Prasad K.G vs State Bank Of India
2022 Latest Caselaw 10708 Ker

                     IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                      PRESENT
                     THE HONOURABLE MR. JUSTICE GOPINATH P.
         FRIDAY, THE 21ST DAY OF OCTOBER 2022 / 29TH ASWINA, 1944
                             WP(C) NO. 33476 OF 2022
PETITIONER:

     1        PRASAD K.G
              AGED 58 YEARS
              S/O. GANGADHARAN PILLAI, KARTHIKA HOUSE,
              VENGALLOOR P.O, THODUPUZHA, IDUKKI DISTRICT, PIN - 685608
              BY ADV BABY THOMAS

RESPONDENTS:

     1        STATE BANK OF INDIA
              THODUPUZHA BRANCH,
              REPRESENTED BY THE BRANCH MANAGER,
              THODUPUZHA., PIN - 685584
     2        THE AUTHORIZED OFFICER UNDER THE SARFAESI ACT
              STATE BANK OF INDIA,
              STRESSED ASSET RECOVERY BRANCH,
              PALARIVATTOM, ERNAKULAM., PIN - 682024
              BY ADV.
              ADV. TOM K THOMAS, SC
              SHRI.JITHESH MENON, SC, SBI

     THIS     WRIT    PETITION   (CIVIL)   HAVING   COME   UP   FOR   ADMISSION   ON
21.10.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WPC No.33476 of 2022
                                          2




                                JUDGMENT

Dated this the 21st day of October, 2022

The 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 SARFAESI Act) for recovery of the

amounts due upon a cash credit loan availed by the

petitioner.

2. During the course of hearing, petitioner has

confined the relief to an opportunity for repaying the

outstanding amount in installments.

3. It was submitted on behalf of the respondent

bank that the petitioner committed default in

repayment and the outstanding amount is

Rs.23,58,289/- (Rupees Twenty three lakh fifty eight

thousand two hundred eight nine only). It was further

submitted that though proceedings for recovery have WPC No.33476 of 2022

been initiated, as a matter of indulgence, the

respondent bank is willing to accept repayment of the

outstanding amount in limited installments.

4. I have heard the learned counsel for the

petitioner as well as the learned Standing 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 petitioner can be granted an opportunity

to repay the outstanding amount in fifteen (15)

installments.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire

outstanding amount of Rs.23,58,289/- (Rupees

Twenty three lakh fifty eight thousand two hundred

eight nine only) along with bank charges from the

petitioner on the following conditions:

(i) The outstanding amount of Rs.23,58,289/- WPC No.33476 of 2022

(Rupees Twenty three lakh fifty eight thousand

two hundred eight nine only) together with any

accrued interest/costs shall be repaid in fifteen

(15) equated monthly installments;

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

15.11.2022 and subsequent installments shall

be paid on or before 15th day of every

succeeding month;

(iii) In the event of default of any one installment,

the respondent bank shall be entitled to

proceed in accordance with law;

(iv) 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 SKP/21-10 WPC No.33476 of 2022

APPENDIX OF WP(C) 33476/2022

PETITIONER'S EXHIBITS:

EXHIBIT P1 A TRUE COPY OF THE CASE DETAILS OF MC NO.

370/2022 OF THE DATE 07.10.2022 OBTAINED BY THE PETITIONER FROM THE E-COURTS SERVICE EXHIBIT P2 A TRUE COPY OF THE NOTICE DATED 12.10.2022 ISSUED BY THE COMMISSIONER RESPONDENTS' EXHIBITS:NIL

TRUE COPY

P.A.TO JUDGE