M/S. C R Marketing Group vs Union Bank Of India
2022 Latest Caselaw 5840 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                THE HONOURABLE MR. JUSTICE GOPINATH P.
        TUESDAY, THE 31ST DAY OF MAY 2022 / 10TH JYAISHTA, 1944
                       WP(C) NO. 15625 OF 2022
PETITIONERS:

    1       M/S. C R MARKETING GROUP ,
            DOOR NO. 15/619, 10/590, 591, PERUMUGHAM, FEROKE P.O.,
            KOZHIKODE 673 631.
            REPRESENTED BY ITS PROPRIETOR, VYSHAKAN.C.

    2       VYSHAKAN.C.
            AGED 34 YEARS, S/O. RAVI C.,
            CHEMMANATIL HOUSE, EAST NALLUR, FEROKE P.O.,
            FEROKE S.O., CALICUT 673 631.

    3       SARADA.C.,
            AGED 88 YEARS, W/O. VASU.C.,
            CHEMMANATIL HOUSE,
            EAST NALLUR, FEROKE P.O.,
            FEROKE S.O., CALICUT 673 631.

    4       JYOTHILAKSHMI K,
            AGED 53 YEARS, W/O. RAVI.C.,
            CHEMMANATIL HOUSE, EAST NALLUR, FEROKE P.O.,
            FEROKE S.O., CALICUT 673 631.

    5       ATHIRA C.R.,
            AGED 31 YEARS, W/O. DANEESH,
            MUNDAPPURATH HOUSE, CHULLIPARAMB, FAROOK COLLEGE P.O.,
            V T C RAMANTTUKARA P.O., CALICUT 673 632.

            BY ADVS.
            RISHAB S.
            C.S.SHAHUL HAMEED



RESPONDENTS:

    1       UNION BANK OF INDIA,
            BRANCH OFFICE AT PETTA, HIGH WAY GARDENS, CHUNGAM,
            FEROKE P.O., CALICUT 673 631,
            REPRESENTED BY ITS AUTHORIZED OFFICER.
 W.P.(C) No.15625 of 2022                 2

      2      THE AUTHORIZED OFFICER,
             UNION BAN OF INDIA,
             BRANCH OFFICE AT PETTA, HIGHWAY GARDENS, CHUNGAM,
             FEROKE P.O., CALICUT 673 631.



OTHER PRESENT:

             SRI. A S. P KURUP (SC)




      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON   31.05.2022,      THE   COURT   ON   THE   SAME   DAY   DELIVERED   THE
FOLLOWING:
 W.P.(C) No.15625 of 2022                3



                           JUDGMENT

Petitioners availed 3 term loans from the respondent

bank and they have approached this Court challenging

proceedings initiated under the Securitisation and

Reconstruction of Financial Assets and Enforcement of

Security Interest Act (SARFAESI Act) for recovery of the

amounts due upon the loans availed by the petitioners.

2. During the course of hearing, petitioners have

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 petitioners committed default in repayment and the

overdue amount is Rs.18,85,000/- (Rupees Eighteen Lakhs

Eighty Five Thousand 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 Adv.Rishab S., learned counsel for the

petitioners as well as Adv.A.S.P Kurup., the learned counsel

for the respondents.

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 petitioners can be

granted an opportunity to repay the overdue amount in 12

equal monthly 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.18,85,000/- along with bank charges from the

petitioners and regularise the loan account of the petitioners

on the following conditions:

(i) The overdue amount of Rs.18,85,000/- together with

any accrued interest and costs shall be repaid in 12 equated

monthly instalments.

(ii) The first instalment shall be paid on or before 30-06-

2022. The subsequent installments shall be paid on or before

the last working day of the succeeding months.

(iii) Petitioners shall continue to pay the regular

installments 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 petitioners 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

ats

APPENDIX OF WP(C) 15625/2022

PETITIONER EXHIBITS

Exhibit P1 THE TRUE COPY OF DEMAND NOTICE DATED 19.04.2021 ISSUED BY THE IST RESPONDENT BANK.

Exhibit P2 THE TRUE COPY OF THE POSSESSION NOTICE DATED 05.10.2021 ISSUED BY THE 2ND RESPONDENT.

Exhibit P3 THE RELEVANT PAGES OF THE BANK STATEMENT SHOWING TRANSACTION TO THE SAID LOAN ACCOUNTS.

Exhibit P4 THE CERTIFICATE ISSUED BY THE IST RESPONDENT BANK DATED 04.05.2022.