Vasantha .S vs Indian Overseas Bank

                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. 21551 OF 2022
PETITIONER/S:

          VASANTHA .S.,
          AGED 53 YEARS
          W/O RAJEEV R, MELOOTTAZHIKAM, ANAND BHAVAN, VARINJAM,
          KARAMKODE P.O MEENAD, KOLLAM-691579.
          BY ADVS.
          MANSOOR ALI
          BIJITH S.KHAN


RESPONDENT/S:

    1     INDIAN OVERSEAS BANK,
          CHATHANOOR BRANCH,
          REPRESENTED BY ITS MANAGER, ARUNODAYAM, THAZHAM NH 47,
          CHATHANNUR, KOLLAM - 691572.
    2     THE AUTHORIZED OFFICER,1.
          INDIAN OVERSEAS BANK, CHATHANOOR BRANCH ARUNODAYAM,
           THAZHAM NH 47, CHATHANNUR, KOLLAM- 691572.
          ADV. 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. 21551 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. Learned counsel appearing for the petitioner submits that the petitioner had taken a housing loan from the respondent bank, but she could not repay that loan because of the financial crisis in connection with Covid-19 pandemic.

3. Learned Standing Counsel appearing for the respondent bank submits that the petitioner availed a housing loan and committed default in repayment. It is further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent bank is willing to accept the repayment of the outstanding amount in limited instalments. According to the learned Standing counsel appearing for the respondent, balance amount which is liable to be repaid is Rs.17,49,982/- (Rupees seventeen lakhs forty nine thousand nine hundred and WP(C) NO. 21551 OF 2022 3 eighty two only) as on 13.06.2022 and the petitioner can be permitted to clear the same in instalments.

4. I have heard the learned counsel for the petitioner as well as the learned Standing counsel appearing 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 outstanding amount in eighteen instalments.

6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.17,49,982/- (Rupees seventeen lakhs forty nine thousand nine hundred and eighty two only) along with accrued interest and bank charges from the petitioner on the following conditions:

(i) The outstanding amount of Rs.17,49,982/- (Rupees seventeen lakhs forty nine thousand nine hundred and eighty two only) shall be repaid in eighteen equated monthly instalments along with any accrued interest/costs;

(ii) The first instalment shall be paid on or before 30.07.2022 and the subsequent instalments shall be paid on or before the 20th day of the succeeding months;

(iii) In the event of default of any one instalment, 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 ajt WP(C) NO. 21551 OF 2022 5 APPENDIX OF WP(C) 21551/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE LETTER DATED 09.11.2021 SUBMITTED BY THE PETITIONER.

Exhibit P2 TRUE COPY OF THE NOTICE UNDER RULE 8(6) OF SECURITY INTEREST ENFORCEMENT RULES 2022 DATED 08.12.2021.

Exhibit P3 THE TRUE COPY OF THE E-AUCTION SALE NOTICE DATED 13.06.2022.