P. Sasidharan vs Fedaral Bank Ltd
2022 Latest Caselaw 5910 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. 17527 OF 2022
PETITIONERS:

    1       P. SASIDHARAN
            AGED 74 YEARS
            S/O SUBRAMANIAM,
            PILASSERI HOUSE, KACHILAT,
            NELLIKODE P.O, KOZHIKODE-673016.
            NOW RESIDING AT PILASERY HOUSE,
            PAYYADI MEETHAL, KANDILERIPEDIKA ROAD,
            PANTHEERANKAVU P.O, KOZHIKODE - 673 019.

    2       SUBHADRA .N
            AGED 67 YEARS,
            W/O P. SASIDHARAN,
            PILASSERI HOUSE, KACHILAT,
            NELLIKODE P.O, KOZHIKODE-673016.
            NOW RESIDING AT PILASERY HOUSE,
            PAYYADI MEETHAL, KANDILERIPEDIKA ROAD,
            PANTHEERANKAVU P.O, KOZHIKODE - 673 019.

    3       SHIKIL .P
            AGED 37 YEARS,
            S/O .P SASIDHARAN,
            PILASSERI HOUSE, KACHILAT,
            NELLIKODE P.O, KOZHIKODE-673 016.
            NOW RESIDING AT PILASERY HOUSE,
            PAYYADI MEETHAL, KANDILERIPEDIKA ROAD,
            PANTHEERANKAVU P.O, KOZHIKODE - 673 019.

    4       SHALIN .P
            AGED 35 YEARS,
            S/O P. SASIDHARAN,
            PILASSERI HOUSE, KACHILAT,
            NELLIKODE P.O, KOZHIKODE-673 016.
            NOW RESIDING AT PILASERY HOUSE,
            PAYYADI MEETHAL, KANDILERIPEDIKA ROAD,
            PANTHEERANKAVU P.O, KOZHIKODE - 673 019.
 WP(C) NO. 17527 OF 2022

                                       2

     5       SHEMNA .C
             AGED 32 YEARS
             W/O SHALIN .P,
             PILASSERI HOUSE, KACHILAT,
             NELLIKODE P.O, KOZHIKODE-673016.
             NOW RESIDING AT PILASERY HOUSE,
             PAYYADI MEETHAL, KANDILERIPEDIKA ROAD,
             PANTHEERANKAVU P.O, KOZHIKODE - 673 019.

             BY ADVS.
             M.MUHAMMED SHAFI
             T.RASINI
             AYISHA AFRIN A.V.K.



RESPONDENTS:

     1       FEDARAL BANK LTD.
             LCRD, KOZHIKODE DIVISION,
             1ST FLOOR, FEDERAL TOWERS,
             MAVOOR ROAD, KOZHIKODE - 673 016.
             REP. BY ITS AUTHORIZED OFFICER

     2       SHAMILY SASIDHARAN .P,
             AGED 34 YEARS,
             W/O NAVEEN,
             MANTHRA HOUSE, VALLACHIRA .P.O,
             URAKAM, THRISSUR - 680 562.




             By SRI. SUNIL SHANKER (SC)

             SRI.PAULOCHAN ANTONY




      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON   31.05.2022,    THE   COURT   ON       THE   SAME   DAY   DELIVERED   THE
FOLLOWING:
 WP(C) NO. 17527 OF 2022

                                 3


                             JUDGMENT

Petitioners have approached this Court challenging

proceedings under the SARFAESI Act which have been initiated by

the bank for recovery of the amounts due from 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.10,02,800/- (Rupees ten lakhs two thousand eight

hundred 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.Muhammed Shafi, learned counsel for the

petitioners as well as Adv.Paulochan Antony, the learned counsel

for the respondent bank.

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 WP(C) NO. 17527 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.10,02,800/- (Rupees ten lakhs two thousand eight hundred only)

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.10,02,800/- (Rupees ten lakhs two thousand eight hundred only) shall be repaid in 12 equated monthly instalments.

(ii)The first instalment shall be paid on or before 15.06.2022.

(iii)Petitioners 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 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

DK WP(C) NO. 17527 OF 2022

APPENDIX OF WP(C) 17527/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE DATED 09-02-2022