Disposed

Sasikumar P a, v. People'S Urban Co-Operative Bank

Kerala HC26 Mar 2025WP(C)/12355/2025

Case brief

AI extract

What is this about?

A borrower facing SARFAESI action over a defaulted educational loan sought installments to regularise the account. The bank agreed to terms. The Court directed repayment of Rs.4,09,744/- with an initial Rs.2,50,000/- payment plus six monthly installments, kept coercive proceedings in abeyance, and barred confirmation of the sale if conditions were met.

What the court decided

AI extract

Sasikumar P a, Vs People'S Urban Co-Operative Bank — Banking and Recovery | Kerala HC (2025)

¶1

2025:KER:25775

¶2

IN THE HIGH COURT OF KERALA AT ERNAKULAM

¶3

PRESENT

¶4

THE HONOURABLE MR. JUSTICE GOPINATH P.

¶5

WEDNESDAY, THE 26TH DAY OF MARCH 2025 / 5TH CHAITHRA, 1947

¶6

WP(C) NO. 12355 OF 2025

¶7

PETITIONER:

¶8

SASIKUMAR P A,
AGED 62 YEARS, S/O APPUKUTTA MENON,
RESIDING AT PKP NIVAS, CHETTIPARAMBIL LANE,
THEKUMABHAGAM VILLAGE, TRIPUNITHRA, ERNAKULAM,
PIN – 682 301.

¶9

BY ADVS.

¶10

DANIEL A.J.
SWATHY E.S.
MANISHA V.V

¶11

RESPONDENT:

¶12

PEOPLE'S URBAN CO-OPERATIVE BANK,
PEOPLE’S URBAN CO-OPERATIVE BANK LTD.NO.51/
THRIPUNITHRA , PB NO.1 H.O THRIPUNITHRA,
REPRESENTED BY ITS AUTHORIZED OFFICER,
PIN – 682 301.

¶13

BY ADVS.

¶14

DEVAPRASANTH.P.J. (SC)
SMINI JOSE

¶15

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 26.03.2025, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:

¶16

2025:KER:25775

¶17

WP(C) 12355/2025

¶18

¶19

JUDGMENT

¶20

Petitioner availed an Educational loan from the respondent bank. On default being committed proceedings have been initiated against the petitioner under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), prompting the petitioner to approach this Court by filing the above writ petition.

¶21

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.

¶22

The learned counsel appearing for the respondent bank submits that the overdue amount, as on 26-03-2025, is Rs.4,09,744/-. It is submitted that this is the second writ petition at the instance of the petitioner. It is submitted that the sale of the property of the petitioner is scheduled to be held on 29-03-2025. It is submitted that though this is the second round of litigation at the instance of the

¶23

WP(C) 12355/2025

¶24

¶25

2025:KER:25775

¶26

petitioner, if the petitioner pays a sum of Rs.2,50,000/on or before 10-04-2025, and pays the balance overdue amount in six equal monthly installments, the bank is willing to accept the same and regularise the loan account of the petitioner. It is submitted that this Court may not stay the sale proceedings, and subject to compliance with the conditions, the confirmation of the sale may be stayed.

¶27

Having regard to the circumstances of the case and the submissions made as recorded above, I am of the view that the petitioner can be granted an opportunity to repay the overdue amount on a condition that he will pay a sum of Rs.2,50,000/- on or before 10-04-2025 and balance overdue amount along with any accrued interest, cost and charges in six (06) installments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularized.

¶28

Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.4,09,744/- along with bank charges from the

¶29

2025:KER:25775

¶30

WP(C) 12355/2025

¶31

¶32

petitioner and regularize the loan account of the petitioner in the following manner:

¶33

(i) The petitioner shall pay an amount of Rs.2,50,000/(Rupees Two Lakh and Fifty Thousand Only) on or before 10-04-2025. The balance overdue amount shall be repaid in six (06) equated monthly installments, along with any accrued interest, costs and charges. The first installment shall be paid on or before 09-05-2025;

¶34

(ii) The subsequent installments shall be paid on or before the 10^th day of every succeeding months;

¶35

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

¶36

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

¶37

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

¶38

WP(C) 12355/2025

¶39

¶40

2025:KER:25775

¶41

If the petitioner complies with all the conditions, any sale held on 29-03-2025 will not be confirmed. If the petitioner commits any default, it will be open to the respondent bank to either confirm the sale, if any held on 29-03-2025, or to continue with the proceedings against the petitioner, in accordance with the law.

¶42

The writ petition is disposed of as above.

¶43

Sd/GOPINATH P. JUDGE

¶44

ats

¶45

2025:KER:25775

¶46

WP(C) 12355/2025

¶47

¶48

APPENDIX OF WP(C) 12355/2025

¶49

PETITIONER’S EXHIBITS

¶50

Exhibit P1A TRUE COPY OF THE ORDER DATED 21.05.24
PASSED BY THE HON'BLE HIGH COURT OF
KERALA IN W.P.(C) NO. 17411/2024

¶51

Exhibit P2A TRUE COPY OF THE LOAN SANCTION LETTER
DATED 19.09.22 ISSUED BY THE RESPONDENT

¶52

Exhibit P3

¶53

A TRUE COPY OF THE SALE NOTICE DATED
11.03.2025 ISSUED BY THE RESPONDENT

Sasikumar P a, v. People'S Urban Co-Operative Bank

Case brief

What is this about?

What the court decided

Sasikumar P a, v. People'S Urban Co-Operative Bank

Case brief

What is this about?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Mani T K,S/O T J Kuriakose, Vs the Kerala Bank (Kerala State Co-Operative Bank)

Moses I. @ Imbaraj Moses, Vs Indian Bank

Akbar Salim K.M., Vs Aadhar Housing Finance Limited

Rajan v v, Vs Authorised Officer Under the Ssarfaesi Act, Canara Bank

Princy K., Vs the Regional Transport Officer

Hassan Kutty Vs Union of India