Full Judgment
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS FRIDAY, THE 7TH DAY OF JANUARY 2022 / 17TH POUSHA, 1943 PETITIONER : JEEJI A.M., AGED 44 YEARS, S/O. BHARATHAN, NANMA SARADA NIVAS, ELAYAVOOR, MUNDAYAD P.O., KANNUR-670594. BY ADVS. M.M.DEEPA P.MAYA RESPONDENTS : 1 STATE OF KERALA, REPRESENTED BY SECRETARY TO THE GOVERNMENT, DEPARTMENT OF CO-OPERATION, SECRETARIAT, THIRUVANANTHAPURAM, PIN-695001. 2 THE KERALA STATE CO-OPERATIVE BANK (KERALA BANK), KANNUR TOWN BRANCH, KANNUR-670001, REPRESENTED BY ITS MANAGER. 3 AUTHORIZED OFFICER, THE KERALA STATE CO-OPERATIVE BANK LTD. (KERALA BANK), KANNUR REGIONAL OFFICE, KANNUR, PIN-670001. R1 BY ADV.SABEENA P.ISMAIL, GOVT.PLEADER R2 & R3 BY ADV.M.SASINDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07.01.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
BECHU KURIAN THOMAS, J.
W.P.(C) No.471 of 2022 Dated this the 7th day of January, 2022
JUDGMENT
Petitioner as borrower from the respondent bank, has committed default in repayment. Consequently, proceedings have been initiated by the bank for recovery of the amounts due.
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 committed default in repayment and the overdue amount is Rs.17,58,030/-. 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 Smt.M.M.Deepa, learned counsel for the
petitioner, Adv.Sabeena P.Ismail, the learned Government Pleader for the first respondent as well as Sri.M.Sasindran, the learned Standing Counsel for the respondent bank.
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 '8' 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.17,58,030/- along with bank charges from the petitioner and regularise the loan account of the petitioner on the following conditions :
(i) The overdue amount of Rs.17,58,030/- shall be repaid in '8' equated monthly instalments.
(ii) The first instalment shall be paid on or before 31.01.2022.
(iii) Petitioner shall continue to pay the regular EMI’s 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/- BECHU KURIAN THOMAS, JUDGE RKM APPENDIX OF WP(C) 471/2022 PETITIONER'S EXHIBITS : Exhibit P1 TRUE COPY OF THE DEMAND NOTICE BEARING NO.KB/KNR/RO/RD/SF/KTN-1 (2020-21) DATED 27.11.2020, ISSUED BY THE 3RD RESPONDENT UNDER SECTION 13(2) OF THE SECURITIZATION AND CONSTRUCTION OF FINANCIAL ASSETS & ENFORCEMENT OF SECURITIES INTEREST ACT 2002. Exhibit P2 TRUE COPY OF THE OBJECTION DATED 28.12.2020 SUBMITTED BY THE PETITIONER BEFORE THE 3RD RESPONDENT. Exhibit P3 TRUE COPY OF THE NOTICE DATED NIL ISSUED BY THE ADV.PRIYANKA SREEDHARAN IN CMP NO.3040 OF 2021 ON THE FILE OF THE CHIEF JUDICIAL MAGISTRATE, THALASSERY.