Allowed

Sunil Gopinatha Pillai, v. the Coastal Urban Co-Operative Bank Limited

Kerala HC29 Aug 2022WP(C)/11475/2022

Case brief

AI extract

What is this about?

In a writ petition challenging recovery proceedings under the SARI Act, the High Court of Kerala directed the bank to accept repayment of the overdue amount via 15 instalments and regularise the account, keeping coercive proceedings in abeyance.

What did the court decide?

Directed the bank to accept repayment in 15 instalments, regularise the account, and keep coercive proceedings in abeyance.

Sunil Gopinatha Pillai, Vs the Coastal Urban… — Contract and Commercial Disputes | Kerala HC (2022)

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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 GOPINATH P.

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MONDAY, THE 29^TH DAY OF AUGUST 2022 / 7TH BHADRA, 1944

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WP(C) NO. 11475 OF 2022

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PETITIONER:

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1 SUNIL GOPINATHA PILLAI, AGED 57 YEARS S/O.GOPINATHAN PILLAI, KAYIPPURUTHUTHEKKETHI, NEERAVIL, PERINAD P.O., KOLLAM, PIN-691 601, REPRESENTED BY THE POWER OF ATTORNEY HOLDER INDIRAMMA.G., W/O.SADANANDAN PILLAI, AGED 74 YEARS, VADAKKETHAZHATHATHIL, PERINAD, KAREEPUZHA P.O., THRIKADAVOOR, KOLLAM, KERALA, PIN-691 601.

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BY ADV AKHIL K.MADHAV

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RESPONDENT:

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1 THE COASTAL URBAN CO-OPERATIVE BANK LIMITED, REPRESENTED BY ITS AUTHORISED OFIFCER, NEAR CIVIL STATION, KOLLAM, PIN-691 013. BY ADV S.SREEJITH

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON

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29.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

WPC NO.11475 OF 2022

JUDGMENT

Dated this the 29^th day of August , 2022

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The petitioner has approached this Court challenging proceedings initiated by the respondent Bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, for recovery of the amounts due from the petitioner.

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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.58,48,293/- (Rupees Fifty eight lakh forty eight thousand two hundred ninety three only) as on date. It was further submitted that though proceedings for

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recovery have been initiated, as a matter of

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WPC NO.11475 OF 2022

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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. Akhil K. Madhav, learned

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counsel for the petitioner as well as Adv. S. Sreejith, the learned counsel for the respondent.

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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 of the view that the petitioner can be granted an opportunity to repay the overdue amount in fifteen (15) 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.58,48,293/- (Rupees Fifty eight lakh forty eight thousand two hundred ninety three only) along with bank charges from the petitioner and regularise the loan account of the

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WPC NO.11475 OF 2022

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petitioner in the following manner:-

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(i) The overdue amount of Rs.58,48,293/(Rupees Fifty eight lakh forty eight thousand two hundred ninety three only) along with any accrued interest and charges shall be repaid in fifteen (15) equated monthly instalments;

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(ii) The first instalment shall be paid on or before 16.09.2022 and the subsequent instalments shall be paid on or before the 16^th day of each succeeding month;

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(iii) The petitioner shall continue to pay the regular EMI’s/instalments 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

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the entire amounts, all coercive

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WPC NO.11475 OF 2022

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proceedings shall be kept in abeyance.

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The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE

SKP/29-08

WPC NO.11475 OF 2022

APPENDIX OF WP(C) 11475/2022

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PETITIONER'S EXHIBITS: EXHIBIT P1 TRUE COPY OF DEMAND NOTICE DATED 29.12.2021 UNDER SECTION 13(2) OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT 2002 PUBLISHED IN BUSINESS LINE NEWS PAPER. RESPONDENT'S EXHIBITS: NIL

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TRUE COPY

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P.A.TO JUDGE

Sunil Gopinatha Pillai, v. the Coastal Urban Co-Operative Bank Limited

Case brief

What is this about?

What did the court decide?

Sunil Gopinatha Pillai, v. the Coastal Urban Co-Operative Bank Limited

Case brief

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What did the court decide?

What the court decided

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