Rajesh P.M vs The Authorized Officer

                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. 25603 OF 2022
PETITIONER/S:

          RAJESH P.M
          AGED 45 YEARS
          SON OF MANOHARAN, RESIDING AT PULAKKAVIL HOUSE, SOUTH
          PARAVOOR POST, UDAYAMPEROOR, ERNAKULAM DISTRICT., PIN -
          682307
          BY ADVS.
          T.MADHU
          C.R.SARADAMANI
          SHAHID AZEEZ
          RESHMA SANTHOSH
          RENJISH S. MENON


RESPONDENT/S:

    1     THE AUTHORIZED OFFICER
          PEOPLE'S URBAN CO-OPERATIVE BANK LTD NO. 51, HEAD
          OFFICE, THRIPUNITHURA,
          ERNAKULAM DISTRICT., PIN - 679577
    2     THE GENERAL MANAGER
          PEOPLE'S URBAN CO-OPERATIVE BANK LTD NO. 51, HEAD
          OFFICE, THRIPUNITHURA,
          ERNAKULAM DISTRICT., PIN - 679577
          BY ADV DEVAPRASANTH.P.J.


     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. 25603 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 Medium Term loan from the respondent bank and committed default in repayment and the overdue amount is Rs.7,11,352/- (Rupees Seven lakhs elelven thousand three hundred and fifty two only). Learned Standing counsel submits that the bank intends to take possession of the secured asset on 20.08.2022 and the petitioner may be directed to pay some amount in lump-sum before the said date. It was further submitted that though proceedings for recovery have been initiated, as a matter of WP(C) NO. 25603 OF 2022 3 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 bank.

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.7,11,352/- (Rupees Seven lakhs eleven thousand three hundred and fifty two only) along with bank charges from the petitioner and regularise the loan account of the petitioner in the following manner:-

(i) The petitioner shall pay a lump-sum amount of Rs.1,00,000/-

(Rupees one lakh only) on or before 19.08.2022;

(ii) The balance overdue amount of Rs.6,11,352/- (Rupees Six lakhs eleven thousand three hundred and fifty two only) with accrued charges and interest shall be repaid in twelve equated monthly instalments;

(iii)The first instalment shall be paid on or before 15.09.2022 and the subsequent instalments shall be paid on or before the 15th day of each succeeding month;

(iv) Petitioner shall continue to pay the regular EMI's/instalments along with the instalments directed above;

(v) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law;

(vi) 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. 25603 OF 2022 5 APPENDIX OF WP(C) 25603/2022 PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE SALE NOTICE DATED 26/02/2019 ISSUED BY THE FIRST RESPONDENT Exhibit P2 THE TRUE COPY OF THE NOTICE DATED 29/07/2022 ISSUED BY THE ADVOCATE COMMISSIONER IN M.C NO. 516/2019 ON THE FILES OF THE LEARNED ADDITIONAL CHIEF JUDICIAL MAGISTRATE'S COURT (MP/MLA) ERNAKULAM