Bobychan Mathai vs Kerala State Co-Operative Bank ...
2022 Latest Caselaw 5860 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. 8284 OF 2022
PETITIONER:

            BOBYCHAN MATHAI
            AGED 42 YEARS, S/O VARKEY MATHAI, PUTHIYEDATHU,
            CHATHAMATTOM, KADAVOOR P.O.POTHANIKADU,
            ERNAKULAM DISTRICT-686 671

            BY ADVS.
            K.SANEESH KUMAR
            V.B.SANTHINI



RESPONDENT:

    1       KERALA STATE CO-OPERATIVE BANK LTD.,
            REPRESENTED BY ITS BRANCH MANAGER, REGIONAL OFFICE,
            SAHAKARANA SHADABTHI MANDIRAM, THRISSUR DISTRICT,
            PIN-680 021

    2       THE AUTHORIZED OFFICER,
            KERALA STATE CO-OPERATIVE BANK LTD, PAINGATTOOR BRANCH,
            KOTHAMANGALAM P.O.ERNAKULAM DISTRICT-686 626.

            BY ADV SRI.N.RAGHURAJ, SC, ERNAKULAM DISTRICT CO-
            OPERATIVE BANK LTD.




     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.8284 of 2022                  2

                            JUDGMENT

Petitioner has 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 a 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 Rs.5,19,651/- (Rupees Five Lakhs Nineteen

Thousand Six Hundred and Fifty Only 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. K.Saneesh Kumar, learned counsel

for the petitioner as well as Adv.N. Raghuraj, the learned

standing 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 12

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.5,19,651/- (Rupees Five Lakhs Nineteen

Thousand Six Hundred and Fifty Only 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.5,19,651/- (Rupees Five

Lakhs Nineteen Thousand Six Hundred and Fifty Only only)

shall be repaid in 12 equated monthly instalments.

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

30-06-2022.

(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

ats

APPENDIX OF WP(C) 8284/2022

PETITIONER EXHIBITS

Exhibit P1 A TRUE COPY OF THE NOTICE ISSUED BY THE 1ST RESPONDENT DATED 8.1.2021 UNDER SECTION 13 (2) OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT 2002

Exhibit P2 A TRUE COPY OF THE PROCEEDINGS HELD AT ADALAT CONDUCTED BY THE RESPONDENTS PROVIDING THE DETAILS OF THE AMOUNT DATED 1.11.2021

Exhibit P3 A TRUE COPY OF THE RECEIPT EVIDENCING THE PAYMENT OF 2 LAKSHS RUPEES ON 1.1.2022 BY THE PETITIONER

Exhibit P4 A TRUE COPY OF THE EXTRACT OF THE STATEMENT OF ACCOUNTS EVIDENCING THE REMITTANCE OF 2ND LAKSH RUPEES ON 5.3.2022

Exhibit P5 A TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE RESPONDENTS UNDER 13(4) OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT 2002 DATED 7.3.2022