W.P.(C) No.26042 of 2022 -:1:-
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
FRIDAY, THE 26TH DAY OF AUGUST 2022 / 4TH BHADRA, 1944
WP(C) NO. 26042 OF 2022
PETITIONER:
VIJI. K.V
AGED 37 YEARS
KUNNILETTU VEEDU, PUTHUSSERRY P.O, KALLOOPPARA,
THIRUVALLA, PIN - 689 602.
BY ADVS.
M.R.SASITH
HARIKUMAR P.S.
RESPONDENTS:
1 THE AUTHORISED OFFICER
UNION BANK OF INDIA, III FLOOR,
AMALA TOWERS, ADHICHIRA JUNCTION,
KOTTAYAM, PIN - 686 630.
2 MANAGER, UNION BANK OF INDIA
MALLAPPALLY BRANCH, PALATHUNKAL BUILDING,
KOTTAYAM ROAD, MALLAPPALLY,
KOTTAYAM, PIN - 689 585.
BY ADVS.
ASP.KURUP
SADCHITH.P.KURUP(K/1419/2002)
C.P.ANIL RAJ(K/872/2007)
ANCY RUBENS(K/1320/2022)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 26.08.2022, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
W.P.(C) No.26042 of 2022 -:2:-
JUDGMENT
The petitioner has availed total of two loans from the respondent bank. Petitioner has approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) for recovery of the amounts due in respect of the aforesaid two loans.
2. During the course of hearing, petitioner has confined the relief to an opportunity for repaying the overdue amount in installments and to obtain regularization of the loan account.
3. The learned Standing Counsel appearing for the respondent bank submits that out of the two loans, one loan cannot be regularized as the nature of facility is personal loan. It is submitted that the other is a housing loan. The said loan can be regularized by paying the overdue amounts. It is submitted that the outstanding amount in respect of the personal loan is Rs.8,38,037/-(Rupees Eight Lakhs Thirty Eight Thousand and Thirty Seven Only) and the overdue amount in respect of the housing loan is Rs.4,19,272/-(Rupees Four Lakhs Nineteen Thousand Two Hundred and Seventy Two Only). It is submitted W.P.(C) No.26042 of 2022 -:3:- that the other charges and costs amounting to Rs.1,04,598/- (Rupees One Lakh Four Thousand Five Hundred and Ninety Eight Only) have also be paid making the total amount payable to be Rs.13,61,907/-(Rupees Thirteen Lakhs Sixty One Thousand Nine Hundred and Seven Only).
4. I have heard Adv.M.R.Sarith, learned counsel for the petitioner as well as Adv.A.S.P Kurup, 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 petitioner can be granted an opportunity to repay the outstanding amount in respect of the personal loan and overdue amount in respect of housing loan in 15 instalments.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.8,38,037/-(Rupees Eight Lakhs Thirty Eight Thousand and Thirty Seven Only) in respect of personal loan and the overdue amount of Rs.4,19,272/-(Rupees Four Lakhs Nineteen Thousand Two Hundred and Seventy Two Only) in respect of housing loan, along with other charges and cost amounting to Rs.1,04,598/- W.P.(C) No.26042 of 2022 -:4:- from the petitioner and regularize the loan account of the petitioner in respect of the housing loan on the following conditions:
(i) The outstanding amount of Rs.8,38,037/- (Rupees Eight Lakhs Thirty Eight Thousand and Thirty Seven Only) in respect of personal loan together with any accrued interest/costs shall be repaid in 15 equated monthly instalments;
(ii) The overdue amount of Rs.4,19,272/-(Rupees Four Lakhs Nineteen Thousand Two Hundred and Seventy Two Only) in respect of housing loan together with any accrued interest and charges shall also be repaid in 15 equated monthly instalments;
(iii) The first instalment in respect of all the loans shall be paid on or before 30-08-2022 and subsequent instalments shall be paid on or before the last working day of the succeeding months;
(iv) Petitioner shall continue to pay the regular EMI's along with instalments in respect of the housing loan;
(v) The petitioner shall pay a sum of Rs.1,04,598/- (Rupees One Lakh Four Thousand Five Hundred and Ninety Eight Only) towards legal expenses and costs in 15 monthly W.P.(C) No.26042 of 2022 -:5:- installments along with the installments payable in respect of the loan accounts.
(iii) In the event of default of any one installment, the respondent bank shall be entitled to proceed in accordance with law;
(iv) 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 ats W.P.(C) No.26042 of 2022 -:6:- APPENDIX OF WP(C) 26042/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF NOTICE ISSUED BY THE 1ST RESPONDENT DATED 18/07/2022