IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MRS. JUSTICE SHOBA ANNAMMA EAPEN TUESDAY, THE 16^TH DAY OF MAY 2023 / 26TH VAISAKHA, 1945 WP(C) NO. 15858 OF 2023 PETITIONER:

M/S PIONEER CARS INDIA PRIVATE LIMITED, KA 14/391-393, KANNOTHUMCHAL, CHOVVA P.O, KANNUR - 670

006. REPRESENTED BY ITS DIRECTOR, SURESHAN POTHAN, AGED

62 YEARS, S/O. NARAYANAN POTHAN, NEERMATHALAM HOUSE, CHOVVA.P.O, KANNOTHUMCHAL, KANNUR, PIN – 670006.

BY ADV K.PRAVEEN KUMAR RESPONDENTS:

1 THE CHIEF MANAGER, (AUTHORIZED OFFICER), STATE BANK OF INDIA, SME BRANCH, 1ST FLOOR, STATE BANK BUILDING, FORT ROAD, KANNUR, PIN – 670001.

2 THE BRANCH MANAGER SME BRANCH, STATE BANK OF INDIA, 1ST FLOOR, STATE BANK BUILDING, FORT ROAD, KANNUR, PIN – 670001.

BY ADV K.JAYESH MOHANKUMAR BY SRI.JAWAHAR JOSE, SC.

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16.05.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

J U D G M E N T

Dated this 16^th day of May, 2023 The petitioner availed cash credit facility from the respondent bank. On committing default in repayment, the respondent bank initiated recovery proceedings against the petitioner. Aggrieved by the issuance of notice under Section 13(2) the SARFAESI Act, 2002, the petitioner has approached this Court with the above writ petition.

2. The limited prayer of the petitioner is to extend the period for payment of Rs.1,11,00,000/- (Rupees two crore ninety seven lakh twenty three thousand and seventy one only) mentioned in Ext.P3 till 30.06.2023.

3. I have heard the learned counsel for the petitioner and the learned counsel for the respondent bank.

4. It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the outstanding amount is Rs.2,97,23,071/- (Rupees two crore ninety seven lakh twenty three thousand and seventy one only). The learned standing counsel submits that if Rs.1,11,00,000/- is paid on or before 30.06.2023, the coercive proceedings shall be kept in abeyance.

5. Considering the facts of the case, I am of the opinion that, the period of payment can be extended till 30.06.2023. The petitioner is directed to pay Rs. 1,11,00,000/-(Rupees one crore eleven lakh only) on or before 30.06.2023 and the balance outstanding in three equated monthly instalments, starting from 30.07.2023.

The writ petition is disposed of, on the following conditions:

(i) The petitioner is directed to repay the outstanding amount of Rs.2,97,23,071/- (Rupees two crore ninety seven lakh twenty three thousand and seventy one only) out of which an amount of Rs.1,11,00,000/-(Rupees one crore eleven lakh only) on or before

30.06.2023 and the balance outstanding in three equated monthly instalments.

(ii) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law. (iv) In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.

Sd/-

SHOBA ANNAMMA EAPEN JUDGE TR APPENDIX OF WP(C) 15858/2023 PETITIONER’S EXHIBITS:-

EXHIBIT P1 TRUE COPY OF THE NOTICE NO. PCIPL /SARFAESI/01 DATED 12.01.2023 ISSUED BY

1ST RESPONDENT.

EXHIBIT P2 TRUE COPY OF THE LETTER NO.

SME/PCIPL//2023-24 ON 20.04.2023 ISSUED BY THE 2ND RESPONDENT.

EXHIBIT P3 TRUE COPY OF THE LETTER NO.

SME/PCIPL//2023-24 DATED 03.05.2023 ISSUED BY THE 2ND RESPONDENT.

EXHIBIT P4 TRUE COPY OF THE LETTER NO.

SME/PCIPL/2023-24 DATED 03.05.2023 SENT BY THE PETITIONER.

RESPONDENTS’ EXHIBITS:- NIL