IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
THURSDAY, THE 9TH DAY OF JUNE 2022 / 19TH JYAISHTA, 1944
WP(C) NO. 18364 OF 2022
PETITIONER:
M.MANIKANDAN NAIR
AGED 54 YEARS, S/O.MADHAVAN PILLAI, 409 (10/494),
MEKKEPERTHALA PUTHEN VEEDU, PONNAMBI, VELLARADA P.O.,
THIRUVANANTHAPURAM DISTRICT - 695 505.
BY ADV LATHEESH SEBASTIAN
RESPONDENTS:
1 UNION BANK OF INDIA
REPRESENTED BY ITS REGIONAL MANAGER, REGIONAL OFFICE,
UNION BANK BHAVAN, M.G.ROAD, STATUE,
THIRUVANANTHAPURAM - 695 001.
2 THE AUTHORIZED OFFICER
UNDER THE SARFAESI ACT, UNION BANK OF INDIA,
REGIONAL OFFICE, UNION BANK BHAVAN, M.G.ROAD, STATUE,
THIRUVANANTHAPURAM - 695 001.
3 THE BRANCH MANAGER
UNION BANK OF INDIA, VELLARADA BRANCH, PANACHAMOODU, KRIPA
PALACE, VELLARADA, THIRUVANANTHAPURAM - 695 505.
OTHER PRESENT:
SRI. A S P KURUP (SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
09.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 18364 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.3,51,860/- (Rupees Three Lakhs Fifty One Thousand Eight Hundred and Sixty 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. Latheesh Sebastian, learned counsel for the petitioner as well as Adv.A.S.P Kurup, the learned Standing Counsel for the respondents. WP(C) NO. 18364 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.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.3,51,860/- (Rupees Three Lakhs Fifty One Thousand Eight Hundred and Sixty 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.3,51,860/- (Rupees Three Lakhs Fifty One Thousand Eight Hundred and Sixty only) shall be repaid in 15 equated monthly installments along with any accrued interest and costs;
(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. 18364 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. 18364 OF 2022 5 APPENDIX OF WP(C) 18364/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE MEDICAL CERTIFICATE ISSUED FROM NEYYAR MEDICITY HOSPITAL ON 09/04/2021. Exhibit P2 TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE 2ND RESPONDENT DATED 19/03/2022.
Exhibit P3 TRUE COPY OF THE REPRESENTATION OF THE PETITIONER DATED 18/05/2022.