IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
WEDNESDAY, THE 1ST DAY OF JUNE 2022 / 11TH JYAISHTA, 1944
WP(C) NO. 15774 OF 2022
PETITIONER/S:
1 WILSON.N
AGED 41 YEARS
S/O. BHASKARAN M.V, AREEKKANCHAL HOUSE, MUNDAMETTA,
PATHIRAYAD PO, PINARAYI, KANNUR DISTRICT, PIN - 670741
2 RAMESHAN.M
AGED 58 YEARS
S/O KUMARAN, THAZHEKELOTH HOUSE, NARAVOOR,
KOOTHUPARAMBA, KANNUR DISTRICT, PIN - 670643
BY ADVS.
DEEPAK RAJ
C.P.ROOPA
RESPONDENT/S:
1 THE BRANCH MANAGER
TELLICHERRY CO OP URBAN BANK,
MANJODI BRANCH, NEAR THRIUVANGAD TEMPLE, THIRUVANGAD,
THALASSERY, KANNUR DISTRICT, PIN - 670103
2 THE AUTHORIZED OFFICER
TELLICHERRY CO OP URBAN BANK,
MANJODI BRANCH, NEAR THRIUVANGAD TEMPLE, THIRUVANGAD,
THALASSERY, KANNUR DISTRICT, PIN - 670103
BY ADV LIJIN THAMBAN
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
01.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 15774 OF 2022 2
JUDGMENT
Petitioners have 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 petitioners.
2. During the course of hearing, petitioners have 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 petitioners committed default in repayment and the overdue amount is Rs.2,52,706/- (Rupees two lakhs fifty two thousand seven hundred and six 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 Adv.Deepak Raj, learned counsel for the petitioners as well as Adv.Lijiin Thamban, the learned counsel for the respondents.
WP(C) NO. 15774 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 petitioners can be granted an opportunity to repay the overdue amount in ten 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.2,52,706/- (Rupees two lakhs fifty two thousand seven hundred and six only)/- along with bank charges from the petitioners and regularise the loan account of the petitioners on the following conditions:
(i) The overdue amount of Rs2,52,706/- (Rupees two lakhs fifty two thousand seven hundred and six only)/- shall be repaid in ten equated monthly instalments.
(ii) The first instalment shall be paid on or before 30.06.2022 and the subsequent intalments shall bepaid on or before the 20 th day of each succeeding month.
(iii) Petitioners 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 petitioners to repay the entire amounts, all coercive proceedings shall be kept in abeyance. WP(C) NO. 15774 OF 2022 4 The writ petition is disposed of as above.
sd/-
GOPINATH P.
JUDGE ajt WP(C) NO. 15774 OF 2022 5 APPENDIX OF WP(C) 15774/2022 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE DEMAND NOTICE DATED 16.12.2021 ISSUED BY THE 2ND RESPONDENT Exhibit P2 A TRUE COPY OF THE RECEIPT FOR AN AMOUNT OF RS 22,000/- DATED 21.03.2022 ISSUED BY THE 1ST RESPONDENT.
Exhibit P3 A TRUE COPY OF THE REPRESENTATION DATED 26.10.2021 SUBMITTED BY THE 1ST PETITIONER BEFORE THE 1ST RESPONDENT.
Exhibit P4 A TRUE COPY OF THE POSSESSION NOTICE DATED 29.04.2022 ISSUED BY THE 2ND RESPONDENT