Kerala High Court
Sarish V vs State Bank Of India on 4 March, 2025
Author: N.Nagaresh
Bench: N.Nagaresh
2025:KER:17905
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE N.NAGARESH
TUESDAY, THE 4TH DAY OF MARCH 2025 / 13TH PHALGUNA, 1946
WP(C) NO. 667 OF 2025
PETITIONER:
SARISH V.,
AGED 43 YEARS
S/O. SADANANDAN V., VETTAMPADIKKAL HOUSE,
AMARAMBALAM P.O., THATTEKAD, MALAPPURAM,
PIN - 679332
BY ADV. S. M. PRASANTH
RESPONDENTS:
1 STATE BANK OF INDIA,
NILAMBUR TOWN BRANCH,
REPRESENTED BY ITS CHIEF MANAGER,
ELLIKKOTTIL ARCADE, VARANGODE,
DOWNHILL P.O., MALAPPURAM, PIN - 676519
2 STATE BANK OF INDIA- SARB II,
AB AND ASSOCIATES, SREE PURNA TEMPLE ROAD,
ELAMKULAM, KADAVANTHRA, ERNAKULAM, PIN - 682020
BY ADV. SRI. M. JITHESH MENON, STANDING COUNSEL
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 04.03.2025, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
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WP(C) No.667 of 2025
2
JUDGMENT
Dated this the 4th day of March, 2025
The petitioner has approached this Court aggrieved by
the coercive proceedings for recovery of financial advance
made by the State Bank of India to the petitioner, invoking the
provisions of the Securitisation and Reconstruction of Financial
Assets and Enforcement of Security Interest Act, 2002.
2. The petitioner availed four loans from the
respondent-Bank. The petitioner states that though the
petitioner made remittances promptly during the initial
repayment period of the financial advance, he could not pay the
instalments promptly later. The repayment of loans fell into
arrears later. It happened due to reasons beyond the control of
the petitioner.
3. Though the petitioner requested the Bank to
permit the petitioner to repay the overdue amounts in easy
monthly instalments, the Bank authorities were not yielding. The
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authorities, instead, started coercive proceedings, invoking the
provisions of the Securitisation and Reconstruction of Financial
Assets and Enforcement of Security Interest Act, 2002 and the
Security Interest (Enforcement) Rules, 2002 and issued Ext.P4
notice.
4. The petitioner states that he is still in a position
to clear the overdue amounts towards the loan, if sufficient time
is given to clear the dues in easy monthly instalments. If the
respondents are permitted to continue with the coercive
proceedings and auction the secured assets provided by the
petitioner, he will be put to untold hardship and loss.
5. Standing Counsel entered appearance on
behalf of the Bank and denied all the statements made by the
petitioner. On behalf of the respondents, it is submitted that the
petitioner committed default in repaying the loans.
6. The Bank repeatedly reminded the petitioner
and required him to clear the dues. The petitioner deliberately
omitted to do so. In the circumstances, the Bank had no other
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go than to proceed against the petitioner invoking the provisions
of the Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002. The impugned
Ext.P4 was issued in these circumstances. The petitioner has
not advanced any legal reasons to thwart the coercive
proceedings initiated by the Bank.
7. The Standing Counsel, however, submitted
that if the petitioner is ready and willing to make a substantial
payment soon and remit the balance outstanding amount
immediately thereafter, a short breathing time can be granted to
the petitioner to clear the dues. The Standing Counsel
submitted that the outstanding amount due to the Bank from the
petitioner as on 04.03.2025 is ₹77,22,058/-.
8. I have heard the counsel for the petitioner and
the Standing Counsel representing the Bank.
9. The specific case of the petitioner is that the
petitioner has been making the repayment and maintaining the
loan account initially. The default in repayment of the loan
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occurred lately due to reasons beyond the control of the
petitioner. The petitioner has provided substantial security
which will safeguard the interest of the Bank.
10. In the facts and circumstances of the case, I
am inclined to dispose of the writ petition giving a short and
reasonable time to the petitioner to clear off the liability.
11. The writ petition is therefore disposed of with
the following directions:
(i) The petitioner shall remit the
outstanding amount of ₹77,22,058/- in 10
consecutive and equal monthly instalments
along with accruing interest and other Bank
charges, if any. First of such instalments shall
be paid on or before 30.03.2025.
(ii) If the petitioner commits single default
in making payments as directed above, the
respondents will be at liberty to continue with
the coercive proceedings against the petitioner
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in accordance with law.
(iii) If the petitioner makes payments as
directed above, coercive proceedings, if any,
against the petitioner shall stand deferred.
Sd/-
N.NAGARESH
JUDGE
spk
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APPENDIX OF WP(C) 667/2025
PETITIONER EXHIBITS
Exhibit P1 TRUE PHOTOCOPY OF THE ALL-ACCOUNTS
BALANCE DETAILS AS ON THE DATE OF 18-09-
2023 ISSUED BY RESPONDENT BANK
Exhibit P2 TRUE COPY OF THE OD ACCOUNT DETAILS WITH
RESPECT TO THE ACCOUNT BEARING NO.
00000067272193016
Exhibit P3 TRUE COPY OF CMP 3676 OF 2023 OF THE
CHIEF JUDICIAL MAGISTRATE COURT, MANJERI
Exhibit P4 TRUE COPY OF THE NOTICE ISSUED BY THE
ADVOCATE COMMISSIONER IN CMP 3676 OF
2023 OF THE CHIEF JUDICIAL MAGISTRATE
COURT, MANJERI
Exhibit P5 TRUE COPY OF S.A.619 OF 2023 FILED
BEFORE THE DEBT RECOVERY TRIBUNAL-1
DATED 16-10-2023
Exhibit P6(a) TRUE COPY OF THE TRANSACTION RECEIPT
DATED 28.01.2025
Exhibit P6(b) TRUE COPY OF THE TRANSACTION RECEIPT
DATED 29.01.2025
Exhibit P6(c) TRUE COPY OF THE TRANSACTION RECEIPT
DATED 30.01.2025
Exhibit P6(d) TRUE COPY OF THE TRANSACTION RECEIPT
DATED 31.01.2025
Exhibit P6(e) TRUE COPY OF THE TRANSACTION RECEIPT
DATED 01.02.2025
Exhibit P6(f) TRUE COPY OF THE TRANSACTION RECEIPT
DATED 10.02.2025
