Anilkumar A vs Dhanalaxmi Bank Ltd

                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. 15965 OF 2022
PETITIONER/S:

          ANILKUMAR A.,
          AGED 45 YEARS
          S/O. APPUKUTTAN NADAR,
          LEELA BHAVAN T.C., 65/1350, MARUVILA, VISWANADHAPURAM,
          PUNCHAKKARI, THIRUVALLAM (P.O.), THIRUVANANTHAPURAM 695
          027.
          BY ADVS.
          K.RAJESH KANNAN
          K.NIRMALAN


RESPONDENT/S:

          DHANALAXMI BANK LTD.,
          MANACAUD BRANCH, MANACAUD P.O., THIRUVANANTHAPURAM 695
          009,
          REPRESENTED BY ITS AUTHORIZED OFFICER.
          SRI. NAGARAJ NARAYANAN, SC.
     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. 15965 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.3,65,000/- (Rupees three lakhs and sixty five thousand only) as on 31.05.2022. 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. Rajesh Kannan, learned counsel for the petitioner as well as Adv.Nagaraj Narayanan, the learned counsel for the respondent. WP(C) NO. 15965 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.3,65,000/- (Rupees three lakhs and sixty five thousand 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.3,65,000/- (Rupees three lakhs and sixty five thousand only)/- shall be repaid in fifteen equated monthly instalments.

(ii) The first instalment shall be paid on or before 15.06.2022 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 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 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. 15965 OF 2022 5 APPENDIX OF WP(C) 15965/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE DATED 25.4.2022 ISSUED BY THE ADVOCATE COMMISSIONER TO THE PETITIONER.