IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P.

THURSDAY, THE 15^TH DAY OF SEPTEMBER 2022 / 24TH BHADRA, 1944 WP(C) NO. 28650 OF 2022 PETITIONERS:

1 MUNEER MOIDU K.

AGED 36 YEARS S/O. MOIDU HAJI, KUNNATHU HOUSE, KAMBALAKKAD P.O., KUNNATHU HOUSE, KAMABALAKKAD P.O, KANIYAMBETTA, WAYANAD , PIN - 673122

2 AKBAR MOIDU K AGED 37 YEARS S/O. S/O. MOIDU HAJI, KUNNATHU HOUSE, KAMBALAKKAD P.O., KANIYAMBATTA VIILAGE, VYTHIRI TALUK, WAYANAD, PIN - 673122 BY ADVS.

SARITHA THOMAS A.J.RIYAS SAHL ABDUL KADER ALEN J. CHERUVIL RESPONDENTS:

1 UNION BANK OF INDIA KALPETTA BRANCH, MEENAKSHI COMPLEX, KALPETTA, WAYANAD, REPRESENTED BY ITS BRANCH MANAGER., PIN - 673121

2 THE AUTHORISED OFFICER UNION BANK OF INDIA, REGIONAL OFFICE, KOZHIKODE, PIN - 673006 BY ADV SHRI.A.S.P.KURUP, SC, UBI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON

15.09.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

JUDGMENT

Dated this the 15^th day of September, 2022 Petitioners have approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as the SARFAESI Act) for recovery of the amounts due under cash credit facility and two term loans availed by the petitioners from the respondent bank.

2. During the course of hearing, petitioners have confined the relief to an opportunity for repaying the outstanding amount in instalments. 3. It was submitted on behalf of the respondent bank that the petitioners committed default in repayment and the outstanding amount is Rs.53,94,709/- (Rupees Fifty three lakh ninety four thousand seven hundred nine 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 outstanding amount in limited instalments.

4. I have heard the learned counsel for the petitioners as well as the learned Standing Counsel for the respondents.

5. 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 petitioners can be granted an opportunity to repay the outstanding amount in eighteen (18) instalments.

6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.53,94,709/- (Rupees Fifty three lakh ninety four thousand seven hundred nine only) along with bank charges from the petitioners on the following conditions:

(i) The outstanding amount of Rs.53,94,709/-

(Rupees Fifty three lakh ninety four thousand seven hundred nine only) together with any accrued interest/costs shall be repaid in eighteen (18) equated monthly instalments;

(ii) The first instalment shall be paid on or before

10.10.2022 and subsequent instalments shall be paid on or before 10^th of every succeeding month;

(iii) 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 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 SKP/15-09 APPENDIX OF WP(C) 28650/2022 PETITIONERS' EXHIBITS:

EXHIBIT P1 TRUE COPY OF THE NOTICE DATED 23/06/2021 ISSUED TO THE PETITIONERS BY THE RESPONDENT BANK.

EXHIBIT P2 TRUE COPY OF THE NOTICE DATED 16/07/2022 ISSUED TO THE PETITIONERS BY THE RESPONDENT BANK.

EXHIBIT P3 TRUE COPY OF THE RECEIPT DATED 08/08/2022 EVIDENCING PAYMENT OF RS. 10 LAKHS TO THE RESPONDENT BANK BY THE PETITIONERS.

RESPONDENTS' EXHIBITS: NIL TRUE COPY P.A.TO JUDGE