Najumi Latheef vs Authorized Officer, Indian ...

               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. 25617 OF 2022
PETITIONERS:

    1     NAJUMI LATHEEF
          AGED 38 YEARS
          D/O. ABDUL LATHEEF T.I.,
          THYKKOOTTATHIL HOUSE, MEDICAL COLLEGE,
          MATTAKKADU ROAD, KALAMASSERY,
          ERNAKULAM., PIN - 686503

    2     ABDUL LATHEEF T.I.
          AGED 62 YEARS
          S/O. T.K. ISMAIL,
          THYKKOOTTATHIL HOUSE, MEDICAL COLLEGE,
          MATTAKKADU ROAD, KALAMASSERY,
          ERNAKULAM, PIN - 686503

          BY ADVS.
          JAISON JOSEPH
          VEENA VALLIKANTHAN
          JIJI C. BABY
          AISWARYA T.S.
          M.N.SANJITH


RESPONDENTS:

    1     AUTHORIZED OFFICER, INDIAN OVERSEAS BANK
          REGIONAL OFFICE, 5TH FLOOR, VETTUKATTIL BUILDING, M.G.
          ROAD, ERNAKULAM, PIN - 682016

    2     INDIAN OVERSEAS BANK
          KADAVANTHRA BRANCH,
          MADAPARAMBIL BUILDINGS, K.P.VALLON ROAD,
          ERNAKULAM, PIN - 682020

          BY ADVS.
          Sunil Shankar A
          VIDYA GANGADHARAN(K/000424/2020)
          SANDHRA.S(K/001610/2021)


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
25.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 W.P (C) No.25617/2022                     -2-

                                 JUDGMENT

Petitioners have approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as the Securitisation Act) for recovery of the amounts due upon a cash credit facility availed by 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 upgrade the loan account.

3. It was submitted on behalf of the respondent bank that the petitioners committed default in repayment and the overdue amount is Rs.12,72,702/- as on 10-08-2022. 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 upgrade the loan account.

4. I have heard the learned counsel for the petitioners as well as the learned Standing Counsel for the respondent Bank.

5. Having regard to the facts and circumstances of the case and the situation now prevailing, apart from the submissions made as recorded above and also taking into account the fact that the petitioner has undertaken to clear off the overdue amount along with regular EMIs, I am of the view that the petitioners can be granted an opportunity to clear off the overdue amount in four (4) equal monthly instalments 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 upgraded.

6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.12,72,702/- along with bank charges from the petitioners and upgrade the loan account of the petitioners on the following conditions:

(i) The petitioners shall pay an amount of Rs.3,30,000/- on or before 31-08-

2022. The balance overdue amount together with any accrued interest and charges shall be repaid in four equated monthly instalments.

(ii) The first instalment shall be paid on or before 30-09-2022 and the subsequent instalments shall be paid on 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.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE AMG W.P (C) No.25617/2022 -4- APPENDIX OF WP(C) 25617/2022 PETITIONER EXHIBITS Exhibit P1 TRUE PHOTOCOPY OF THE NOTICE OF SALE OF IMMOVABLE SECURED ASSETS ISSUED UNDER RULE 8(5) AND 9(1) OF SECURITY INTEREST (ENFORCEMENT) RULES, 2002 DATED 28.07.2022 ISSUED TO PETITIONERS BY THE RESPONDENT NO.1 Exhibit P2 TRUE PHOTOCOPY OF THE E-AUCTION SALE NOTICE OF IMMOVABLE SECURED ASSETS DATED 28.07.2022 ISSUED TO PETITIONERS BY THE RESPONDENT NO.1 Exhibit P3 TRUE PHOTOCOPY OF THE REPRESENTATION DATED 05.08.2022 TO RESPONDENT NO.2