Ajayan K vs Peoples Urban Cooperative Bank ...
2022 Latest Caselaw 10720 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. 33450 OF 2022
PETITIONERS:

    1       AJAYAN K
            AGED 56 YEARS, S/O PARAMESWARAN,
            KAPPAKKATTU HOUSE, IRUMPANAM, PIN - 682 309.
    2       PRASSETHA
            W/O AJAYAN K, AGED 46 YEARS
            KAPPAKKATTU HOUSE, IRUMPANAM
            PIN - 682 309.
            BY ADVS.
                     BINU B.SAMUEL
                     BIBIN KUMAR


RESPONDENT:

            PEOPLE URBAN CO-OPERATIVE BANK LIMITED
            NO.51, HEAD OFFICE TRIPUNITHURA, ERNAKULAM
            PIN - 682 301
            REPRESENTED BY AUTHORIZED OFFICER
            BY ADV DEVAPRASANTH.P.J.



     THIS     WRIT     PETITION    (CIVIL)     HAVING    COME    UP    FOR
ADMISSION     ON   21.10.2022,      THE     COURT   ON   THE    SAME   DAY
DELIVERED THE FOLLOWING:
 W.P.(C) No.33450/2022
                                  -:2:-


                          JUDGMENT

Petitioners have approached this Court challenging

proceedings initiated under the Securitisation and

Reconstruction of Financial Assets and Enforcement of

Security Interest Act (SARFAESI Act) for recovery of the

amounts due upon a loan availed by the petitioner.

2. During the course of hearing, petitioners have

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 petitioners committed default in repayment and the

outstanding amount is Rs.6,70,056/- (Rupees Six Lakhs

Seventy Thousand and Fifty Six Only). 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 outstanding amount in

limited installments. The leaned counsel appearing for the

respondent bank states that the sale of the property of the

petitioners is scheduled to be held on 05-11-2022 and the W.P.(C) No.33450/2022

the petitioners may be required to pay a substantial amount

prior to that date.

4. I have heard Adv.Binu B.Samuel, the learned

counsel for the petitioners as well as Adv.Devaprasanth.P.J.,

the learned 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

petitioners can be granted an opportunity to repay the

outstanding amount in ten (10) installments.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire

outstanding amount of Rs.6,70,056/- (Rupees Six Lakhs

Seventy Thousand and Fifty Six Only) along with any

accrued interest and bank charges from the petitioners on

the following conditions:

(i) The petitioners shall pay an amount of

Rs.1,00,000/- (Rupees One Lakh Only) on or before

03-11-2022.

W.P.(C) No.33450/2022

(ii) The balance outstanding amount of Rs.5,70,056/-

(Rupees Five Lakhs Seventy Thousand and Fifty Six Only)

together with any accrued interest/cost shall be repaid in

ten(10) equated monthly installments.

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

05-12-2022. The subsequent installments shall be paid on

or before the 5th day of the succeeding months

(iv) In the event of default of any one installment, 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 ats W.P.(C) No.33450/2022

APPENDIX OF WP(C) 33450/2022

PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE RELEVANT PAGE OF THE BANK STATEMENT ISSUED FROM THE RESPONDENT BANK TO THE 1ST PETITIONER ON 17.10.2022 WITH RESPECT TO THE MORTGAGE LOAN BEARING NO 52/18/TK

Exhibit P2 A TRUE COPY OF THE RELEVANT PAGE OF BANK STATEMENT ISSUED FROM THE RESPONDENT BANK TO THE 1ST PETITIONER ON 17/10/2022 WITH RESPECT TO THE EDUCATIONAL LOAN BEARING NO ML 11310320210008

Exhibit P3 A TRUE COPY OF THE SALE NOTICE DATED 26/9/2022 ISSUED BY THE RESPONDENT