Noushad P.A vs Canara Bank
2022 Latest Caselaw 10621 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                              PRESENT
          THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
     FRIDAY, THE 21ST DAY OF OCTOBER 2022 / 29TH ASWINA, 1944
                      WP(C) NO. 30589 OF 2022
PETITIONER:

          NOUSHAD P.A.
          AGED 46 YEARS
          S/O AYAMU,
          POTHATTIL HOUSE, KOTTARAKKOTH,
          PERUMBALLI P.O., KOZHIKODE, PIN - 673586
          BY ADVS.
          J.G.SYAMNATH
          MUHAMMED SAFEER A.


RESPONDENT:

          CANARA BANK
          THAMARASSERY BRANCH,
          LAILA NILAYAM, KARADAY BAZAR,
          MAIN ROAD, THAMARASSERY,
          KOZHIKODE.
          REPRESENTED BY ITS AUTHORISED OFFICER
          , PIN - 673591
OTHER PRESENT:

          0
          SC,SRI.M.GOPIKRISHNAN NAMBIAR


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
21.10.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 30589 OF 2022
                                   2

                     BECHU KURIAN THOMAS, J.
                 -----------------------------------------
                      W.P.(C) No. 30589 of 2022
                 ----------------------------------------
               Dated this the 21st day of October, 2022

                              JUDGMENT

Petitioner as borrower from the respondent bank, has committed

default in repayment. Consequently, proceedings have been initiated

by the bank for recovery of the amounts due.

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

to an opportunity for repaying the total outstanding amount in

instalments.

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

petitioner committed default in repayment and the total outstanding

amount is Rs.1,43,63,152/-. 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

total outstanding amount in limited instalments.

4. I have heard Sri.J.G.Syamnath, the learned counsel for the

petitioner as well as Sri.M.Gopikrishnan Nambiar, 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 total outstanding amount in '18' instalments. WP(C) NO. 30589 OF 2022

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

to accept repayment of the total outstanding amount of

Rs.1,43,63,152/- along with bank charges from the petitioner on the

following conditions:

(i) The total outstanding amount of Rs.1,43,63,152/- shall be repaid in '18' equated monthly instalments.

(ii) The first instalment shall be paid on or before 21-11-2022 and the remaining instalments shall be paid on or before the 21st day of every succeeding month.

(iii)In the meantime petitioner shall be at liberty to approach the respondent with any proposal for one time settlement scheme, and if such a proposal is submitted, the respondent shall consider the same earnestly.

(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 against the petitioner shall be kept in abeyance.

The writ petition is disposed of as above.

BECHU KURIAN THOMAS JUDGE AJM 25/10/22 WP(C) NO. 30589 OF 2022

APPENDIX OF WP(C) 30589/2022

PETITIONER EXHIBITS Exhibit-P1 A TRUE COPY OF THE NOTICE UNDER SECTION 13(2) OF THE SARFAESI ACT, 2002 DATED 02-03-2020 Exhibit-P2 A TRUE COPY OF THE NOTICE UNDER SECTION 13(4) OF THE SARFAESI ACT, 2002 DATED 27-11-2020 Exhibit-P3 A TRUE COPY OF THE REPRESENTATION SUBMITTED BY THE PETITIONER DATED 02-03-

//TRUE COPY//

PA TO JUDGE