Suresh M.P vs 1. Kerala State Co-Operative Bank ...
2022 Latest Caselaw 10743 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. 27453 OF 2022
PETITIONER/S:

    1     SURESH M.P.
          AGED 49 YEARS
          S/O. PURUSHOTHAMAN
          CHITHIRA HOUSE,
          CHANIYAMURI, THEVARA P.O,
          ERNAKULAM, PIN - 682013
    2     MANISHA SURESH
          W/O. SURESH M.P.,
          CHITHIRA HOUSE,
          CHANIYAMURI, THEVARA P.O,
          ERNAKULAM, PIN - 682013
          BY ADVS.
          SHABU SREEDHARAN
          JINSON OUSEPH
          SIDHARTHAN V.K.
          CHITRA VIJAYAN
          NIMISHA GEORGE
          ABDUL HAMEED (NALAKATH)
          APARNA M. NAIR


RESPONDENT/S:

    1     KERALA STATE CO-OPERATIVE BANK LTD.(KERALA BANK)
          REPRESENTED BY ITS AUTHORIZED OFFICER,
          PB NO 6515, COBANK TOWERS,
          PALAYAM, THIRUVANANTHAPURAM, PIN - 695033
    2     REGIONAL MANAGER
          REGIONAL OFFICE OF KERALA BANK, THRISSUR
          SAHAKARANA SADABDHI MANDHIRAM,
          THIRUVAMPADY P.O.,
          THRISSUR, PIN - 680022
    3     BRANCH MANAGER
          KERALA BANK, THEVARA BRANCH,
          NO. 58/2940, 1ST FLOOR, SUDHARMA SOORODAYA SABHA
          BUILDING, MATTAMMELJN, THEVARA, ERNAKULAM, PIN - 682013
          BY ADV N.RAGHURAJ


     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. 27453 OF 2022               2



                              JUDGMENT

Petitioners have 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 petitioners.

2. During the course of hearing, petitioner has

confined the relief to an opportunity for repaying the

overdue amount in instalments and to obtain regularisation

of the loan account.

3. It was submitted on behalf of the respondent bank

that the petitioners availed a loan from the respondent bank

and committed default in repayment and the overdue

amount is Rs.4,49,447/- (Rupees Four lakhs forty nine

thousand four hundred and forty seven 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 overdue amount in limited

instalments and regularise the loan account.

4. I have heard the learned counsel for the petitioners

as well as 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

overdue amount in ten instalments 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.4,49,447/- (Rupees Four lakhs forty nine

thousand four hundred and forty seven only) along with bank

charges from the petitioners and regularise the loan account

of the petitioner in the following manner:-

(i) The overdue amount of Rs.4,49,447/- (Rupees Four lakhs forty nine thousand four hundred and forty seven only) along with any accrued interest and charges shall be repaid in ten equated monthly instalments;

(ii)The first instalment shall be paid on or before 07.11.2022 and the subsequent instalments shall be paid on or before the 07th day of each succeeding month;

(iii) Petitioners shall continue to pay the regular EMI's/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 petitioners 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 ajt

APPENDIX OF WP(C) 27453/2022

PETITIONER EXHIBITS Exhibit-P1 TRUE COPY OF THE DISCHARGE SUMMARY OF THE 2ND PETITIONER ISSUED BY THE GOVT. MEDICAL COLLEGE, KOTTAYAM DATED 15.10.2018 Exhibit-P2 THE TRUE COPY OF THE NOTICE DATED 18.08.2022 ISSUED BY THE 1ST RESPONDENT Exhibit-P3 TRUE COPY OF NOTICE DATED 21.08.2022 PUBLISHED IN MALAYALA MANORAMA NEWSPAPER ISSUED BY THE 2ND RESPONDENT