Kerala High Court
Jyothiprakasan P.R vs Karnataka Bank Ltd on 17 January, 2023
WP(C) NO. 22297 OF 2022
1
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
TUESDAY, THE 17TH DAY OF JANUARY 2023 / 27TH POUSHA, 1944
WP(C) NO. 22297 OF 2022
PETITIONER:
JYOTHIPRAKASAN P.R.
AGED 48 YEARS,
S/O. RAMANKUTTY,
SOUPARNIKA, AISHWARYA GARDEN,
KONGAD P.O.
PALAKKAD - 678 631.
BY ADV E.V.MOLY
RESPONDENT:
KARNATAKA BANK LTD.,
PALAKKAD BRANCH,
D.NO.18/248, M.R. HERITAGE,
W FORT ROAD, PALAKKAD - 678 013.
REPRESENTED BY ITS AUTHORIZED OFRICER.
BY ADV DENNIS VARGHESE
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 17.01.2023, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
WP(C) NO. 22297 OF 2022
2
JUDGMENT
Petitioner has approached this Court challenging
proceedings under the SARFAESI Act which have been initiated
by the bank for recovery of the amounts due from the
petitioner.
2. It was submitted on behalf of the respondent bank that
the petitioner committed default in repayment of a term loan
and the outstanding amount as on 29.12.2022 is Rs.24,11,737/-
(Rupees twenty four lakhs eleven thousand seven hundred and
thirty 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 outstanding amount in limited instalments.
3. I have heard the learned counsel for the petitioner as
well as the learned Standing Counsel for the respondent.
4. 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 12
instalments.
5. Accordingly, there will be a direction to the respondent
bank to accept repayment of the entire outstanding amount of
WP(C) NO. 22297 OF 2022
Rs.24,11,737/-(Rupees twenty four lakhs eleven thousand
seven hundred and thirty seven only) along with any accrued
interest, costs and charges from the petitioner on the following
conditions:
(i)The outstanding amount of Rs.24,11,737/-(Rupees
twenty four lakhs eleven thousand seven hundred
and thirty seven only) along with any accrued
interest, costs and charges shall be repaid in 12
equated monthly instalments.
(ii)The first instalment shall be paid on or before
10.02.2023 and the subsequent instalments shall
be paid on or before the 10th day of every
succeeding month.
(iii) In the event of default of any one instalment, 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
DK
WP(C) NO. 22297 OF 2022
APPENDIX OF WP(C) 22297/2022
PETITIONER EXHIBITS
Exhibit P1 THE TRUE COPY OF THE DEMAND NOTICE
DATED 2.3.2022 RECEIVED BY THE
PETITIONER IS PRODUCED.
Exhibit P2 THE TRUE COPY OF THE OBJECTION DATED
2.5.2022 IS PRODUCED.
Exhibit P3 THE TRUE COPY OF THE POSSESSION NOTICE
DATED 7.6.2022 RECEIVED BY THE
PETITIONER IS PRODUCED.
RESPONDENT EXHIBITS
Exhibit R1 A TRUE COPY OF THE REQUEST LETTER DATED
27.09.2018 BY THE PETITIONER
