Sulaiman K vs The Kottakkal Co-Operative Urban ...
2023 Latest Caselaw 99 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.
      FRIDAY, THE 6TH DAY OF JANUARY 2023 / 16TH POUSHA, 1944
                        WP(C) NO. 39142 OF 2022
PETITIONER/S:

          SULAIMAN K
          AGED 50 YEARS
          KALLAN HOUSE, NIRAPARAMBA, MARAKKARA P.O, MALAPPURAM,
          PIN - 676553
          BY ADVS.
          GOURI MEEMPAT
          DEEPA NARAYANAN
          K.SUJAI SATHIAN
          SANGEETHA SREEKUMAR


RESPONDENT/S:

          THE KOTTAKKAL CO-OPERATIVE URBAN BANK, KADAMPUZHA
          BRANCH, REPRESENTED BY ITS AUTHORISED OFFICER BRANCH
          MANAGER
          KOTTAKKAL, MALAPPURAM, PIN - 676504
          BY ADV DEVAPRASANTH.P.J.


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
06.01.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 39142 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. During the course of hearing, petitioner has

confined the relief to an opportunity for repaying the

overdue amount in instalments and to obtain regularisation

of the loan account.

3. It was submitted on behalf of the respondent bank

that the petitioner availed a term loan from the respondent

bank and committed default in repayment. It is submitted

that the overdue amount, as on 05.01.2023, is Rs.21,43,896/-

(Rupees Twenty one lakhs forty three thousand eight

hundred and ninety six only). 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 overdue amount in limited

instalments and regularise the loan account.

4. I have heard the learned counsel for the petitioner

as well as the learned counsel 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 overdue amount

in fifteen instalments and thereafter, if the amount so

directed is repaid within the time as directed above, to have

the loan account regularised.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire overdue

amount of Rs.21,43,896/- (Rupees Twenty one lakhs forty

three thousand eight hundred and ninety six only) along with

bank charges from the petitioner and regularise the loan

account of the petitioner in the following manner:-

(i) The overdue amount of Rs.21,43,896/- (Rupees Twenty one lakhs forty three thousand eight hundred and ninety six only) along with any accrued interest and charges shall be repaid in fifteen equated monthly instalments;

(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 each succeeding month;

(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 OF WP(C) 39142/2022

PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE LETTER ISSUED BY THE 1ST RESPONDENT TO THE 1ST PETITIONER DATED 07.01.2021 Exhibit P2 TRUE COPY OF THE POSSESSION NOTICE DATED 18.07.2022