Stephen. vs M/S Kotak Mahindra Bank Ltd, 1ST Floor Kanaka Dhamodar Building Opposite International Hotel Veeks

Type Court Judgment Court Kerala Decided Dec 05, 2022

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Citation: sooperkanoon.com/1564350
Court: Kerala High Court
Judge: Honourable Mr. Justice Gopinath P.
Decided On: Dec 05, 2022
Case Number: WP(C)/34434/2022

Parties & Advocates

Appellant / Petitioner

Stephen.

Respondent

M/S Kotak Mahindra Bank Ltd, 1ST Floor Kanaka Dhamodar Building Opposite International Hotel Veeks

Excerpt

.....petitioners on the following conditions:(i) the total overdue amount of rs.59,32,057/-(rupeesfifty nine lakh thirty two thousand and fifty seven only) w.p.(c) no.34434 of 2022 -:4:- in respect of both loans together with any accrued interest and costs shall be repaid in 18 equated monthly installments;(ii) the first installment shall be paid on or before 31-12-2022. the subsequent installments shall be paid on or before the last working day of the succeeding months;(iii) petitioners shall continue to pay the regular emi’s along with the installments as directed above;(iv) in the event of default of any one installment, the respondent bank shall be entitled to proceed in accordance with law;(v) in order to enable the petitioners to repay theentire 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.34434 of 2022 -:5:- appendix of wp(c) 34434/2022 petitioner exhibits exhibit p1 exhibit true copy of the section 13[2] notice under sarfaesi act dated 22/1/2019 issued by the respondent bank exhibit p2 true copy of the mc 356/2020 filed by respondent bank before cjm court trivandrum exhibit p 3 true copy of the order in mc 356/2020 dated

Full Judgment

IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. MONDAY, THE 5TH DAY OF DECEMBER 2022 / 14TH AGRAHAYANA, 1944 WP(C) NO. 34434 OF 2022 PETITIONERS: 1 STEPHEN. AGED 51 YEARS THEKKUTHAL VEEDU, ATTUPURAM, KULATHOOR, THRIUVANANTHAPURAM-695506., PIN - 695 506. 2 SOBHIA AGED 43 YEARS THEKKUTHAL VEEDU ATTUPURAM, KULATHOOR, TRIVANDRUM, PIN - 695 506. BY ADVS. N.P.ASHA K.K.DHEERENDRAKRISHNAN RESPONDENT: M/S KOTAK MAHINDRA BANK LTD, 1ST FLOOR KANAKA DHAMODAR BUILDING OPPOSITE INTERNATIONAL HOTEL VEEKSHANAM ROAD COCHIN 1ST FLOOR KANAKA DHAMODAR BUILDING OPPOSITE INTERNATIONAL HOTEL VEEKSHANAM ROAD COCHIN, PIN - 682 035 REPRESENTED BY THE AUTHORISED SIGNATORY AND CHIEF MANAGER BY ADVS. J.RAMKUMAR M.A.JOSEPH MANAVALAN(K/732/1989) KRUSCH P.A(K/750/1999) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05.12.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C) No.34434 of 2022 -:2:-

JUDGMENT

Petitioners availed two loans, both of which are loans against property. Petitioners have approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) for recovery of the amounts in respect of the aforesaid two loans.

2. During the course of hearing, petitioners have confined the relief to an opportunity for repaying the overdue amount in installments and to obtain regularization of the loan accounts.

3. The learned counsel appearing for the respondent Bank submits that the overdue amount in respect of one of the loans is Rs.50,64,564/- as on 28-03-2022, while in

respect of the other loan the overdue amount is Rs.8,67,492/- as on the same date. 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 W.P.(C) No.34434 of 2022 -:3:- installments and regularize the loan accounts.

4. I have heard Adv. N.P. Asha, learned counsel for the petitioners as well as Adv. J.Ramkumar, the learned counsel for the respondent.

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 petitioners can be granted an opportunity to repay the total overdue amount in 18 installments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan accounts regularized.

6. Accordingly, there will be a direction to the

respondent bank to accept repayment of the entire overdue amount of Rs.59,32,057/-(Rupees Fifty Nine Lakh Thirty Two Thousand and Fifty Seven Only) as on 28-03-2022 in respect of both loans along with bank charges from the petitioners and regularize the loan accounts of the petitioners on the following conditions:

(i) The total overdue amount of Rs.59,32,057/-(Rupees

Fifty Nine Lakh Thirty Two Thousand and Fifty Seven Only) W.P.(C) No.34434 of 2022 -:4:- in respect of both loans together with any accrued interest and costs shall be repaid in 18 equated monthly installments;

(ii) The first installment shall be paid on or before 31-12-2022. The subsequent installments shall be paid on or before the last working day of the succeeding months;

(iii) Petitioners shall continue to pay the regular EMI’s along with the installments as directed above;

(iv) In the event of default of any one installment, the respondent bank shall be entitled to proceed in accordance with law;

(v) In order to enable the petitioners 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.34434 of 2022 -:5:- APPENDIX OF WP(C) 34434/2022 PETITIONER EXHIBITS Exhibit P1 EXHIBIT TRUE COPY OF THE SECTION 13[2] NOTICE UNDER SARFAESI ACT DATED 22/1/2019 ISSUED BY THE RESPONDENT BANK Exhibit P2 TRUE COPY OF THE MC 356/2020 FILED BY RESPONDENT BANK BEFORE CJM COURT TRIVANDRUM Exhibit p 3 TRUE COPY OF THE ORDER IN MC 356/2020 DATED

Same Court & Year Kerala · 2022 Same Parties Stephen. vs M/S Kotak Mahindra Bank Ltd, 1ST Floor Kanaka Dha... Same Judge Honourable Mr. Justice Gopinath P.