Kerala High Court
Pradeep Joseph vs Authorized Officer on 7 October, 2022
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. 30876 OF 2022
PETITIONER:
PRADEEP JOSEPH
AGED 39 YEARS
VENATTUMKARY HOUSE
RAMANKARY P.O
ALAPUZHA DISTRICT,
PIN - 689595
BY ADV UNNI. K.K. (EZHUMATTOOR)
RESPONDENTS:
1 AUTHORIZED OFFICER
STATE BANK OF INDIA,
STRESSED ASSETS RECOVERY BRANCH,
7TH FLOOR,
VANKARATH TOWERS
PALARIVATTOM BYE PASS JUNCTION,
ERNAKULAM,
PIN - 682024
2 SATE BANK OF INDIA
REPRESENTED BY ITS BRANCH MANAGER
SME BRANCH,
ALAPUZHA ,
PIN - 688001
BY ADV SHRI.JITHESH MENON, SC, SBI
BY ADV. S EASWARAN (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. 30876 OF 2022 2
JUDGMENT
Petitioner has approached this Court challenging proceedings
initiated by the respondent Bank under the provisions of the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, for recovery of the amounts due
from the petitioner.
2. Learned counsel appearing for the petitioner submits that
the petitioner had availed a cash credit facility from the respondent
bank, but he could not repay/service that loan because of the financial
crisis in connection with Covid-19 pandemic. The petitioner therefore
approached this Court praying with a limited relief seeking chance to
settle the entire liability by paying the amount in instalments. The
learned counsel appearing for the petitioner states that the petitioner
had remitted a sum of Rs. 25,50,000/- as is evident from Exts.P2, P3
and P4 towards the loan liability and the same is kept in a suspense
account by the respondent bank without adjusting the same against
the liabilities. It is submitted that the bank is insisting that the
petitioner should clear the entire liability and part payment cannot be
permitted. It is submitted that there may be a direction to the
respondent bank to adjust the amount of Rs. 25,50,000/- remitted by
the petitioner towards the loan liability and the petitioner may be
given reasonable opportunity to clear the balance amount in
instalments.
3. The learned counsel for the respondent bank states that as
on date, the total liability is Rs. 93,75,000/-. It is submitted that if the
amount of Rs.25,50,000/- is available to be adjusted as is now
projected by the petitioner, the said amount can be adjusted against
the loan liability forthwith and the balance amount can be permitted
to be paid in installments.
i) The amount of Rs. 25,50,000/- which is already paid by the
petitioner as is evident from Exts.P2, P3 and P4 shall be
adjusted against the aforesaid sum of Rs.93,75,000/-
forthwith.
ii) The balance amount of Rs.68,25,000/- (Rupees Sixty Eight
Lakhs Twenty Five Thousand only) along with future interest
and costs shall be repaid in ten equated monthly instalments.
iii) The first instalment shall be paid on or before 15.11.2022 and
the subsequent instalments shall be paid on or before the 15 th
day of each succeeding month.
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 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
DCS
APPENDIX
PETITIONER EXHIBITS
Exhibit P1 TRUE COPY OF THE STATEMENT OF ACCOUNT FROM
1.4.2021 TO 31.3.2022 REGARDING THE LOAN OF
THE PETITIONER
Exhibit P2 TRUE COPY OF THE RECEIPT SHOWING THE PAYMENT
ON 8.4.2022
Exhibit P3 TRUE COPY OF THE RECEIPT SHOWING PAYMENT ON
20.4.2022
Exhibit P4 TRUE COPY OF THE RECEIPT SHOWING THE PAYMENT
ON 25.4.2022
Exhibit P5 TRUE COPY OF THE NOTICE UNDER S.13(4) OF
SARFAESI ACT DATED 3.9.2022
