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Samkutty @ Sam C.C. v. Chairman

Kerala HC13 Oct 2021WP(C)/18729/2021

Case brief

AI extract

What is this about?

In a writ petition regarding default in loan repayment, the High Court of Kerala directed the respondent bank to accept repayment of the overdue amount and bank charges in fifteen equated monthly instalments, regularise the account, and keep coercive proceedings in abeyance upon strict compliance.

What did the court decide?

Directs respondent bank to accept repayment of overdue amount of Rs.39,81,432/- in fifteen instalments, keep coercive proceedings in abeyance, and regularise the loan account upon compliance.

Samkutty @ Sam C.C. Vs Chairman — Banking and Recovery | Kerala HC (2021)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT

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THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

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WEDNESDAY, THE 13^TH DAY OF OCTOBER 2021 / 21ST ASWINA, 1943

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WP(C) NO. 18729 OF 2021

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PETITIONER:

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SAMKUTTY @ SAM C.C.

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AGED 47 YEARS, S/O. KUNHUTTY, SAMS RESIDENCY, VADUVANCHAL P. O., WAYANAD DISTRICT, PIN - 673 581.

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ADV.C.MANOJ KUMAR(KAKKANAD) ADV.K.K.JYOTHILAKSHMY

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RESPONDENTS:

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1 CHAIRMAN

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KERALA GRAMEEN BANK, HEAD OFFICE, MALAPPURAM DISTRICT, PIN - 673 581.

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2 CHIEF MANAGER

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KERALA GRAMEEN BANK, REGIONAL OFFICE, KALPETTA, WAYANAD DISTRICT, PIN - 673121.

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SRI.M.GOPIKRISHNAN NAMBIAR,SC

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THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 13.10.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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W.P.(C) No.18729/21

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BECHU KURIAN THOMAS, J.

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W.P.(C) No.18729 of 2021

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Dated this the 13^th day of October, 2021

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JUDGMENT

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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.

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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.

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It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the overdue amount is Rs.39,81,432/-. 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.

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I have heard Adv.C.Manoj Kumar, learned counsel for the petitioner as well as Adv.M.Gopikrishnan Nambiar, the learned Standing Counsel for the respondents.

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Having regard to the circumstances of the case and the situation now prevailing, apart from the submissions made as recorded above, I am

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W.P.(C) No.18729/21

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of the view that the petitioner can be granted an opportunity to repay the overdue amount in fifteen instalments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised.

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Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.39,81,432/- along with bank charges from the petitioner and regularise the loan account of the petitioner on the following conditions:

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(i) The overdue amount of Rs.39,81,432/- shall be repaid in fifteen equated monthly instalments.

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(ii) The first instalment shall be paid on or before 15.11.2021.

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(iii) Petitioner shall continue to pay the regular EMI’s along with the instalments directed above.

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

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(v) In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.

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The writ petition is disposed of as above.

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Sd/-

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BECHU KURIAN THOMAS JUDGE

vps

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W.P.(C) No.18729/21

APPENDIX OF WP(C) 18729/2021

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PETITIONER EXHIBITS

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EXHIBIT P1 LAWYER NOTICE DATED 17.12.2020 ISSUED ON BEHALF OF THE PETITIONER. EXHIBIT P2 DEMAND NOTICE DATED 17.04.2021 ISSUED BY THE 2ND RESPONDENT. EXHIBIT P3 REPRESENTATION DATED 20.05.2021 SUBMITTED BY THE PETITIONER BEFORE THE BANK. EXHIBIT P4 LAWYER NOTICE, DATED 04.06.2021 ISSUED BY THE COUNSEL FOR RESPONDENT. EXHIBIT P5 NOTICE UNDER SECTION 13(2) OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 BY THE 2ND RESPONDENT DATED 14.07.2021.

Samkutty @ Sam C.C. v. Chairman

Case brief

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Samkutty @ Sam C.C. v. Chairman

Case brief

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