Disposed

Sheeba C.S. v. Indian Bank

Kerala HC3 Jun 2022WP(C)/5307/2022

Case brief

AI extract

What is this about?

The Court granted the petitioner an opportunity to repay overdue loan dues in six installments. Upon repayment, the bank is directed to regularize the account. Coercive proceedings are kept in abeyance during this period.

What did the court decide?

Direction to the bank to accept repayment of overdue Rs.5,88,000 in 6 installments, regularize the loan account, and keep coercive proceedings in abeyance.

Sheeba C.S. Vs Indian Bank — 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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FRIDAY, THE 3RD DAY OF JUNE 2022 / 13TH JYAISHTA, 1944

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WP(C) NO. 5307 OF 2022

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PETITIONERS:

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1SHEEBA C.S.
AGED 45 YEARS
SHEEBA C.S, AGED 45, W/O USMAN C.B., PROPRIETRIX,
M/S F AND N ENTERPRISES, CHERUPARAMBIL HOUSE, CHOORNKIKKARA,
ALUVA - 683 106, PIN – 683101.

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2USMAN C.B.
AGED 52 YEARS
USMAN C.B., AGED 52, S/O ANTHIRAVALLY BEERANKUTTI,
CHERUPARAMBIL HOUSE, CHOORNKIKKARA, ALUVA,
ERNAKULAM - 683 106, PIN – 683106.

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BY ADVS.
P.G.JAYASHANKAR
P.K.RESHMA (KALARICKAL)
REVATHY P. MANOHARAN
S.RAJEEV (K/001711/2019)
SAJANA V.H

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RESPONDENTS:

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1INDIAN BANK
INDIAN BANK, KALAMASSERY BRANCH, 1ST FLOOR, AKKM TOWER,
CUSAT JUNCTION, S. KALAMASSERY, COCHIN UNIVERSITY PO,
ERNAKULAM - 682 022, REPRESENTED BY ITS BRANCH MANAGER, PIN
– 682022

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2AUTHORISED OFFICER
AUTHORIZED OFFICER, INDIAN BANK, ZONAL OFFICE, 62/1550 B &
C, RAM MEENA BUILDING, VALANJAMBALAM JUNCTION, SA ROAD,
KOCHI, PIN - 682 016, PIN – 682016.

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3 THE BRANCH MANAGER

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THE BRANCH MANAGER, INDIAN BANK, KALAMASSERY BRANCH, FIRST
FLOOR, AKKM TOWER, CUSAT JUNCTION, S. KALAMASSERY, COCHIN
UNIVERSITY PO, ERNAKULAM - 682 022, PIN - 682022

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OTHER PRESENT:

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1 ADV.S.EASWARAN (S.C)

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
03.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C) NO. 5307 OF 2022 2

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J U D G M E N T

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Petitioner has 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 due upon a loan availed by 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 installments and to obtain regularization 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.5,88,000/- (Rupees Five Lakhs Eighty Eight Thousand only). 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 installments and regularize the loan account.

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I have heard Adv.P.G.Jayashankar, learned counsel for the petitioner as well as Adv.S.Easwaran, the learned Standing Counsel for the respondent.

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WP(C) NO. 5307 OF 2022 3

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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 6 installments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularized.

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Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.5,88,000/- (Rupees Five Lakhs Eighty Eight Thousand only) along with bank charges from the petitioner and regularize the loan account of the petitioner on the following conditions:

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(i) The overdue amount of Rs.5,88,000/- (Rupees Five Lakhs Eighty Eight Thousand only) together with any accrued interest and costs shall be repaid in 6 equated monthly installments;

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(ii) The first installment shall be paid on or before 10-07-2022. The subsequent installments shall be paid on or before the last working day of succeeding months;

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

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WP(C) NO. 5307 OF 2022 4

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(iv) In the event of default of any one installment, 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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 GOPINATH P.
JUDGE

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ats

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WP(C) NO. 5307 OF 2022 5

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APPENDIX OF WP(C) 5307/2022

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PETITIONER EXHIBITS
Exhibit P1EXHIBIT P1 - A TRUE COPY OF THE NOTICE DATED
01.11.2021 ISSUED UNDER S.13 (2) TO THE
PETITIONERS
Exhibit P2EXHIBIT P2 - A TRUE COPY OF THE POSSESSION
NOTICE ISSUED BY THE 2ND RESPONDENT UNDER S.
13(4)
Exhibit P3EXHIBIT P3 - A TRUE COPY OF THE
REPRESENTATION DATED 02.02.2022 PREFERRED BY
THE 2ND PETITIONER
Exhibit P4EXHIBIT P4 - A TRUE COPY OF THE EMAIL DATED
08.02.2022 PREFERRED BY THE PETITIONER
ADDRESSED TO THE 3RD RESPONDENT
Exhibit P5EXHIBIT P5 - A TRUE COPY OF THE E-AUCTION
NOTICE DATED 09.02.2022 ISSUED BY THE 1ST
RESPONDENT BANK

Sheeba C.S. v. Indian Bank

Case brief

What is this about?

What did the court decide?

Sheeba C.S. v. Indian Bank

Case brief

What is this about?

What did the court decide?

What the court decided

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