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. 1425 OF 2022
PETITIONER:
BASHEER MOHAMMED KANNU
AGED 69 YEARS, S/O MOHAMMED KANNU,
RESIDING AT R S NO.142/2-18, 142/6, KAITHAKONAM HOUSE,
KAITHAKONAM, KATTAKKADA P O, VEERANKAVU,
KATTAKADA TALUK, THIRUVANANTHAPURAM DISTRICT,
PIN-695572.
BY ADVS.
J.R.PREM NAVAZ
SUMEEN S.
RESPONDENT:
1 THE HDB FINANCIAL SERVICES LTD
2ND FLOOR, PROCESS HOUSE, KAMALA MILLS,
SENAPATHI BAPAT MARG, LOWER PAEL,
MUMBAI AND BRANCH OFFICE AT SPRINGS, 1ST FLOOR,
NEAR RELIANCE FRESH, EDAPPAZHINJI, THYCAUD P O,
TRIVANDRUM, REPRESENTED BY ITS AUTHORIZED OFFICER.
2 THE AUTHORIZED OFFICER
M/S HDB FINANCIAL SERVICES LTD, 2ND FLOOR,
PROCESS HOUSE, KAMALA MILLS, SENAPATHI BAPAT, MARG,
LOWER PAREL, MUMBAI AND BRANCH OFFICE AT SPRINGS,
1ST FLOOR, NEAR RELIANCE FRESH, EDAPPAZHINJI,
THYCAUD P O, TRIVANDRUM.
BY ADV P.PAULOCHAN ANTONY
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. 1425 OF 2022 2
JUDGMENT
Petitioner has approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) for recovery of the amounts due upon a loan availed by the petitioner.
2. During the course of hearing, petitioner has confined the relief to an opportunity for repaying the overdue amount in installments and to obtain regularization 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.85,05,971/- (Rupees Eighty Five Lakhs Five Thousand Nine Hundred and Seventy One 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 installments and regularize the loan account.
4. I have heard Adv.J.R.Prem Navaz, learned counsel for the petitioner as well as Adv.Paulochan Antony, the learned Standing Counsel for the respondents. WP(C) NO. 1425 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 15 installments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularized. The petitioner states that the interim order dated 14-01-2022, by remitting a sum of Rs.15,00,000/- (Rupees Fifteen Lakhs Only).
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.85,05,971/- (Rupees Eighty Five Lakhs Five Thousand Nine Hundred and Seventy One 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.85,05,971/- (Rupees Eighty Five Lakhs Five Thousand Nine Hundred and Seventy One only) together with any accrued interest and costs shall be repaid in 15 equated monthly installments.
(ii) The first installment shall be paid on or before 30-06-2022. The subsequent installments shall be paid on or before the last working day of the succeeding months. WP(C) NO. 1425 OF 2022 4
(iii) Petitioner shall continue to pay the regular EMI's along with the installments directed above.
(iv) In the event of default of any one installment, 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 ats WP(C) NO. 1425 OF 2022 5 APPENDIX OF WP(C) 1425/2022 PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE OBJECTION FILED BY THE PETITIONER.
Exhibit P2 THE TRUE COPY OF THE REPLY ISSUED TO THE PETITIONER BY THE 2ND RESPONDENT.
Exhibit P3 THE TRUE COPY OF THE ORDER DATED 07.12.2021 IN M C NO.605/2021 PASSED BY THE CHIEF JUDICIAL MAGISTRATE THIRUVANANTHAPURAM. Exhibit P4 THE TRUE COPY OF THE NOTICE ISSUED TO THE PETITIONER BY THE ADVOCATE COMMISSIONER.