IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
WEDNESDAY, THE 6TH DAY OF JULY 2022 / 15TH ASHADHA, 1944
WP(C) NO. 21829 OF 2022
PETITIONER:
BASIMA BASHEER,
AGED 55 YEARS,
W/O BASHEER,
MUSLEEMVEETIL HOUSE,
CHENTRAPPINI PO,
CHENDRAPPINI, THRISSUR,
KERALA-680 687.
BY ADVS.
S.MUMTAZ
ALISHA ASLAM
RESPONDENT:
SOUTH INDIAN BANK,
AKP JN, CHRIST COLLEGE ROAD,
IRINJALAKUDA,REPRESENTED BY AUTHORISED OFFICER,
THRISSUR - 680 125.
SRI. SUNIL SHANKER, SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
06.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 21829 OF 2022
2
JUDGMENT
The petitioner has approached this Court challenging proceedings under the SARFAESI Act which have been initiated by the bank 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 housing loan account.
3. It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the overdue amount is Rs.10,63,225/-(Rupees ten lakhs sixty three thousand two hundred and twenty five only) as on 06.07.2022. 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.
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 WP(C) NO. 21829 OF 2022 3 recorded above, I am of the view that the petitioner can be granted an opportunity to repay the overdue amount in four 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.10,63,225/-(Rupees ten lakhs sixty three thousand two hundred and twenty five only) along with bank charges from the petitioner and regularise the loan account of the petitioner on the following conditions:
i. The overdue amount of Rs.10,63,225/-(Rupees ten lakhs sixty three thousand two hundred and twenty five only) along with any accrued interest and charges shall be repaid in four equated monthly instalments. ii. The first instalment shall be paid on or before 30.07.2022 and the subsequent instalments shall be paid on the last working day of every succeeding month. iii. Petitioner 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 petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance. WP(C) NO. 21829 OF 2022 4 As soon as the account is regularized, the possession of the secured asset, which is now with the respondent Bank shall be returned to the petitioner.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE DK WP(C) NO. 21829 OF 2022 5 APPENDIX OF WP(C) 21829/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF DEMAND NOTICE DATED 30-04-
2021 BY THE RESPONDENT TO PETITIONER Exhibit P2 TRUE COPY OF ADVOCATE COMMISSION NOTICE DATED 19-05-2022 BY THE RESPONDENT TO PETITIONER Exhibit P3 RECEIPT OF PAYMENT DATED 07-06-2022 BY THE PETITIONER TO THE RESPONDENT Exhibit P4 RECEIPT OF PAYMENT DATED 27-06-2022 BY THE PETITIONER TO THE RESPONDENT Exhibit P5 REPLY NOTICE DATED 27-06-2022 BY THE PETITIONER TO THE RESPONDENT Exhibit P6 REPLY NOTICE DATED 30-06-2022 BY THE PETITIONER TO THE RESPONDENT