IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
WEDNESDAY, THE 10TH DAY OF AUGUST 2022 / 19TH SRAVANA, 1944
WP(C) NO. 25323 OF 2022
PETITIONER/S:
UNNIKRISHANAN A.D
AGED 49 YEARS
S/O DAMODARAN ASAN, AGED 49 YEARS,
TC 40/1506 (07), HARSHAM, MANACAUD,
THIRUVANANTHAPURAM DISTRICT
, PIN - 695009
BY ADV LATHEESH SEBASTIAN
RESPONDENT/S:
1 CANFIN HOMES LTD
REPRESENTED BY THE REGIONAL MANAGER,
REGIONAL OFFICE, 28/452, M.G.ROAD,
THIRUVANANTHAPURAM - 695 001.
, PIN - 695001
2 THE AUTHORISED OFFICER
UNDER THE SARFAESI ACT,
CAN FIN HOMES LTD., REGIONAL OFFICE, 28/452, M.G.ROAD,
THIRUVANANTHAPURAM - 695 001.
, PIN - 695001
3 THE BRANCH MANAGER
CAN FIN HOMES LTD., 28/452, M.G.ROAD,
THIRUVANANTHAPURAM
, PIN - 695001
BY ADV C.Ajith Kumar
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
10.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 25323 OF 2022 2
JUDGMENT
Petitioner has approached this Court, challenging proceedings initiated by the respondent Bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, for recovery of the amounts due from the petitioner.
2. During the course of hearing, petitioner has confined the relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan account.
3. It was submitted on behalf of the respondent bank that the petitioner availed a housing loan from the respondent bank and committed default in repayment and the overdue amount is Rs.8,75,000/- (Rupees eight lakhs and seventy five thousand 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 overdue amount in limited instalments and regularise the loan account.
4. I have heard the learned counsel for the petitioner as well as the learned counsel for the respondent. WP(C) NO. 25323 OF 2022 3
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 petitioner can be granted an opportunity to repay the overdue amount in twelve instalments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.8,75,000/- (Rupees eight lakhs and seventy five thousand only) along with bank charges from the petitioner and regularise the loan account of the petitioner in the following manner:-
(i) The overdue amount of Rs.8,75,000/- (Rupees eight lakhs and seventy five thousand only) along with any accrued interest and charges shall be repaid in twelve equated monthly instalments;
(ii)The first instalment shall be paid on or before 31.08.2022 and the subsequent instalments shall be paid on or before the 30th day of each succeeding month;
(iii)Petitioner shall continue to pay the regular EMI's/instalments along with the instalments directed above;
(iv) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law;
WP(C) NO. 25323 OF 2022 4
(v) In order to enable the petitioner 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 ajt WP(C) NO. 25323 OF 2022 5 APPENDIX OF WP(C) 25323/2022 PETITIONER EXHIBITS ExhibitP1 . TRUE COPY OF THE ORDER OF THE CJM COURT, THIRUVANANTHAPURAM IN M.C NO.591/2022 DATED 30.05.2022 ExhibitP2 TRUE COPY OF THE REPRESENTATION SUBMITTED BY THE PETITIONER BEFORE THE 3RD RESPONDENT DATED 14.07.2022