Full Judgment
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. FRIDAY, THE 20TH DAY OF JANUARY 2023 / 30TH POUSHA, 1944 WP(C) NO. 1085 OF 2023 PETITIONER: JOSE V DANIEL AGED 54 YEARS, S/O. V.K DANIEL, VADAKEMUNDAKATHIL, KADAPRA- MANNAR P.O, PATHANAMTHITTA DISTRICT, PIN - 689 630. BY ADVS. JOSEPH GEORGE P.J.FRANCIS BIJO THOMAS GEORGE P.A.REJIMON SAJEEV JOHN T. RESPONDENTS: 1 STATE BANK OF INDIA BRANCH AT MANNAR REPRESENTED BY ITS BRANCH MANAGER, MANNAR P.O, ALAPPUZHA, PIN - 689 622. 2 THE AUTHORIZED OFFICER STATE BANK OF INDIA, RASMEC, AMBANATT BUILDING, NEAR KSRTC BUS STATION, MAVELIKKARA, PIN - 690 101.
OTHER PRESENT: ADV. SANTHOSH MATHEW (SC) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20.01.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C) No.1085/2023 -:2:-
JUDGMENT
Petitioner availed three separate loans from the
respondent Bank. On default being committed, proceedings have been initiated against the petitioner under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) to recover amounts due under the aforesaid three loans. The loans include one housing loan and two business loans.
2. The learned counsel appearing for the petitioner submits that the petitioner may be permitted to clear the liability in installments.
3. The learned counsel appearing for the respondent Bank submits that there are no overdues in respect of the
housing loan. It is submitted that out of the remaining two loans one of the loan cannot be regularized and the entire amount of Rs.4,50,065/- (as on 16-01-2023) has to be repaid in full. In respect of the other business loan, it is submitted that the petitioner can be permitted to clear the overdue amount of Rs.11,43,825/-.
4. The learned counsel appearing for the petitioner W.P.(C) No.1085/2023 -:3:- submits that since the term of the business loan, where the
overdue amount is Rs.11,43,825/- will also expire shortly, the petitioner may be permitted to clear the outstanding amount in respect of both business loans in installments.
5. The learned counsel appearing for the respondent bank submits that the bank has no objection in permitting the petitioner to clear the entire outstanding amount in respect of
all the loans in installments. It is submitted that the total outstanding amount (as on 16-01-2023) in respect of all three loans put together is Rs.17,22,818/-(Rupees Seventeen Lakh Twenty Two Thousand Eight Hundred and Eighteen only).
6. 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 18 installments.
7. Accordingly, there will be a direction to the respondent
bank to accept repayment of the entire outstanding amount of Rs.17,22,818/-(Rupees Seventeen Lakh Twenty Two Thousand Eight Hundred and Eighteen only) along with any accrued interest and bank charges from the petitioner on the following W.P.(C) No.1085/2023 -:4:- conditions:
(i) The total outstanding amount of Rs.17,22,818/-(Rupees Seventeen Lakh Twenty Two Thousand Eight Hundred and Eighteen only) in respect of all the three loans together with any accrued interest/cost shall be repaid in 18 equated monthly installments;
(ii) The first installment shall be paid on or before 15-02-2023. The subsequent installments shall be paid on or before the 15th day of the succeeding months;
(iii) In the event of default of any one installment, 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 ats W.P.(C) No.1085/2023 -:5:- APPENDIX OF WP(C) 1085/2023 PETITIONER EXHIBITS Exhibit P-1 TRUE PHOTOCOPY OF NOTICE DATED 09-01-2023 ISSUED BY THE 2ND RESPONDENT