Vijayalakshmi vs The Kerala State Co-Operative ...
2022 Latest Caselaw 10451 Ker

WP(C) NO. 31508 OF 2022              1

                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. 31508 OF 2022
PETITIONER/S:

            VIJAYALAKSHMI
            AGED 52 YEARS
            W/O. LATE SANTHOSH, AAPATHUSSERY HOUSE, SANATHANA ROAD,
            KONAM, PALLURUTHY, COCHIN, PIN - 682006
            BY ADV RENI JAMES


RESPONDENT/S:

    1       THE KERALA STATE CO-OPERATIVE BANK LTD
            REPRESENTED BY ITS AUTHORIZED OFFICER, THOPPUMPADY
            BRANCH, COCHIN, PIN - 682006
    2       THE AUTHORIZED OFFICER
            THE KERALA STATE CO-OPERATIVE BANK LTD., ERNAKULAM MAIN
            BRANCH, AEC PLAZZA, VALANJALAMBALAM, CHITTOOR ROAD,
            ERNAKULAM , PIN - 682016
OTHER PRESENT:


            ADV. N RAGHUNATH (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. 31508 OF 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 (hereinafter referred to as the

Securitisation Act) for recovery of the amounts due upon an ordinary loan

availed by the petitioner from the respondent bank.

2. During the course of hearing, petitioner has confined the relief to

an opportunity for repaying the overdue amounts in instalments and to obtain

regularisation of the loan account.

3. It was submitted on behalf of the respondent bank that the

petitioner committed default in repayment and the total overdue amount is

Rs.2,33,456/- as on date. 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 instalments and

to regularise the loan account.

4. I have heard the learned counsel for the petitioner as well as the

learned Standing Counsel for the respondent Bank.

5. Having regard to the facts and circumstances of the case and the

situation now prevailing, apart from the submissions made as recorded above

and also taking into account the fact that the petitioner has undertaken to clear

off the overdue amount including any accrued interests and costs along with

regular EMIs, I am of the view that the petitioner can be granted an

opportunity to clear off the overdue amount in fifteen (15) equal monthly

instalments, first of which shall be paid on or before 31.10.2022 and thereafter,

if the amount so directed is repaid within the time as directed above, to have

the loan account regularised.

6. Accordingly, there will be a direction to the respondent bank to

accept repayment of the entire overdue amount of Rs.2,33,456/- along with

accrued interest and costs from the petitioner and regularise the loan account

of the petitioner on the following conditions:

(i) The overdue amount of Rs.2,33,456/- together with any accrued interest and charges shall be repaid in fifteen equated 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) Petitioner 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 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 okb/ //True copy// P.S. to Judge

APPENDIX OF WP(C) 31508/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE POSSESSION NOTICES DATED 05.09.2022