGMENT

The 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. 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 Rs.8,57,916/-(Rupees eight lakhs fifty seven thousand

nine hundred and sixteen 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 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 counsel for the respondent.

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 overdue amount in 15 WP(C) NO. 21071 OF 2022

instalments 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

Rs.8,57,916/-(Rupees eight lakhs fifty seven thousand nine

hundred and sixteen only) along with bank charges from the

petitioner and regularise the loan account of the petitioner on the

following conditions:

i. The overdue amount of Rs.8,57,916/-(Rupees eight lakhs fifty seven thousand nine hundred and sixteen 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 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 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 amounts, all coercive proceedings shall be kept in abeyance.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE DK WP(C) NO. 21071 OF 2022

APPENDIX OF WP(C) 21071/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF POSSESSION NOTICE DATED 08.02.2022 ISSUED FROM RESPONDENT BANK.