Vasanthakumari E.V vs Kerala State Co-Operative Bank ...
2023 Latest Caselaw 714 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.


     THURSDAY, THE 12TH DAY OF JANUARY 2023 / 22ND POUSHA, 1944
                        WP(C) NO. 40167 OF 2022
PETITIONER/S:

            E.V. VASANTHAKUMARI, AGED 61 YEARS
           S/O. PADMANABHAN P.V., EDATHIL KAVUMBAI, KOOTTUMUGHAM,
           NEDIYANGA, SREEKANDAPURAM, KANNUR , PIN - 670631
           BY ADVS.
           SMT.ANUPAMA SUBRAMANIAN,
           SRI. K.R. SRIPATHI
RESPONDENT/S:

           KERALA STATE CO-OPERATIVE BANK LIMITED, REPRESENTED BY
           THE AUTHORISED OFFICER, KANNUR REGIONAL OFFICE, P.B.
           NO.35, KANNUR - 670001
           BY ADVs.
            SRI.GILBERT GEORGE CORREYA, SC, KERALA STATE CO-
           OPERATIVE BANK LTD
           SRI. M. SASINDRAN




     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON

   12.01.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 40167 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 availed a loan by mortgaging

her property from the respondent bank, but she 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 Standing Counsel appearing for the

respondent bank submits that the petitioner availed a loan

by mortgaging his property from the respondent bank and

committed default in repayment. 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 overdue amount in limited

instalments. According to the learned counsel appearing

for the respondent,the overdue amount, as on 15.12.2022,

is Rs.6,62,366/- (Rupees Six lakhs sixty two thousand three

hundred and sixty six 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 overdue

amount of Rs.6,62,366/- (Rupees Six lakhs sixty two

thousand three hundred and sixty six only) along with

accrued interest and bank charges from the petitioner in

the following manner:

(i) The overdue amount of Rs.6,62,366/- (Rupees Six lakhs

sixty two thousand three hundred and sixty six 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 31.01.2023 and the subsequent instalments shall be paid on or before the last working day of the succeeding months;

(iii)Petitioner shall continue to pay the regular EMI's/instalments 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 ajt

APPENDIX EXHIBIT P1 - A TRUE COPY OF THE SALE NOTICE DATED 14.11.2022 ISSUED BY THE RESPONDENT.