Krishnakalesh K.P vs Branch Manager
2023 Latest Caselaw 754 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. 42435 OF 2022
PETITIONER/S:

          KRISHNAKALESH K.P
          AGED 47 YEARS
          S/O PADMANABHAN, KANNANKULANGARA HOUSE,
          POZHAMKAVU, PANANGADU, THRISSUR DISTRICT
          , PIN - 680665
          BY ADV MAHESH V.MENON


RESPONDENT/S:

    1     BRANCH MANAGER
          LOKAMMALLESWARAM NORTH BRANCH
          KODUNGALLUR TOWN CO OPERATIVE BANK LTD,
          CHANDAPURA, KODUNGALLUR,THRISSUR DISTRICT,
          , PIN - 680664
    2     THE AUTHORISED OFFICER
          KODUNGALLUR TOWN CO OPERATIVE BANK LTD,
          CHANDAPURA,KODUNGALLUR,THRISSUR DISTRICT
          , PIN - 680664
          SRI. V.M. KRISHNA KUMAR
     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. 42435 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 credit 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 availed a cash credit 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

12.01.2023, the balance amount which is liable to be repaid

is Rs.52,15,514/- (Rupees Fifty two lakhs fifteen thousand

five hundred and fourteen 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.52,15,514/- (Rupees Fifty two

lakhs fifteen thousand five hundred and fourteen only) along

with accrued interest and bank charges from the petitioner

in the following manner:

(i) The outstanding amount of Rs.52,15,514/- (Rupees Fifty two lakhs fifteen thousand five hundred and fourteen 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) 42435/2022

PETITIONER EXHIBITS Exhibit P1 . A TRUE COPY OF THE SALE NOTICE ISSUED BY THE 2ND RESPONDENT DATED 08.12.2022