Suresh Kumar.S vs State Bank Of India
2023 Latest Caselaw 1302 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. 40773 OF 2022
PETITIONER:

         SURESH KUMAR.S.,
         S/O.SIVASANKARAN CHETTIYAR
         KAILASAM, PP 12/53, BHAGAVATHINADA P.O,
         BALARAMAPURAM, THIRUVANANTHAPURAM,
         PIN - 695 501.

         BY ADVS.
                 GEORGIE JOHNY
                 HARITHA P.N.


RESPONDENTS:

    1    STATE BANK OF INDIA,
         SARB THIRUVANANTHAPURAM,
         LAXMI GANAPATHY KOIL ROAD, VAZHUTHAVAUD,
         THIRUVANANTHAPURAM, PIN - 695 036.
         REPRESENTED BY ITS AUTHORISED OFFICER.


    2    ASSET RECONSTRUCTION COMPANY (INDIA) LTD
         NO.1-G, 1ST FLOOR, CENTURY PLAZA, 560-562,
         ANNA SALAI, TEYNAMPET, CHENNAI, PIN - 600 018.
         REPRESENTED BY ITS AUTHORISED OFFICER

         BY ADV B.S.SURESH KUMAR


OTHER PRESENT:

         ADV. TOM K THOMAS (SC)


     THIS WRIT PETITION      (CIVIL) HAVING COME UP       FOR
ADMISSION ON 18.01.2023,     THE COURT ON THE SAME        DAY
DELIVERED THE FOLLOWING:
 W.P.(C) No.40773/2022
                                -:2:-


                           JUDGMENT

Petitioner availed a housing loan from the first

respondent Bank. On the loan becoming a non-performing

asset, the same was assigned to the second respondent,

Asset Reconstruction Company. The second respondent has

initiated proceedings against the petitioner under the

Securitisation and Reconstruction of Financial Assets and

Enforcement of Security Interest Act (SARFAESI Act) to

recover amounts due under the aforesaid loan.

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 second

respondent would submit that the petitioner is a

recalcitrant defaulter. It is submitted that the present

outstanding amount as on 03-01-2023 is Rs.15,13,153.76/-

(Rupees Fifteen Lakh Thirteen Thousand One Hundred and

Fifty Three and Paise Seventy Six only). It is submitted that

if the petitioner is permitted to clear the outstanding W.P.(C) No.40773/2022

amount in installments, the number of installments may be

limited.

4. I have heard Adv. Georgie Johny, learned counsel

for the petitioner as well as Adv. B.S.Suresh Kumar, the

learned counsel for the respondents.

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 12 installments.

6. Accordingly, there will be a direction to the

respondent financial institution to accept repayment of the

entire outstanding amount of Rs.15,13,153.76/-(Rupees

Fifteen Lakh Thirteen Thousand One Hundred and Fifty

Three and Paise Seventy Six only) along with any accrued

interest and bank charges from the petitioner on the

following conditions:

(i) The outstanding amount of Rs.15,13,153.76/-

(Rupees Fifteen Lakh Thirteen Thousand One Hundred and

Fifty Three and Paise Seventy Six only) together with any W.P.(C) No.40773/2022

accrued interest/cost shall be repaid in 12 equated monthly

installments;

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

10-02-2023. The subsequent installments shall be paid on

or before the 10th 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 W.P.(C) No.40773/2022

APPENDIX OF WP(C) 40773/2022

PETITIONER EXHIBITS Exhibit-P1 TRUE COPY OF THE LOAN SANCTION LETTER NO.

RASECC/ HL/ 176/ 06-07 DATED 24.03.2007 BY THE FIRST RESPONDENT.

Exhibit-P2 TRUE COPY OF THE COMMUNICATION DATED 15.09.2022 ISSUED BY THE ADVOCATE COMMISSIONER APPOINTED BY THE HON'BLE CHIEF JUDICIAL MAGISTRATES COURT, THIRUVANANTHAPURAM IN M.C.NO. 434 OF 2108.

Exhibit-P3 TRUE COPY OF THE UNDERTAKING DATED 15.09.2022 ISSUED BY THE PETITIONER TO THE 2ND RESPONDENT