IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
THURSDAY, THE 25TH DAY OF AUGUST 2022 / 3RD BHADRA, 1944
WP(C) NO. 27422 OF 2022
PETITIONERS:
1 SHIVIL BRIGHT,
AGED 39 YEARS,
S/O. SASI, RESIDING AT S.L.BHAVAN, SHETTUNADA,
KUTTAMALA P.O., VELLARADA,
THIRUVANANTHAPURAM - 695 505.
2 SALINI S.L,
AGED 31 YEARS,
W/O. SHIVIL BRIGHT, RESIDING AT S.L.BHAVAN,
SHETTUNADA, KUTTAMALA P.O., VELLARADA,
THIRUVANANTHAPURAM - 695 505.
BY ADV N.SASIDHARAN UNNITHAN
RESPONDENTS:
1 UNION BANK OF INDIA,
REPRESENTED BY AUTHORIZED OFFICER,
PANACHAMOOD - VELLARADA BRANCH, KRIPA PALACE,
VELLARADA P.O., THIRUVANANTHAPURAM DISTRICT - 695 505.
2 BRANCH MANAGER,
UNION BANK OF INDIA, PANCHAMOOD - VELLARADA BRANCH,
KRIPA PALACE, VELLARADA P.O.,
THIRUVANANTHAPURAM DISTRICT - 695 505.
BY ADV ASP.KURUP
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
25.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 27422 OF 2022
2
JUDGMENT
The petitioners have approached this Court challenging proceedings under the SARFAESI Act which have been initiated by the bank for recovery of the amounts due from the petitioners.
2. During the course of hearing, petitioners have 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 petitioners committed default in repayment of the housing loan and the total overdue amount is Rs.2,37,385/-(Rupees two lakhs thirty seven thousand three hundred and eighty five 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 petitioners as well as the learned 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 total overdue amount on condition that WP(C) NO. 27422 OF 2022 3 Rs.1,00,000/- shall be paid on or before 29.08.2022 and the balance amount shall be paid in four equal monthly instalments, the first of which shall be paid on or before 30.09.2022 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.2,37,385/-(Rupees two lakhs thirty seven thousand three hundred and eighty five only) along with accrued interest, costs and charges from the petitioners and regularise the loan account of the petitioners on the following conditions: i. Petitioners shall pay a sum of Rs.1,00,000/- (Rupees one lakh only) on or before 29.08.2022; balance overdue amount along with any accrued interest, costs and charges shall be repaid in four equal monthly instalments.
ii. The first instalment shall be paid on or before 30.09.2022 and the subsequent instalments shall be paid on or before the last working day of every succeeding month.
iii. Petitioners shall continue to pay the regular EMI's 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. v. In order to enable the petitioners to repay the entire amounts, all coercive proceedings shall be kept in abeyance. vi. The sale of the petitioners' property scheduled to be held on 30.08.2022 shall stand stayed on the petitioner remitting a sum of Rs.1,00,000/- (Rupees one lakh only) on or before WP(C) NO. 27422 OF 2022 4 29.08.2022.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE DK WP(C) NO. 27422 OF 2022 5 APPENDIX OF WP(C) 27422/2022 PETITIONER EXHIBITS Exhibit - P1 TRUE COPY OF THEE NOTICE DATED 21-07-2022 ISSUED BY THE 1ST RESPONDENT TO THE PETITIONERS Exhibit- P2 TRUE COPY OF THE RELEVANT PAGES OF THE NOTICE FOR E-AUCTION SALE OF THE SECURITY PROPERTY PUBLISHED IN THE MATHRUBHOOMI DAILY DATED 28-07-2022