At, High Court of Kerala
By, THE HONOURABLE MR. JUSTICE DEVAN RAMACHANDRAN
For the Appellant: Thomas P. Kuruvilla, Advocate. For the Respondent: Tom K.Thomas, GP.
Through this writ petition, the petitioner calls into question certain proceedings initiated and being pursued by the respondent Bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act ('the SARFAESI Act' for brevity).
2. I have heard the learned counsel for the petitioner and the learned counsel for the respondent Bank.
3. As I proceed to consider the reliefs prayed for by the petitioner herein, I am conscious that I am jurisdictionally proscribed from entering into any enquiry or consideration of the legality or otherwise of the orders impugned in this writ petition on account of the imperative statutory provisions and the binding judicial pronouncements, especially that of the Hon'ble Supreme Court in Union Bank of India v. Satyawati Tondon [2010 (8) SCC 110] and in Authorised Officer, State Bank of Travancore and Another v. Mathew K.C. [2018 (1) KLT 7 84]. I, therefore, cannot and do not propose to consider any of the legal contentions raised by the petitioner on its merits.
4. However, obviously being aware of this, the learned counsel appearing for the petitioner has prayed that notwithstanding the limitations of jurisdiction as aforementioned, the petitioner may be granted some leniency or latitude in order to enable him to pay off the overdue amounts in installments.
5. I, therefore, enquired with the learned counsel for the Bank as to whether the request on the part of the petitioner can be allowed, especially on account of the fact that the Banks are only interested in recovering and not in maintaining and keep pending litigations and legal proceedings against such recovery. The learned counsel has fairly submitted that theBank is concerned about recovery at the earliest and that if the petitioner pays off the dues quickly, it would be to their interest also.
6. In view of the fact that the proceedings initiated by the Bank would consume time to culminate in total recovery and taking into account the financial constraints and burden that have been alleged and pleaded by the petitioner, I am inclined to dispose of this writ petition allowing him an opportunity to pay off the overdue amounts demanded by the Bank.
7. The learned Standing Counsel for the Bank submitted that, the total overdues in the loan account, as on 07.01.2021, is Rs. 1 crore 70 lakhs and that if the petitioner is willing to pay Rs.50 lakhs by the end of this month, they can allowed to pay the balance, to have the loan regularized, in eight equal monthly installments commencing from February 2021.
8. The learned counsel for the petitioner submitted that his client is agreeable to the above offer made by the Bank and prayed that the writ petition may be ordered granting permission to the petitioner to pay off the amount in the manner as afore.
9. In such circumstances, I direct the petitioner to pay an amount of Rs 50 lakhs on or before 27.01.2021; and if they do so, they will be permitted to pay off the balance overdues along with all applicable charges and interest, in eight equal monthly installments commencing from 20.02.2021. The petitioner shall also, in addition to this, pay the regular EMIs without fail. If such payment is made by the petitioner, its loan account would stand regularised and the petitioner would then be at liberty to service the account as per the terms of the loan sanctioned. It goes without saying that if there is any default in making the payment as directed above, the benefit granted under this ju
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dgment would stand vacated and the Bank will be at liberty to recover the entire liability from the petitioner by continuing with the proceedings from the stage it is on this date. 10. I make it clear that the directions in this judgment are peremptory in nature and that the petitioner will have to comply with the same meticulously. 11. This writ petition is ordered accordingly.