Kripa Associates vs Indusind Bank Limited
2022 Latest Caselaw 10395 Ker

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
                THE HONOURABLE MR. JUSTICE GOPINATH P.
        FRIDAY, THE 7TH DAY OF OCTOBER 2022 / 15TH ASWINA, 1944
                       WP(C) NO. 29149 OF 2022
PETITIONERS:

    1       KRIPA ASSOCIATES
            C/5/24, IRIMPANAM.P.O.,
            TRIPUNITHURA, COCHIN,
            REPRESENTED BY ITS PROPRIETOR AJU K.PAULOSE.,
            PIN - 682309

    2       SINJUMOL.K.K.
            AGED 35 YEARS
            W/O.AJU K.PAULOSE,
            10/409 13/369,
            KARINATTUKILITHATTIL HOUSE,
            THEVACKAL,
            V.K.COLONY.P.O.,
            KALAMASSERY,
            COCHIN.,
            PIN - 683104

            BY ADVS.SAM ISAAC POTHIYIL
                    S.SURAJA
                    MUHAMMED SUHAIR C.A


RESPONDENT:

            INDUSIND BANK LIMITED
            REPRESENTED BY ITS AUTHORIZED OFFICER,
            GOWRI NARAYAN, 40/8400,
            OPP. JAYALAKSHMI SILKS,
            M.G.ROAD, KOCHI.,
            PIN - 682036

            BY ADVS.ASP.KURUP
                    VARGHESE C.KURIAKOSE, SC


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
07.10.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 29149 OF 2022                   2




                                  JUDGMENT

Petitioners have availed six separate vehicle loans from the respondent

bank. This writ petition relates to proceedings initiated by the respondent bank

in respect of two of the loans which are stated to be loans availed by the

petitioners for purchasing mobile cranes. The learned counsel appearing for

the petitioners would submit that the respondent bank has taken physical

possession of the two mobile cranes in question and this has caused serious

prejudice to the petitioners. It is submitted that the petitioners have obtained

contracts which require the petitioners to deploy these cranes and the same is

not materialised on account of the fact that the possession of the mobile cranes

has been taken by the officials of the respondent bank. It is submitted that if

the petitioners are given reasonable opportunity, the petitioners will clear the

overdue amounts in respect of the these mobile cranes and the possession of

the same may be directed to be restored to the petitioners. It is submitted that

the vehicles are in the possession of the respondent bank for the last six months

and are being subjected to deterioration on account of non-use and and non

maintenance.

2. Adv. Sri. Varghese Kuriakose, learned counsel appearing for the

respondent bank states that there are overdue amounts in respect of all the six

loans availed by the petitioners. It is submitted that the term of one among the

six loans is over and the entire amount due under that loan is to be paid by the

petitioners. It is submitted that in respect of the loans which are subject matter

of the present writ petition, the overdue amount in respect of one loan is

Rs.47,67,87.87 while the overdue amount in respect of the other loan is

Rs.37,70,171.75. It is submitted that the if the overdue amounts are cleared, the

respondent bank has no objection in restoring the possession of the mobile

cranes to the petitioners. It is submitted that since there are defaults in respect

of the other loans availed by the petitioners, the amounts due under those loans

will also have to be paid.

3. The learned counsel appearing for the petitioners, in reply, states

that the subject matter of the present writ petition is still taking of physical

possession of the two mobile cranes and the petitioners may be given the

opportunity to clear the overdue amounts of loans taken in respect of those two

mobile cranes in the first instance.

4. Having heard the learned counsel for the petitioners and the

learned counsel appearing for the respondent bank, this writ petition is

disposed of in the following manner:-

i) The petitioners shall pay the overdue amount of Rs. 85,37,259.72

in respect of the two mobile cranes which are the subject matter of this

writ petition along with accrued interest and costs in twelve equal

monthly instalments.

ii) The first instalment shall be paid on or before 31.10.2022 and the

subsequent instalments shall be paid on or before the last working day

of every succeeding month.

iii) Petitioners shall continue to pay the regular monthly instalments

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.

vi) On the petitioners paying a total sum of Rs. 25,00,000/- either in

lump sum or in instalments as stated above, the possession of the two

mobile cranes which is now with the respondent bank shall be restored

to the petitioners. However this will be subject to the condition that the

petitioners continue to comply with the directions contained in this

judgment and also continue to pay the regular instalments in respect of

all the loans availed by the petitioners without fail.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE DCS

APPENDIX

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE LEDGER ACCOUNT MAINTAINED BY THE 1ST PETITIONER.

Exhibit P2 TRUE COPY OF THE 13(2)-NOTICE DATED 12.04.2022 OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST (SARFAESI) ACT, 2002.

Exhibit P3 TRUE COPY OF THE DEMAND NOTICES ISSUED BY ADVOCATE FOR INDUSIND BANK LIMITED.

Exhibit P4 TRUE COPY OF THE PRESALE NOTICE FOR DEMAG AC 665 300 TON ALL TERRAIN CRANE DATED 20.08.2022.

Exhibit P5 TRUE COPY OF THE PRESALE NOTICE FOR DEMAG AC 265 TELESCOPIC CRANE DATED 20.08.2022.