The High Court granted a conditional regularization of the loan account and suspended coercive proceedings, directing the bank to accept repayment of the overdue amount in 15 installments.
Direction to accept repayment of overdue amount in 15 installments; loan account regularization upon compliance; coercive proceedings kept in abeyance.
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W.P.(C) No.5507/2022
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IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
WEDNESDAY, THE 8TH DAY OF JUNE 2022 / 18TH JYAISHTA, 1944
WP(C) NO. 5507 OF 2022
PETITIONERS:
1DILKUMAR S.
AGED 54 YEARS, S/O. SIVARAJAN, VILAYAIL HOUSE,
CHANTHAVILA, KATTAYIKONAM P. O.,
THIRUVANANTHAPURAM DISTRICT, PIN - 695 584.
2 DILNA DILKUMAR AGED 31 YEARS, D/O. DILKUMAR, VILAYAIL HOUSE, CHANTHAVILA, KATTAYIKONAM P. O., THIRUVANANTHAPURAM DISTRICT, PIN - 695 584.BY ADVS.
K.V.BHADRA KUMARI
BYJA E.G.
RANJITHA R. NAIR
RESPONDENTS:
1 AUTHORIZED OFFICER TRIVANDRUM CO-OPERATIVE URBAN BANK LTD., HEAD OFFICE P. B. NO.115, M. G. ROAD, THIRUVANANTHAPURAM DISTRICT, PIN - 695 001.2 BRANCH MANAGER TRIVANDRUM CO-OPERATIVE URBAN BANK LTD., HEAD OFFICE P. B. NO.115, M. G. ROAD, THIRUVANANTHAPURAM DISTRICT, PIN - 695 001.BY ADV NISHA GEORGE
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 08.06.2022, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
W.P.(C) No.5507/2022
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J U D G M E N T
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 due upon a loan availed by the petitioners.
W.P.(C) No.5507/2022
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for the petitioners as well as Adv.Nisha George, the learned counsel for the respondents.
(i) The overdue amount of Rs.9,83,861/- (Rupees Nine Lakhs Eighty Three Thousand Eight Hundred and Sixty One Only) together with any accrued interest/costs shall be repaid in 15 equated monthly installments.
W.P.(C) No.5507/2022
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(ii) The first installment shall be paid on or before 30-06-2022. The subsequent installments shall be paid on
or before the last working day of succeeding months.
(iii) Petitioners shall continue to pay the regular 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.5507/2022
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APPENDIX OF WP(C) 5507/2022
PETITIONER EXHIBITS
Exhibit |
P1TRUE COPY OF THE GAHAN CREATED BY THE2ND RESPONDENT BANK OVER THE 1 ARES OFPROPERTY OF THE 2ND PETITIONER. |
|---|---|
Exhibit |
P2TRUE COPY OF THE DEMAND NOTICE DATED5.2.2020 ISSUED BY THE 1ST RESPONDENT. |
Exhibit |
P3TRUE COPY OF THE POSSESSION NOTICE DATED7.7.2020 ISSUED BY THE 1ST RESPONDENT TOTHE PETITIONERS. |
Exhibit |
P4TRUE COPY OF THE REQUEST SUBMITTED BYTHE 1ST PETITIONER ON 27.01.2021 BEFORETHE 2ND RESPONDENT. |
Exhibit |
P5TRUE COPY OF THE APPLICATIONS SUBMITTEDBY THE 1ST PETITIONER UNDER THE RTI ACTDATED 29.01.2021. |
Exhibit |
P6TRUE COPY OF THE NOTICE ISSUED BY THEADVOCATE COMMISSIONER DEPUTED INM.C.NO.28/2021 OF CJM COURT,THIRUVANANTHAPURAM TO THE 1STPETITIONER. |
Exhibit |
P7TRUE COPY OF THE ORDER PASSED BY THE CJMCOURT, THIRUVANANTHAPURAM DATED12.03.2021 IN M.C.NO.28/2921. |
3 issues framed by the court
Whether the petitioners are entitled to an opportunity to repay the overdue amount in installments and regularization of their loan account.
Whether coercive proceedings under the SARFAESI Act should be kept in abeyance to enable repayment.
Whether the respondent bank should be directed to accept repayment of the overdue amount in 15 installments.
1 provisions across 1 enactments
DILKUMAR S.
DILNA DILKUMAR
AUTHORIZED OFFICER TRIVANDRUM CO-OPERATIVE URBAN BANK LTD.
BRANCH MANAGER TRIVANDRUM CO-OPERATIVE URBAN BANK LTD.
GOPINATH P.
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court