Santhosh N.K vs Kerala State Co-Operative Bank ...
2023 Latest Caselaw 1251 Ker

                     IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                      PRESENT
                     THE HONOURABLE MR. JUSTICE GOPINATH P.
         WEDNESDAY, THE 18TH DAY OF JANUARY 2023 / 28TH POUSHA, 1944
                             WP(C) NO. 1633 OF 2023
PETITIONER:

     1        SANTHOSH N.K
              AGED 46 YEARS
              THERADICHERUVIL HOUSE,
              NEEZHOOR P.O, KOTTAYAM, PIN - 686612
              BY ADV ARJUN S.

RESPONDENTS:

     1        KERALA STATE CO-OPERATIVE BANK LTD.,
              E-KOTTAYAM DISTRICT CO-OPERATIVE BANK)
              REPRESENTED BY ITS AUTHORIZED OFFICER,
              NEEZHOOR BRANCH, NEEZHOOR P.O, KOTTAYAM, PIN - 686612
     2        THE AUTHORIZED OFFICER
              KERALA STATE CO-OPERATIVE BANK LTD.,
              (E-KOTTAYAM DISTRICT CO-OPERATIVE BANK),
              NEEZHOOR BRANCH, NEEZHOOR P.O, KOTTAYAM, PIN - 686612
              ADV. ATHUL SHAJI, STANDING COUNSEL

     THIS     WRIT    PETITION   (CIVIL)   HAVING   COME   UP   FOR   ADMISSION   ON
18.01.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WPC No.1633 of 2023
                                       2




                               JUDGMENT

Dated this the 18th day of January, 2023

Petitioner has approached this Court challenging

proceedings initiated under the Securitisation and

Reconstruction of Financial Assets and Enforcement

of Security Interest Act (hereinafter referred to as the

SARFAESI Act) for recovery of the amounts due upon

an ordinary loan availed by the petitioner.

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 petitioner committed default in

repayment and the overdue amount is Rs.8,64,538/-.

It was further submitted that though proceedings for

recovery have been initiated, as a matter of

indulgence, the respondent bank is willing to accept WPC No.1633 of 2023

repayment of the overdue amount in limited

instalments and regularise the loan account.

4. I have heard the learned counsel for the

petitioner as well as the learned Standing Counsel

for the respondent Bank.

5. Having regard to the facts and circumstances

of the case and the situation now prevailing, apart

from the submissions made as recorded above and

also taking into account the fact that the petitioner

has undertaken to clear off the overdue amount

along with regular EMIs, I am of the view that the

petitioner can be granted an opportunity to clear off

the overdue amount in ten (10) equal monthly

instalments first of which shall be paid on or before

31.01.2023 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 WPC No.1633 of 2023

overdue amount of Rs.8,64,538/- along with bank

charges from the petitioner and regularise the loan

account of the petitioner on the following conditions:

(i) The overdue amount of Rs.8,64,538/- together

with any accrued interest and charges shall be

repaid in ten (10) equated monthly

instalments;

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

31.01.2023 and the subsequent instalments

shall be paid on the last working day of every

succeeding month;

(iii) Petitioner shall continue to pay the regular

EMI's 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 petitioner to repay the

entire amounts, all coercive proceedings shall WPC No.1633 of 2023

be kept in abeyance.

The petitioner may also approach the respondent

bank for release of any document which is not the

subject matter of the mortgage to secure the

repayment of loan in question.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE SKP/18-01 WPC No.1633 of 2023

APPENDIX OF WP(C) 1633/2023

PETITIONER'S EXHIBITS:

EXHIBIT P1 A TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 05.01.2023 EXHIBIT P2 A TRUE COPY OF THE SALE DEED NO.620/I/2014 OF KADUTHURUTHY SRO DATED 27.03.2014 RESPONDENTS' EXHIBITS:NIL

TRUE COPY

P.A. TO JUDGE