Saleem . P V vs The Authorised Officer Vijaya ...
2023 Latest Caselaw 1475 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.
     FRIDAY, THE 20TH DAY OF JANUARY 2023 / 30TH POUSHA, 1944
                        WP(C) NO. 42181 OF 2022
PETITIONER/S:

          SALEEM . P V
          AGED 46 YEARS
          S/O KUNHAPPU ,KOTTAPPADI VILLAGE ,MEEPADI POST
          PARAPPOOR VILLAGE , MUBARAK MANZIL
          KOTAPAPPADI VILLAGE , MEENPADI POST
          VYTHIRI WAYANAD DISTRICT, PIN - 673676
          BY ADV M.R.SASITH


RESPONDENT/S:

          THE AUTHORISED OFFICER VIJAYA BANK
          REPRESENTED BY ITS
          AUTHORISED OFFICER /CHIEF MANAGER,
          REGIONAL OFFICE , COURT VIEW ARECADE
          COURT ROAD KOZHIKODE, PIN - 673001
          BY ADV K.ANAND K


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
20.01.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 42181 OF 2022                   2



                                   JUDGMENT

Petitioner has approached this Court challenging

proceedings initiated by the respondent Bank under the

provisions of the Securitisation and Reconstruction of

Financial Assets and Enforcement of Security Interest Act,

for recovery of the amounts due from the petitioner.

2. Learned counsel appearing for the petitioner

submits that the petitioner along with another availed an

overdraft facility from the respondent bank, but he could not

repay that loan because of financial crisis. During course

of hearing, petitioner has confined the relief to an

opportunity for repaying the liability in instalments.

3. Learned counsel appearing for the respondent

bank submits that the petitioner along with another availed

an overdraft facility from the respondent bank and

committed default in repayment. It is also submitted that

regularisation is not possible. It is further submitted that

though proceedings for recovery have been initiated, as a

matter of indulgence, the respondent bank is willing to

accept the repayment of the outstanding amount in limited

instalments. According to the learned counsel appearing for

the respondent, as on 19.01.2023, balance amount which is

liable to be repaid is Rs.49,90,507/- (Rupees Forty nine lakhs

ninety thousand five hundred and seven only) and the

petitioner can be permitted to clear the same in limited

instalments.

4. I have heard the learned counsel for the

petitioner as well as the learned counsel appearing 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 fifteen instalments.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire

outstanding amount of Rs.49,90,507/- (Rupees Forty nine

lakhs ninety thousand five hundred and seven only) along

with accrued interest and bank charges from the petitioner

in the following manner:

(i) The outstanding amount of Rs.49,90,507/- (Rupees Forty nine lakhs ninety thousand five hundred and seven only) shall be repaid in fifteen equated monthly instalments along with any accrued interest/costs;

(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 the succeeding months;

(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 ajt

APPENDIX OF WP(C) 42181/2022

PETITIONER EXHIBITS Exhibit P1 . TRUE COPY OF NOTICE DATED 24/8/2022 ISSUED BY THE ADVOCATE COMMISSIONER TO THE PETITIONER