Kerala High Court
Hajayakumar.M.K vs Kerala State Co-Operative Bank on 3 November, 2022
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
THURSDAY, THE 3RD DAY OF NOVEMBER 2022 / 12TH KARTHIKA, 1944
WP(C) NO. 34569 OF 2022
PETITIONER:
HAJAYAKUMAR.M.K
AGED 47 YEARS
MATHENPARAMBIL HOUSE, ITHITHANAM,
VEROOR P.O., ENACHIRA, CHANGANACHERRY,
KOTTAYAM, PIN - 686 104.
BY ADVS.
M.VIVEK
K.R.MONISHA
RESPONDENT:
KERALA STATE CO-OPERATIVE BANK
KOTTAYAM REGIONAL OFFICE, P.B.NO.140,
CENTRAL JUNCTION, KOTTAYAM- PIN 686001,
REPRESENTED BY ITS AUTHORIZED OFFICER.
BY ADV ATHUL SHAJI
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 03.11.2022, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
W.P.(C) No.34569/2022
-: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 under a business loan availed by the
petitioner.
2. During the course of hearing, petitioner has
confined the relief to an opportunity for repaying the
outstanding amount in installments.
3. It was submitted on behalf of the respondent bank
that the petitioner committed default in repayment and the
outstanding amount as on 03-11-2022 is Rs.26,79,622/-
(Rupees Twenty Six Lakhs Seventy Nine Thousand Six
Hundred and Twenty Two 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 outstanding amount in limited
installments.
W.P.(C) No.34569/2022
4. I have heard Adv.M.Vivek, learned counsel for the
petitioner as well as Adv.Athul Shaji, 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
outstanding amount in 15 installments.
6. Accordingly, there will be a direction to the
respondent bank to accept repayment of the entire
outstanding amount of Rs.26,79,622/- (Rupees Twenty Six
Lakhs Seventy Nine Thousand Six Hundred and Twenty
Two Only) along with any accrued interest and bank
charges from the petitioner on the following conditions:
(i) Petitioner shall pay a sum of Rs.2,00,000/- (Rupees
Two Lakhs Only) on or before 05-12-2022;
(ii) The balance outstanding amount of
Rs.24,79,622/- (Rupees Twenty Four Lakhs Seventy Nine
Thousand Six Hundred and Twenty Two Only) together with
any accrued interest/cost shall be repaid in 15 equated
W.P.(C) No.34569/2022
monthly installments.
(iii) The first installment shall be paid on or before
05-01-2023. The subsequent installments shall be paid on
or before the 5th day of the succeeding months;
(iv) In the event of default of any one installment, 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
W.P.(C) No.34569/2022
APPENDIX OF WP(C) 34569/2022
PETITIONER EXHIBITS
Exhibit-P1 TRUE COPY OF DEMAND NOTICE U/S 13(2) OF
SARFESI ACT DATED 25-11-2021
Exhibit-P2 TRUE COPY OF UNDATED LETTER ISSUED BY
RESPONDENT INFORMING SECURING POSSESSION OF
SECURED ASSET
Exhibit-P3 TRUE COPY OF THE PRINTOUT OF THE E-COURTS
PAGE SHOWING THAT THE RESPONDENT HAS
INITIATED PROCEEDINGS AGAINST THE PETITIONER
BEFORE THE CHIEF JUDICIAL MAGISTRATE COURT AS
M. C. NO: 516 OF 2022
Exhibit-P4 TRUE COPY OF THE PRINTOUT OF THE E-COURTS
PAGE SHOWING THE PROCEEDINGS DATED 01-10-
2022, WHICH IS ON THE SAME DAY OF FILING OF
SECTION 14 APPLICATION
