Kerala High Court
Lillykutty Alexander vs State Bank Of India , Rep. By Its ... on 6 January, 2023
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. 31796 OF 2022
PETITIONER:
LILLYKUTTY ALEXANDER
AGED 55 YEARS, W/O. ALEXANDER THOPPIL
KALATHILPARAMBIL PUTHENVEEDU,
NADUVILEMURI, THALAVADY,
KUTTANAD, ALAPPUZHA, PIN - 689 572.
BY ADV E.V.MOLY
RESPONDENT:
STATE BANK OF INDIA , REP. BY ITS AUTHORIZED
OFFICER,
STRESSED ASSET RECOVERY BRANCH ,32/1747,K1,
7TH FLOOR,VANKARATH TOWERS,
PALARIVATTOM BYE PASS JUNCTION,
ERANAKULAM, PIN - 682 024.
OTHER PRESENT:
ADV. S EASWARAN (SC)
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.31796/2022 -:2:-
JUDGMENT
Petitioner availed a housing loan from the respondent
Bank. On default being committed proceedings have been
initiated against the petitioner under the provisions of the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act (SARFAESI Act) Act.
2. The learned counsel appearing for the petitioner
submits that the petitioner may be permitted to pay the
overdue amount and to regularize the loan account in some
installments.
3. The learned counsel appearing for the respondent
Bank would submit that though the account is a housing loan,
the same cannot be regularized as the Bank had recalled the
entire loan and had filed O.A.No.27/2022 before the Debts
Recovery Tribunal under the provisions of the Recovery of Debts
and Bankruptcy Act. It is submitted that the O.A. was filed on
23-12-2021. It is submitted that the present outstanding
amount as on 06-01-2023 is Rs.47,87,330/-(Rupees Forty Seven
Lakh Eighty Seven Thousand Three Hundred and Thirty only)
and the Bank has no objection in permitting the petitioner to
clear the entire outstanding amount in some reasonable
installments.
4. I have heard Adv. E.V.Moly, learned counsel for the
petitioner as well as Adv. S.Easwaran, 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 15
installments.
6. Accordingly, there will be a direction to the respondent
bank to accept repayment of the entire outstanding amount of
Rs.47,87,330/-(Rupees Forty Seven Lakh Eighty Seven Thousand
Three Hundred and Thirty only) along with any accrued interest
and bank charges from the petitioner on the following
conditions:
(i) The outstanding amount of Rs.47,87,330/-(Rupees Forty
Seven Lakh Eighty Seven Thousand Three Hundred and Thirty
only) together with any accrued interest/cost shall be repaid in
15 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.
It is made clear that it will be always open to the petitioner
to seek One Time Settlement and if such One Time Settlement
application is filed, and considered, the petitioner will be
governed by the terms of the One Time Settlement and not by
the directions contained in this judgment.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE
ats
APPENDIX OF WP(C) 31796/2022
PETITIONER EXHIBITS
Exhibit P1 THE TRUE COPY OF THE DEMAND NOTICE DATED
26.10.2021 RECEIVED BY THE PETITIONER
Exhibit P2 THE TRUE COPY OF THE POSSESSION NOTICE DATED
14.01.2022
Exhibit P3 THE TRUE COPY OF THE PAYING SLIP EVIDENCING
DEPOSIT OF CHEQUE DRAWN ON FEDERAL BANK,
NEDUMPURAM BRANCH FOR A SUM OF RS.10 LAKH IN
FAVOUR OF RESPONDENT BANK
