IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE MOHAMMED NIAS C.P.
FRIDAY, THE 29TH DAY OF APRIL 2022 / 9TH VAISAKHA, 1944
WP(C) NO. 13979 OF 2022
PETITIONERS:
1 MAITHEEN KHAN SHAFEEK @ SHAFEEK M.K.
AGED 51 YEARS
S/O.MAITHEEN KHAN, PUNNAMOOTTUVILA VEEDU,
MUNDELA.P.O, VELLANADU,
THIRUVANANTHAPURAM-695543.REPRESENTED BY POWER
OF ATTORNEY HOLDER JOTHISH.G.S, AGED 52 YEARS,
S/O GANGADHARAN, KOYIPPALLY HOUSE, NEMOM,
THIRUVANANTHAPURAM-695 020.
2 SAFEEDA SHAFEEK,
AGED 44 YEARS
W/O.SHAFEEK.M.K, PUNNAMOOTTUVILA VEEDU,
MUNDELA.P.O, VELLANADU,
THIRUVANANTHAPURAM-695543, REPRESENTED BY POWER
OF ATTORNEY HOLDER JOTHISH.G.S, AGED 52 YEARS,
S/O GANGADHARAN, KOYIPPALLY HOUSE, NEMOM,
THIRUVANANTHAPURAM-695020.
BY ADVS.
SALIM V.S.
P.E.SAJAL
A.M.FOUSI
RESPONDENT:
DEPUTY VICE PRESIDENT -1 & BRANCH HEAD,
THE FEDERAL BANK LTD,
LCRD/THIRUVANANTHAPURAM DIVISION, IV TH FLOOR,
FEDERAL TOWERS, STATUE,
THIRUVANANTHAPURAM-695001.
BY ADV SUNIL SHANKER
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 29.04.2022, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
WP(C) NO.13979 of 2022
2
MOHAMMED NIAS C.P., J
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W.P.(C) No.13979 of 2022
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Dated this the 29 th day of April, 2022
JUDGMENT
The petitioners have availed two loans from the respondent bank by creating mortgage of the residential property as the secured asset. Due to Covid- 19 pandemic repayments were not made in time and the same led to proceedings for recovery against the petitioners. Ext.P1 & Ext.P2 are the possession notices issued under Sections 13(2) and 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
2. The limited prayer of the petitioners in this writ petition is to grant instalment facility to pay the overdue amounts and to regularise the loan account.
3. I have heard Sri.V.S.Salim, the learned counsel for petitioners as well as Sri.Sunil Shankar, the learned Standing Counsel for the respondent. WP(C) NO.13979 of 2022 3
4. The learned Standing Counsel, upon instructions, submitted that the total overdue amount is Rs.22,29,387/- and the respondent Bank is willing to accept repayment of the overdue amount in limited instalments and to regularise the loan account.
5. Taking into account the averments in the writ petition and after hearing the learned counsel on either side, I deem it appropriate to grant 10 equal monthly instalments to the petitioners to wipe off the overdue amounts due to the respondent bank.
6. In the said circumstances, this writ petition is disposed of, with a direction to the respondent-Bank to accept repayment of the entire overdue amount of Rs.22,29,387/- along with bank charges and to regularise the loan account of the petitioners on the following conditions:
(i). The overdue amount of Rs.22,29,387/- along with bank charges shall be repaid in '10' equated monthly instalments.
(ii). The first instalment shall be paid on or before WP(C) NO.13979 of 2022 4 25.05.2022 and the remaining instalments shall be paid on or before the 25th day of every succeeding month.
(iii). Petitioners shall continue to pay the regular EMI's with the accrued interest, if any, continuously over and above the instalments to pay off the overdue amounts.
(iv). In the event of two defaults occuring at any time in repaying the instalments, the petitioners will lose the benefit of this judgment and the respondent bank will be at liberty to proceed against the petitioners on the basis of the recovery proceedings already initiated.
(v) In order to enable the petitioners to repay the entire amounts, all coercive proceedings initiated against the petitioner shall be kept in abeyance. The writ petition is disposed of.
Sd/-
MOHAMMED NIAS C.P., JUDGE AMV/29/04/2022 WP(C) NO.13979 of 2022 5 APPENDIX OF WP(C) 13979/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE DATED 18.06.2021 UNDER SECTION 13(2) OF THE SARFAESI ACT, 2002 ISSUED BY THE RESPONDENT Exhibit P2 TRUE COPY OF THE POSSESSION NOTICE DATED 17.09.2021 UNDER SECTION 13(4) OF THE SARFAESI ACT, 2002 ISSUED BY THE RESPONDENT Exhibit P3 TRUE COPY OF THE ORDER DATED 08.03.2022 PASSED BY THE CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM IN MC.NO.164/2022. RESPONDENTS EXHIBITS : NIL TRUE COPY