Baby.T vs Esaf.Small Finnance Bank Ltd

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.
     WEDNESDAY, THE 27TH DAY OF JULY 2022 / 5TH SRAVANA, 1944
                        WP(C) NO. 22746 OF 2022
PETITIONER/S:

          BABY.T, AGED 53 YEARS, S/O. THANKAPPAN,
          PUTHENPURACKAL. HOUSE.KAYI PPURAM MUHAMMA P.O
          ALAPPUZHA, PIN - 688525
          BY ADV S.SUJINI


RESPONDENT/S:

          ESAF.SMALL FINNANCE BANK LTD
          REGISTERED OFFICE AT BUILDING NUMBER VII /83/8,
          ESAF BHAVAN ,MANNUTHY PO,TRISSUR
          REPRESENTED BY ITS AUTHORIZED OFFICER
     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
27.07.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 22746 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. 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 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.1,51,097/- (Rupees one lakh fifty one thousand and ninety seven only). 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. WP(C) NO. 22746 OF 2022 3

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 overdue amount in fifteen 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.1,51,097/- (Rupees one lakh fifty one thousand and ninety seven only) along with bank charges from the petitioner and regularise the loan account of the petitioner in the following manner:-

(i) The overdue amount of Rs.1,51,097/- (Rupees one lakh fifty one thousand and ninety seven only) along with any accrued interest and charges shall be repaid in fifteen equated monthly instalments;

(ii)The first instalment shall be paid on or before 16.08.2022 and the subsequent instalments shall be paid on or before the 20th day of each succeeding month;

(iii) Petitioner shall continue to pay the regular EMI's/instalments along with the instalments directed above;

(v) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law;

(vi) 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. 22746 OF 2022 5 APPENDIX OF WP(C) 22746/2022 PETITIONER EXHIBITS ExhibitP1 :- TRUE COPY OF THE PRESCRIPTION ISSUED TO THE PETITIONER FROM SREE CHITRA TIRUNAL INSTITUTE FOR MEDICAL SCIENCES & TECHNOLOGY, TRIVANDRUM DATED 31.03.2021.

Exhibit p2 TRUE COPY OF THE BANK STATEMENT OF THE PETITIONER MAINTAINED WITH THE RESPONDENT BANK Exhibit P3 TRUE COPY OF THE NOTICE RECEIVED BY THE PETITIONER ON 02.07.2022, ISSUED BY THE ADVOCATE COMMISSIONER APPOINTED BY THE CHIEF JUDICIAL MAGISTRATE'S COURT, ALAPPUZHA IN MC NO.298/2022.