Joseph Mathew vs Idbi Bank Ltd
2022 Latest Caselaw 10956 Ker

                     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. 31917 OF 2022
PETITIONER:

              JOSEPH MATHEW
              AGED 29 YEARS
              S/O MATHEW M.O, AGED 29 YEARS, MOOLANCHERIL HOUSE,
              KAZHAMBUKUNNU, CHEERAL P.O, WAYANAD, PIN - 673595
              BY ADVS.
              NIRMAL V NAIR
              M.ANEESH
              MUHAMMED NASEEF BIN SALIM
              ARATHI PRABHAKARAN

RESPONDENT:

              IDBI BANK LTD.,
              CITY TOWER, RAHEEM MEMORIAL ROAD, SULTHAN BATHERY, WAYANAD
              DISTRICT
              REPRESENTED BY ITS AUTHORISED OFFICER, PIN - 673579
              BY ADV C.AJITH KUMAR

     THIS     WRIT    PETITION   (CIVIL)   HAVING   COME   UP   FOR   ADMISSION   ON
03.11.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WPC No.31917 of 2022
                                         2




                                JUDGMENT

Dated this the 03rd day of November, 2022

The petitioner has approached this Court

challenging proceedings initiated under the

Securitisation and Reconstruction of Financial Assets

and Enforcement of Security Interest Act (hereinafter

referred to as the SARFAESI Act) for recovery of the

amounts due upon a cash credit facility 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 is

Rs.3,75,040/- (Rupees Three lakh seventy five

thousand forty only). It was further submitted that

though proceedings for recovery have been initiated, WPC No.31917 of 2022

as a matter of indulgence, the respondent bank is

willing to accept repayment of the outstanding

amount in limited installments.

4. I have heard the learned counsel for the

petitioner as well as 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 outstanding amount in twelve (12)

installments.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire

outstanding amount of Rs.3,75,040/- (Rupees Three

lakh seventy five thousand forty only) along with bank

charges from the petitioner on the following

conditions:

(i) The outstanding amount of Rs.3,75,040/- WPC No.31917 of 2022

(Rupees Three lakh seventy five thousand forty

only) together with any accrued interest/costs

shall be repaid in twelve (12) equated monthly

installments;

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

15.11.2022 and subsequent installments shall

be paid on or before 15th day of every

succeeding month;

(iii) In the event of default of any one installment,

the respondent bank shall be entitled to

proceed in accordance with law;

(iv) 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 SKP/03-11 WPC No.31917 of 2022

APPENDIX OF WP(C) 31917/2022

PETITIONER'S EXHIBITS:

EXHIBIT1 A TRUE COPY OF THE PASSBOOK OF THE BANK ACCOUNT OF THE PETITIONER BY WHICH THE PETITIONER AVAILED THE LOAN EXHIBIT P2 A TRUE COPY OF THE LOAN RECALL NOTICE ISSUED TO THE PETITIONER BY THE RESPONDENT BANK DATED 10.08.2022 RESPONDENTS' EXHIBITS:NIL

TRUE COPY

P.A.TO JUDGE