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. 21453 OF 2022
PETITIONER/S:
AKBAR,
AGED 58 YEARS
S/O HYDROSEKUTTY @ KUNJIMON, THAIVALAPPIL HOUSE,
PANANCHERRY LANE, KOORKENCHERY P.O, THRISSUR-680007
BY ADVS.
JOHNSON JOSE PANJIKKARAN
RIMJU P.H.
RESPONDENT/S:
THE AUTHORISED OFFICER,
THRISSUR URBAN CO-OPERATIVE BANK LIMITED, HEAD OFFICE,
MISSION QUARTERS, THRISSUR - 680 001
OTHER PRESENT:
SRI. DEVAPRASANTH P J(SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
06.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P.(C). 21453/2022
2
JUDGMENT
Dated this the 6th day of July, 2022 Petitioner has 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 the loan availed by the petitioner.
2. During the course of hearing, petitioner has confined his relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan amount.
3. It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the overdue amount is Rs.3,04,755/-. It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent bank is W.P.(C). 21453/2022 3 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 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 considering the fact that the petitioner has undertaken to clear off the overdue amount in twelve (12) equal instalments, first of which shall be paid on before 30.07.2022 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.3,04,755/- along with bank charges from the petitioner and regularise the loan account of the petitioner on the following conditions:
W.P.(C). 21453/2022 4
(i) The overdue amount of Rs.3,04,755/- together with any accrued interest and charges shall be repaid in twelve (12) equal 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 as 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.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE sb W.P.(C). 21453/2022 5 APPENDIX OF WP(C) 21453/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF JUDGMENT DATED 27.3.2019 IN W.PO NO. 9362 OF 2019 Exhibit P2 TRUE COPY OF LOAN PASS BOOK ISSUED BY RESPONDENT Exhibit P3 TRUE COPY OF 13(4) NOTICE DATED 23.6.2022 ISSUED BY BANK