IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
TUESDAY, THE 14TH DAY OF JUNE 2022 / 24TH JYAISHTA, 1944
WP(C) NO. 16847 OF 2022
PETITIONER/S:
1 SHIBU V ISAAC,
AGED 53 YEARS,S/O.V.D.ISAAC, VARIKKANICKAL HOUSE,
KOZHIPILLY P.O., PARASALAPADY, KOTHAMANGALAM, ERNAKULAM-
686 671.
2 CIJI THOMAS @ SIJI SHIBU,
AGED 49 YEARS,W/O.SHIBY V.ISAAC, , VARIKKANICKAL HOUSE,
KOZHIPILLY P.O., PARASALAPADY, KOTHAMANGALAM, ERNAKULAM-
686 671.
BY ADV V.K.SHYAM
RESPONDENT/S:
1 BANK OF BARODA,
KOTHAMANGALAM BRANCH, POONOLI SHOPPING COMPLEX, A.M.ROAD,
KOTHAMANGALAM, ERNAKULAM DISTRICT-686 691.
2 THE AUTHORIZED OFFICER, BANK OF BARODA,
KOTHAMANGALAM BRANCH, POONOLI SHOPPING COMPLEX, A.M.ROAD,
KOTHAMANGALAM, ERNAKULAM DISTRICT-686 691.
BY ADVS.NAGARAJ NARAYANAN
SAIJO HASSAN
RAFEEK. V.K.
AATHIRA SUNNY
LAKSHMINARAYAN.R
RENJINI M. RENJITH
K.N.MUHAMMED THANVEER
N.KRISHNA OZHAKKANAT
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
14.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.P(C).16847/22 2
JUDGMENT
Petitioners have 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 housing loan availed by the petitioners.
2. During the course of hearing, petitioners have confined the relief to an opportunity for repaying the entire outstanding amount in instalments.
3. It was submitted on behalf of the respondent bank that the petitioners committed default in repayment and the outstanding amount is Rs.14,13,112/-. It was further submitted by the learned Standing Counsel appearing for the respondent bank that proceedings for recovery have been initiated and a maximum of ten instalments can be given to the petitioner to clear off the entire outstanding amount.
4. However, taking into account the totality of the facts and circumstances, apart from the submissions made as recorded above, I am of the view that the petitioners can be granted an opportunity to repay the outstanding liability, together with accrued interest and costs, in twenty (20) equal monthly instalments to clear off the entire outstanding amount.
5. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.14,13,112/- along with accrued interest/bank charges from the petitioners on the following conditions:
(i) The outstanding amount of Rs.14,13,112/- together with any accrued W.P(C).16847/22 3 interest/costs shall be repaid in twenty (20) equated monthly instalments.
(ii) The first instalment shall be paid on or before 30.06.2022 and subsequent instalments shall be paid on or before the last working day of every succeeding month.
(iii) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.
(iv) In order to enable the petitioners 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 okb/15.6.22 //True copy// PS to Judge W.P(C).16847/22 4 APPENDIX OF WP(C) 16847/2022 PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE NOTICE ISSUED BY THE 2ND RESPONDENT HEREIN UNDER SECTION 13(2) SARFAESI ACT, 2002 DATED 25.10.2016.
Exhibit P2 THE TRUE COPY OF THE POSSESSION NOTICE DATED 12.06.2017 ISSUED BY THE 2ND RESPONDENT UNDER SECTION 13(4) OF SARFAESI ACT, 2002.
Exhibit P3 THE TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER IN MC NO.174/2021 ON THE FILES OF THE ACJM COURT (MP/MLA), ERNAKULAM DATED 26.04.2022.