Aswathy Sasidharan vs Union Bank Of India
2023 Latest Caselaw 466 Ker

                     IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                       PRESENT
                     THE HONOURABLE MR. JUSTICE GOPINATH P.
       WEDNESDAY, THE 11TH DAY OF JANUARY 2023 / 21ST POUSHA, 1944
                                 WP(C) NO. 864 OF 2023
PETITIONER:

              ASWATHY SASIDHARAN
              AGED 33 YEARS
              W/O. KANNAN,
              THOPPIL HOUSE, IDUKKI COLONY PO,
              CHERUTHONY, IDUKKI DISTRICT, PIN - 685602
              BY ADVS.
              P.C.MUHAMMED NOUSHIQ
              M.P.SHAMEEM AHAMED

RESPONDENT:

              UNION BANK OF INDIA
              UNION BANK OF INDIA
              REGIONAL OFFICE,KOLLAM,
              SECOND FLOOR, BSNL TELEPHONE EXCHANGE, CHINNAKADA,
              KOLLAM DISTRICT - 691001.
              REPRESENTED BY ITS AUTHORISED OFFICER
              ADV. A S P KURUP, STANDING COUNSEL

     THIS     WRIT    PETITION    (CIVIL)   HAVING   COME   UP   FOR   ADMISSION   ON
11.01.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WPC No.864 of 2023
                                          2




                                JUDGMENT

Dated this the 11th 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

Securitisation Act) for recovery of the amounts due

upon a cash credit facility availed by the petitioner.

2. During the course of hearing, petitioner has

confined the relief to an opportunity for repaying the

outstanding amount in instalments.

3. It was submitted on behalf of the respondent

bank that the petitioner committed default in

repayment and the outstanding amount is

Rs.69,53,308/- as on today. It was further submitted

that though proceedings for recovery have been

initiated, as a matter of indulgence, the respondent

bank is willing to accept repayment of the WPC No.864 of 2023

outstanding amount in limited instalments.

4. I have heard the learned counsel for the

petitioner as well as the learned Standing 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

fifteen (15) instalments.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire

outstanding amount of Rs.69,53,308/- along with

bank charges from the petitioner on the following

conditions:

(i) The outstanding amount of Rs.69,53,308/-

together with any accrued interest/costs shall

be repaid in fifteen (15) equated monthly

instalments;

WPC No.864 of 2023

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

31.01.2023 and subsequent instalments shall

be paid on or before the last working day of

every succeeding month;

(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 SKP/11-01 WPC No.864 of 2023

APPENDIX OF WP(C) 864/2023

PETITIONER'S EXHIBITS:

EXHIBIT P1 TRUE COPY OF THE SALE NOTICE DATED 19.07.2022 ISSUED BY THE BANK UNDER RULE 8 OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT RULES, 2002 TO THE PETITIONER RESPONDENT'S EXHIBITS:NIL

TRUE COPY

P.A. TO JUDGE