Vijaya Babu.K vs State Bank Of India Nri Branch ...
2023 Latest Caselaw 744 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. 34482 OF 2022
PETITIONER:

          VIJAYA BABU.K.
          AGED 62 YEARS, S/O. KUTTAPPAN,
          MAVILAYIL HOUSE, MATTOM SOUTH, THATTARAMBALAM PO,
          KANNAMANGALAM VILLAGE, MAVELIKKARA TALUK,
          ALAPPUZHA DISTRICT, PIN - 690 103.


          BY ADVS.
                     P.C.HARIDAS
                     P.S.GOVIND


RESPONDENTS:

    1     STATE BANK OF INDIA NRI BRANCH MAVELIKKARA
          OPPOSITE KSRTC BUS STAND,
          PADMANABHAN BUILDINGS, MAVELIKKARA,
          ALAPPUZHA DISTRICT, PIN - 690 103.
          REPRESENTED BY ITS BRANCH MANAGER


    2     AUTHORIZED OFFICER STATE BANK OF INDIA
          RASMEC, MAVELIKKARA, ALAPPUZHA DISTRICT,
          PIN - 690 103.
          BY ADVS.
                     JITHESH MENON, SC, SBI
                     PREETHI P V
                     DEEPA NARAYANAN(K/1754/1995)
                     M.V.BALAGOPAL(K/707/2009)
                     SANGEETHA SREEKUMAR(K/2099/2022)
                     T.SETHUMADHAVAN (SR.)(S-310)


OTHER PRESENT:
           ADV. DEEPA NARAYANAN (SC)


      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
12.01.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P.(C) No.34482/2022              -:2:-




                            JUDGMENT

Petitioner availed two housing loans from the

respondent Bank. Petitioner has approached this Court

challenging proceedings initiated under the Securitisation

and Reconstruction of Financial Assets and Enforcement of

Security Interest Act (SARFAESI Act) for recovery of the

amounts due under the aforesaid two loans.

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 respondent

Bank submits that though the loans are housing loans, the

same cannot be regularized as the term of both loans have

expired. It is submitted that the total outstanding amount

in respect of both loans, as on 30-11-2022 is Rs.16,79,286/-

(Rupees Sixteen Lakh Seventy Nine Thousand Two Hundred

and Eighty Six Only). It is 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 outstanding amounts in limited

installments.

4. I have heard Adv. P.C.Haridas, learned counsel for

the petitioner as well as Adv. Deepa Narayanan, 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 total

outstanding amount in 16 installments.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire

outstanding amount of Rs.16,79,286/- (Rupees Sixteen Lakh

Seventy Nine Thousand Two Hundred and Eighty Six Only)

(as on 30-11-2022) along with any accrued interest and

bank charges from the petitioner on the following

conditions:

(i) The total outstanding amount of Rs.16,79,286/-

(Rupees Sixteen Lakh Seventy Nine Thousand Two Hundred

and Eighty Six Only) in respect of both loans together with

any accrued interest/cost shall be repaid in 16 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

APPENDIX OF WP(C) 34482/2022

PETITIONER EXHIBITS

Exhibit-P1 TRUE COPY OF THE MEDICAL CERTIFICATE DATED 10/02/2022 ISSUED FROM THE SREEKANDAPURAM HOSPITAL, MAVELIKKARA

Exhibit-P2 TRUE COPY OF THE NOTICE DATED 13-12-2021 UNDER SECTION 13 (2) OF THE SARFEASI ACT ISSUED BY THE 2ND RESPONDENT