Mrs. Linta James vs Bank Of India
2023 Latest Caselaw 5507 Ker

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                              PRESENT
          THE HONOURABLE MR.JUSTICE MURALI PURUSHOTHAMAN
      TUESDAY, THE 2ND DAY OF MAY 2023 / 12TH VAISAKHA, 1945
                      WP(C) NO. 38250 OF 2022
PETITIONER:

          MRS. LINTA JAMES,
          W/O. JAMES, ARTHIVILPURAYIDAM ARATTUMUKKU, MARYANAD,
          PUTHUKURICHY P.O., KADINAMKULAM,
          THIRUVANATHAPURAM, PIN - 695303
          BY ADV S.S.ARAVIND


RESPONDENT:

          M/S. BANK OF INDIA, REPRESENTED BY AUTHORISED OFFICER,
          ZONAL OFFICE, SHREYAS BUILDING, GPO LANE PULIMOODU
          JUNCTION, THIRUVANATHAPURAM, PIN - 695001
          BY ADV K.M.ANEESH


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
02.05.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 38250 OF 2022

                                 2


                            JUDGMENT

The petitioner had availed a loan from the respondent

bank. The petitioner defaulted payment of instalments and the

bank initiated proceedings against her under the provisions of

the SARFAESI Act. The petitioner has approached this court

challenging the proceedings initiated under the SARFAESI Act

and has sought direction to regularise the loan account.

2. The learned counsel for the bank submits that the

amount outstanding towards loan account as on 28/11/2022 is

Rs.14.84 lakhs and the bank is willing for a settlement provided

the petitioner pays the entire amount outstanding. The learned

counsel for the bank further submits that if the petitioner pays

an amount of Rs.5 lakhs within one month and the balance

amount in 10 equal monthly instalments commencing from

15/7/2023, the loan account will be regularised. The learned

counsel for the petitioner agrees to the said suggestion. On the

basis of the submission made by the learned counsel for the

petitioner as well as the learned Standing Counsel for the bank,

there will be a direction to the petitioner to pay an amount of

Rs.5 lakhs within one month and the balance amount in 10 WP(C) NO. 38250 OF 2022

equated monthly instalments commencing from 15/7/2023. In

case the petitioner defaults in payment of any of the

instalments as aforesaid, the bank will be free to proceed

against the petitioner in accordance with law. In order to enable

the petitioner to repay the amounts as above, all coercive

proceedings against the petitioner shall be kept in abeyance.

The writ petition is disposed of.

Sd/-

MURALI PURUSHOTHAMAN JUDGE msp WP(C) NO. 38250 OF 2022

APPENDIX OF WP(C) 38250/2022

PETITIONER EXHIBITS Exhibit-P1 TRUE COPY OF NOTICE IN TERM LOAN, ISSUED BY THE RESPONDENT BANK DATED 07/06/2022. Exhibit- P1(a) TRUE COPY OF NOTICE IN CASH CREDIT LOAN ISSUED BY THE RESPONDENT BANK DATED 07/06/2022.

Exhibit-P2 TRUE COPY OF DEMAND NOTICE DATED 27/07/2022 ISSUED BY RESPONDENT TO THE PETITIONER. Exhibit-P3 TRUE COPY OF POSSESSION NOTICE DATED 28/10/2022 ISSUED BY RESPONDENT TO THE PETITIONER.