Manoj Abraham vs Union Bank Of India

              IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
                 THE HONOURABLE MR. JUSTICE GOPINATH P.
      FRIDAY, THE 3RD DAY OF JUNE 2022 / 13TH JYAISHTA, 1944
                        WP(C) NO. 16653 OF 2022
PETITIONER:

          MANOJ ABRAHAM
          AGED 47 YEARS, S/O. MATHEN ABRAHAM, KUNNEL HOUSE,
          KUZHIMATTOM P.O., KOTTAYAM DISTRICT-686 533.

          BY ADV E.V.MOLY


RESPONDENT:

          UNION BANK OF INDIA
          REGIONAL OFFICE, 3RD FLOOR, AMALA TOWERS, ADICHIRA
          JUNCTION, KOTTAYAM-686 630, REP BY ITS AUTHORIZED
          OFFICER


OTHER PRESENT:

          SRI. A S P KURUP (SC)


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
03.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 16653 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.4,89,000/- (Rupees Four Lakhs Eighty Nine Thousand 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.Moly E.V, learned counsel for the petitioner as well as Adv.A.S.P Kurup, the learned Standing Counsel 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 overdue amount in 4 installments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularized.

6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.4,89,000/- (Rupees Four Lakhs Eighty Nine Thousand only) along with bank charges from the petitioner and regularize the loan account of the petitioner on the following conditions:

(i) The overdue amount of Rs.4,89,000/- (Rupees Four Lakhs Eighty Nine Thousand only) together with any accrued interest and costs shall be repaid in 4 equated monthly installments;

(ii) The first installment shall be paid on or before 10-07-2022. The subsequent installments shall be paid on or before the last working day of succeeding months;

(iii) Petitioner shall continue to pay the regular EMI's along with the installments directed above; WP(C) NO. 16653 OF 2022 4

(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. 16653 OF 2022 5 APPENDIX OF WP(C) 16653/2022 PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE DEMAND NOTICE DATED 28.04.2021 RECEIVED BY THE PETITIONER Exhibit P2 THE TRUE COPY OF THE POSSESSION NOTICE DATED 22.2.2022 ISSUED BY THE RESPONDENT BANK