Prakul A G vs State Bank Of India
2023 Latest Caselaw 1488 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. 33869 OF 2022
PETITIONER:

          PRAKUL A G
          AGED 42 YEARS, S/O LATE GOVINDAN P G,
          ARAKKAPARAMBIL HOUSE, DEVASWOMPADAM,
          VARAPUZHA,ERNAKULAM DISTRICT, PIN-683517.

          BY ADV T.JEEJAN


RESPONDENT:

          STATE BANK OF INDIA, VARAPUZHA BRANCH, REPRESENTED BY
          ITS CHIEF MANAGER(MAINTANENCE), JAYASREE S, RETAIL
          ASSETS SMALL AND MEDIUM ENTERPRISES CENTRE(RASMEC) ,
          2ND FLOOR, ALUVA METRO STATION BUILDING, ALUVA-683101.

          BY ADV AMAL GEORGE


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
20.01.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P (C) No.33869/2022                     -2-

                                     JUDGMENT

The petitioner's brother availed loan from the respondent bank. The property

originally belonging to the father of the petitioner was mortgaged for securing the

repayment of the loan. On the death of the petitioner's father the petitioner has

acquired interest in the property in question. On proceedings being initiated under

the provisions of the Securitisation and Reconstruction of Financial Assets and

Enforcement of Security Interest Act (hereinafter referred to as the SARFAESI Act)

to recover the amounts, the petitioner has approached this court seeking the relief

of regularising the loan amount in installments.

2. The learned counsel for the petitioner would submit that the late father

of the petitioner was regularly servicing the loan. It is submitted that the father of

the petitioner was passed away in the year 2014. It is submitted that the petitioner

also lost one of his brothers and his mother and the petitioner himself is bedridden

following an accident. It is submitted that since the action is against the property in

which the petitioner also has an interest, the petitioner may be permitted to clear

the overdue amount in some installments.

3. The learned counsel for the respondent bank submits that the overdue

amount as on 19-01-2023 is Rs.5,41,986/- and some installments can granted to the

petitioner to clear the liability.

4. 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 twenty (20) equal

monthly instalments first of which shall be paid on or before 10-02-2023 and

thereafter, if the amount so directed is repaid within the time as directed above, to

have the loan account regularised.

5. Accordingly, there will be a direction to the respondent bank to accept

repayment of the entire overdue amount of Rs.5,41,986/- 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.5,41,986/- together with any accrued interest and charges shall be repaid in twenty equated monthly instalments.

(ii) The first instalment shall be paid on or before 10-02-2023 and the subsequent instalments shall be paid on or before 10 th 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 be kept in abeyance.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE AMG

APPENDIX OF WP(C) 33869/2022

PETITIONER EXHIBITS

Exhibit P1 THE TRUE COPY OF THE ORDER OF THE HON'BLE ACJM (MP/MLA) SPECIAL COURT ERNAKULAM 29-09-2022 IS PRODUCED HEREWITH AS EXHIBIT P1

Exhibit P2 THE TRUE COPY OF THE NOTICE OF THE ADVOCATE COMMISSIONER ADV.ANJU P V DATED 15-10-2022 IS PRODUCED HEREWITH AS EXHIBIT P2