Krishnakumari P vs Karamana Co-Operative Urbank ...
2023 Latest Caselaw 101 Ker

            IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                  PRESENT
             THE HONOURABLE MR. JUSTICE GOPINATH P.
  FRIDAY, THE 6TH DAY OF JANUARY 2023 / 16TH POUSHA, 1944
                       WP(C) NO. 9493 OF 2022
PETITIONER:

            KRISHNAKUMARI P
            AGED 58 YEARS, W/O RAJEEV,
            SREELAKSHMI T.C 6/341(7),
            VARA-115/B LAKE VIEW LANE, VATTIYOORKAVU P.O.,
            THIRUVANANTHAPURAM.

            BY ADVS.
                     S.MOHAMMED AL RAFI
                     BOBY K.JOSEPH


RESPONDENT:

            KARAMANA CO-OPERATIVE URBANK BANK LIMITED NO.1761
            REPRESENTED BY AUTHORISED OFFICER,
            KARAMANA, THIUVANANTHAPURAM-695 002.


            BY ADV R.S.KALKURA



     THIS     WRIT     PETITION    (CIVIL)     HAVING    COME    UP    FOR
ADMISSION     ON   06.01.2023,      THE     COURT   ON   THE    SAME   DAY
DELIVERED THE FOLLOWING:
 W.P.(C) No.9493/2022                    -:2:-

                                   JUDGMENT

Petitioner has 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 under a mortgage 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. The learned counsel appearing for the petitioner

submits that the present outstanding amount after giving

credit to the amount already paid by the petitioner

(pursuant to the interim order dated 21-03-2022) is

Rs.4,67,002/-(Rupees Four Lakh Sixty Seven Thousand and

Two 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.

4. I have heard Adv. S.Mohammed Al Rafi, learned

counsel for the petitioner as well as Adv. R.S.Kalkura, 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

petitioner can be granted an opportunity to repay the

outstanding amount in Four installments.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire

outstanding amount of Rs.4,67,002/-(Rupees Four Lakh

Sixty Seven Thousand and Two Only) along with any

accrued interest and bank charges from the petitioner on

the following conditions:

(i) The outstanding amount of Rs.4,67,002/-(Rupees

Four Lakh Sixty Seven Thousand and Two Only) together

with any accrued interest/cost shall be repaid in four

equated monthly installments;

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

31-01-2023. The subsequent installments shall be paid on

or before the last working day of the succeeding months;

(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 ats

APPENDIX OF WP(C) 9493/2022

PETITIONER EXHIBITS EXHIBIT P1 TRUE COPY OF THE JUDGMENT DATED 11.2.21 IN WPC NO 3473/21

EXHIBIT P2 TRUE COPY OF THE SALE NOTICE DATED 28.2.2022 ISSUED BY THE RESPONDENT

RESPONDENT EXHIBITS EXHIBIT R1 (A) TRUE COPY OF THE COMMUNICATION DATED 20.03.2020 ISSUED BY THE RESERVE BANK OF INDIA TO THE RESPONDENT BANK

EXHIBIT R1 (B) TRUE COPY OF THE COMMUNICATION DATED 2.3.2021 ISSUED BY THE RESERVE BANK OF INDIA TO THE RESPONDENT