Syam. K. Panicker vs The Thiruvananthapuram District ...
2022 Latest Caselaw 10965 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. 33320 OF 2022
PETITIONERS:

    1       SYAM. K. PANICKER
            AGED 50 YEARS, S/O KRISHNAPANICKER
            RESIDING AT T.C 68/599(2), KISCHOOS,
            PERUMBALLI MELE VEEDU, THIRUVALLAM P.O,
            THIRUVANANTHAPURAM-, PIN - 695 542.

    2       ZEENA SUDHAKARAN
            AGED 42 YEARS, W/O. SYAM K. PANICKER
            RESIDING AT T.C 68/599(2), KISCHOOS,
            PERUMBALLI MELE VEEDU, THIRUVALLAM P.O
            THIRUVANANTHAPURAM-, PIN - 695 542.


            BY ADVS.
                     S.JATHIN DAS
                     G.S.SANAL KUMAR
                     T.A.PRAKASH


RESPONDENT:

            THE THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK
            LTD.,
            MANACAUD BRANCH, MANACAUD P.O,
            THIRUVANANTHAPURAM-695 009.
            REPRESENTED BY ITS AUTHORIZED OFFICER


            BY ADV NISHA GEORGE



     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.33320 of 2022
                                   -:2:-

                           JUDGMENT

Petitioners 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 under a business loan availed by the

petitioners.

2. During the course of hearing, petitioners have

confined the relief to an opportunity for repaying the

overdue amount in installments and to obtain regularization

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.9,28,564/-(Rupees Nine Lakhs Twenty

Eight Thousand Five Hundred and Sixty Four 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 installments and regularize the

loan account.

W.P.(C) No.33320 of 2022

4. I have heard Adv.S.Jathin Das, learned counsel for

the petitioners as well as Adv.Nisha George, 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 10 installments and thereafter, if the

amount so directed is repaid within the time as directed

above, to have the loan account regularized.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire overdue

amount of Rs.9,28,564/-(Rupees Nine Lakhs Twenty Eight

Thousand Five Hundred and Sixty Four Only) along with

bank charges from the petitioners and regularize the loan

account of the petitioners on the following conditions:

(i) Petitioners shall pay a sum of Rs.2,00,000/- (Rupees

Two Lakhs only) on or before 21-11-2022;

(ii) The balance overdue amount of Rs.7,28,564/-

(Rupees Seven Lakhs Twenty Eight Thousand Five Hundred W.P.(C) No.33320 of 2022

and Sixty Four Only) together with any accrued interest and

costs shall be repaid in 10 equated monthly installments;

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

15-12-2022. The subsequent installments shall be paid on

or before the 15th day of the succeeding months;

(iii) Petitioners shall continue to pay the regular EMI's

along with the installments as directed above;

(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 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 W.P.(C) No.33320 of 2022

APPENDIX OF WP(C) 33320/2022

PETITIONER EXHIBITS

Exhibit P1 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 21.2.2022