Sabeena S vs Kerala Bank Ltd
2024 Latest Caselaw 11374 Ker

Kerala High Court

Sabeena S vs Kerala Bank Ltd on 19 April, 2024

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
            THE HONOURABLE MRS. JUSTICE SHOBA ANNAMMA EAPEN
        FRIDAY, THE 19TH DAY OF APRIL 2024 / 30TH CHAITHRA, 1946
                        WP(C) NO. 15533 OF 2024
PETITIONER :-

            SABEENA S.,AGED 27 YEARS
            W/O. BIJU, MULLAMPALLY HOUSE, PALLICKAL P.O.,
            KATTUPUTHUSSERY,THIRUVANANTHAPURAM DISTRICT, PIN - 695604
            BY ADV LATHEESH SEBASTIAN


RESPONDENTS :-

    1       KERALA BANK LTD.,
            CO-BANK TOWERS, PALAYAM, THIRUVANANTHAPURAM ,
            REPRESENTED BY ITS CHIEF EXECUTIVE OFFICER, PIN - 695033

    2       THE AUTHORIZED OFFICER & AREA MANAGER UNDER THE SARFAESI
            ACT, KERALA BANK LTD.,FORT P.O.,
            THIRUVANANTHAPURAM, PIN - 695023

    3       THE BRANCH MANAGER, KERALA BANK LTD., PALLICKAL BRANCH,
            THIRUVANANTHAPURAM, PIN - 695604

            BY SRI.THOMAS ABRAHAM, SC FOR KERALA BANK


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
19.04.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 15533 OF 2024
                                 2




                           JUDGMENT

The petitioner has availed a loan from the respondent

financial institution in the year 2020. Since the petitioner

committed default in repayment, the respondent initiated steps

under the SARFAESI Act and Ext.P1 is the notice issued by the

Advocate Commissioner, informing the petitioner that the

secured assets will be taken possession of, on 31.12.2023.

Aggrieved by the same, the petitioner has filed this writ petition.

2. When the matter is taken up for consideration, the

learned Standing Counsel for the respondent bank submits, on

instructions, that the overdue amount as on today comes to

Rs.11,50,078/- and the respondent is willing to regularise the

account provided the petitioner clears off the overdue amount

in 18 equated monthly installments along with regular EMIs.

3. On the basis of the submission made by the learned

Standing Counsel for the respondent bank as well as the learned WP(C) NO. 15533 OF 2024

counsel for the petitioner, I am of the view that the petitioner

can be granted an opportunity to repay the overdue amount in

installments and thereafter, if the amount is repaid within the

time as directed above, the loan account can be regularised.

Accordingly, there will be a direction to the petitioner to

clear off the entire overdue amount of Rs.11,57,500/- along with

interest in 18 equated monthly installments, commencing from

15.05.2024, along with regular EMI. In case the petitioner

defaults payment of any one of the installments as aforesaid,

the respondent will be free to proceed with, in accordance with

law. In order to enable the petitioner to repay the amounts as

above, coercive steps shall be kept in abeyance.

The writ petition is disposed of as above.

Sd/-

SHOBA ANNAMMA EAPEN JUDGE SMA WP(C) NO. 15533 OF 2024

APPENDIX OF WP(C) 15533/2024

PETITIONER EXHIBITS :-

Exhibit P1 TRUE COPY OF THE ADVOCATE NOTICE ISSUED ON BEHALF OF THE 3RD RESPONDENT DATED 03.02.2024