Partly allowed

Nimy, v. the Karamana Co-Operative Urban Bank Limited Ltd.

Kerala HC9 Jun 2022WP(C)/2611/2021

Case brief

AI extract

What is this about?

This Court disposed of a writ petition challenging recovery proceedings under the Securitisation Act. Granting the petitioner an opportunity to repay in nine monthly instalments, the Court directed the bank to accept full payment in installments while keeping all coercive proceedings in abeyance.

What did the court decide?

Directed the respondent bank to accept repayment of the outstanding amount in nine monthly instalments; all coercive proceedings kept in abeyance.

Nimy, Vs the Karamana Co-Operative Urban Bank Limited Ltd. — Banking and Recovery | 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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THURSDAY, THE 9^TH DAY OF JUNE 2022 / 19TH JYAISHTA, 1944

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WP(C) NO. 2611 OF 2021

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PETITIONER/S:

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NIMY, AGED 35 YEARS W/O. KUMAR.S, NADUVATHARA VEEDU, NETTAYAM ROAD, NETTAYAM P.O. THIRUVANANTHAPURAM 695 013.

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BY ADVS. SAIJO HASSAN SRI.BENOJ C AUGUSTIN SRI.RAFEEK. V.K. SRI.U.M.HASSAN SMT.P.PARVATHY SMT.SURYA P SHAJI SHRI.MANAS P HAMEED SMT.AATHIRA SUNNY SHRI.ELDHO.N.MONCY NAZRIN HALL A.J.

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RESPONDENT/S:

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1 THE KARAMANA CO-OPERATIVE URBAN BANK LIMITED REPRESENTED BY ITS AUTHORISED OFFICER, KARAMANA, THIRUVANANTHAPURAM 695 002.

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2 NITHIN MOHAN, T C 7/484, VKP NAGAR, KANJIRAMPARA P.O. THIRUVANANTHAPURAM 695 030.

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SRI.R.S.KALKURA , SC

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

W.P(C).2611/21

JUDGMENT

Petitioner has approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as the Securitisation Act) for recovery of the amounts due upon the cash credit facility availed by the 2^nd respondent.

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During the course of hearing, petitioner has confined the relief to an opportunity for repaying the outstanding amount in instalments.

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It was submitted on behalf of the respondent bank that the 2^nd respondent committed default in repayment and the outstanding amount is Rs.3,48,332/-. 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 outstanding amount in limited instalments.

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I have heard the learned counsel for the petitioner as well as the learned Standing Counsel for the 1^st 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 outstanding amount in nine (9) instalments.

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Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.3,48,332/- along with bank charges from the petitioner on the following conditions:

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(i) The petitioner shall pay an amount of Rs.50,000/- on or before

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W.P(C).2611/21

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30.06.2022 and thereafter the balance outstanding amount together with any accrued interest/costs shall be repaid in nine (9) equated monthly instalments starting from 30.7.2022. The subsequent instalments shall be paid on or before the last working day of the succeeding months;

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(iii) 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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(iv) 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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GOPINATH P. JUDGE

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okb/9.6.22

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//True copy// PS to Judge

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W.P(C).2611/21

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APPENDIX OF WP(C) 2611/2021

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PETITIONER EXHIBITS EXHIBIT P1 TRUE COPY OF THE 13(2) NOTICE DATED 09.05.2019 ISSUED BY THE RESPONDENT BANK. EXHIBIT P2 TRUE COPY OF THE NOTICE DATED 06.01.2021 ISSUED BY THE RESPONDENT BANK ALONG WITH ITS ENGLISH TRANSLATION.

Nimy, v. the Karamana Co-Operative Urban Bank Limited Ltd.

Case brief

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Nimy, v. the Karamana Co-Operative Urban Bank Limited Ltd.

Case brief

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