IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
WEDNESDAY, THE 8TH DAY OF JUNE 2022 / 18TH JYAISHTA, 1944
WP(C) NO. 23770 OF 2021
PETITIONER:
ANIL KUMAR THANKAPPAN,
AGED 31 YEARS
INCHAKKATTUKUNNEL HOUSE, KUNNAMKULAM, TRISSUR-680 517
BY ADVS.
MANUEL KACHIRAMATTAM
MERRY GEORGE
RESPONDENT:
PNB HOUSING FINANCE LTD.,
REPRESENTED BY THE AUTHORIZED OFFICER, CC 48/559C.1ST
FLOOR, RP ARCADE, THATTARATH LANE, PONNURUNNI, VYTTILA
P.O, KOCHI-682 019
BY ADV P.PAULOCHAN ANTONY
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
08.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P (C) No.23770/2021 -2-
JUDGMENT
Petitioner has approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as the Securitisation 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 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.8,70,700/- as on 08-06-2022. 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 the learned counsel for the petitioner as well as the learned Standing Counsel for the respondent Bank.
5. Having regard to the facts and circumstances of the case and the situation now prevailing, apart from the submissions made as recorded above and considering the fact that this is a housing loan and also taking into account the fact that the petitioner has undertaken to clear off the overdue amount along with regular EMIs, I am of the view that the petitioner can be granted an opportunity to clear off the overdue amount in ten (10) equal instalments first of which shall be paid on or before 15-07-2022 and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised. W.P (C) No.23770/2021 -3-
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.8,70,700/- 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.8,70,700/- together with any accrued interest and charges shall be repaid in ten equated monthly instalments.
(ii) The first instalment shall be paid on or before 15-07-2022 and the subsequent instalments shall be paid on the last working day of every 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.
On clearing the entire over due amount as above or earlier the 1st respondent shall hand over the possession of the secured asset back to the petitioner.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE AMG W.P (C) No.23770/2021 -4- APPENDIX OF WP(C) 23770/2021 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF POSSESSION NOTICE DATED 24.12.2020. Exhibit P2 TRUE COPY OF REQUEST LETTER DATED 17.09.2021 GIVEN BY THE PETITIONER TO THE RESPONDENT .
Exhibit P3 TRUE COPY OF THE NOTICE DATED 25.10.2021 ISSUED BY THE ADVOCATE COMMISSIONER IN CMP NO. 957/2021 OF THE CHIEF JUDICIAL MAGISTRATE COURT, THRISSUR.