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. 24611 OF 2022
PETITIONER/S:
JOSE P.M
AGED 73 YEARS
S/O P.J. MATHEW, RESIDING AT 864 PENDANAM, 10
KAKKANADU, KANAYANOOR, ERNAKULAM -, PIN - 682030
BY ADVS.
O.A.NURIYA
ANAND B. MENON
REVATHY P. MANOHARAN
RESPONDENT/S:
PEOPLES URBAN CO-OPERATIVE BANK LIMITED NO 51
HEAD OFFICE THIPUNITHURA
MAIN ROAD, EAST FORT GATE, THRIPPUNITHURA MAIN ROAD,
SH15, THRIPPUNITHURA, KOCHI, KERALA
REPRESENTED BY ITS MANAGER, PIN - 682301
BY ADV DEVAPRASANTH.P.J.
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. 24611 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 an ordinary loan from the respondent bank and committed default in repayment and the overdue amount is Rs.8,86,800/- (Rupees eight lakhs eighty six thousand and eight hundred only) as on 16.08.2022. 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. It is also submitted that a lump sum amount may be directed to be paid as expeditiously as WP(C) NO. 24611 OF 2022 3 possible.
4. I have heard the learned counsel for the petitioner as well as the learned counsel for the respondent.
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 fifteen 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.8,86,800/- (Rupees eight lakhs eighty six thousand and eight hundred 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.2,00,000/-
(Rupees two lakhs only) on or before 30.09.2022;
(ii) The balance overdue amount of Rs.6,86,800/- (Rupees six lakhs eighty six thousand and eight hundred only) with accrued charges and interest shall be repaid in fifteen equated monthly instalments;
(iii) The first instalment shall be paid on or before 30.10.2022 and the subsequent instalments shall be paid on or before the 30th day of each succeeding month; WP(C) NO. 24611 OF 2022 4
(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. 24611 OF 2022 5 APPENDIX OF WP(C) 24611/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE UNDER SECTION 13 (2) OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT DATED 30.04.2021 Exhibit P2 TRUE COPY OF THE NOTICE DATED 17.06.2022 FOR PUBLIC AUCTION Exhibit P3 TRUE COPY OF THE BILL OF TREATMENT OF PETITIONER