W.P(C).18126/22 1
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. 18126 OF 2022
PETITIONER/S:
1 BOBBY JOHN
AGED 44 YEARS
S/O JOHN, ARAMANAPARAMBIL HOUSE, PIRAVOM P O, ERNAKULAM-
686664.
2 BEENA BOBBY,
AGED 43 YEARS
W/O BOBBY JOHN, ARAMANAPARAMPIL HOUSE, PIRAVOM PO,
ERNAKULAM - 686664.
BY ADVS.
C.C.ANOOP
BOBY THOMAS
RESPONDENT/S:
1 AUTHORISED OFFICER
KERALA GRAMIN BANK, REGIONAL OFFICE, ERNAKULAM COASTAL
TOWERS ( KARITHATT),
NR. SAMSKARA JN, PIPE LINE ROAD,PALARIVATTOM,
COCHIN-682025.
2 THE MANAGER,
KERALA GRAMIN BANK, PIRAVOM BRANCH,PIRAVOM-686664.
SRI.ANEESH K.M., SC
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).18126/22 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 and a cash credit facility availed by them.
2. During the course of hearing, petitioners have confined their relief to an opportunity for repaying the overdue amounts in the housing loan as well as the cash credit facility in instalments and to obtain regularisation of the loan accounts.
3. It was submitted on behalf of the respondent bank that the petitioners committed default in repayment and the overdue amount in respect of the housing loan is Rs.3,42,416/- and that of the cash credit facility is Rs.3,35,529/-. 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 amounts in limited instalments and regularise the housing loan account.
4. I have heard the learned counsel for the petitioners 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 one of the loans is a housing loan and also taking into account the fact that the petitioners have undertaken to clear off the overdue amounts along with regular EMIs, I am of the view that the petitioners can be W.P(C).18126/22 3 granted an opportunity to clear off the overdue amounts in fifteen (15) equal instalments first of which shall be paid on or before 30.6.2022 and thereafter, if the amounts so directed are repaid within the time as directed above, to have the housing loan account regularised.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.3,42,416/- in respect of the housing loan and Rs.3,35,529/- in respect of the cash credit facility, along with accrued interest and bank charges from the petitioners and regularise the housing loan account of the petitioners on the following conditions:
(i) The overdue amounts of Rs.3,42,416/- in respect of the housing loan and Rs.3,35,529/- in respect of the cash credit facility, together with any accrued interest and charges, shall be repaid in fifteen equated monthly instalments.
(ii) The first instalment shall be paid on or before 30.6.2022 and the subsequent instalments shall be paid on the last working day of every succeeding month.
(iii) Petitioners shall continue to pay the regular EMIs in respect of the housing loan along with the instalments directed above. The petitioners shall also service the OD account and keep it free from default.
(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 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).18126/22 4 APPENDIX OF WP(C) 18126/2022 PETITIONER EXHIBITS Exhibit P1 TRUE COPY OF THE NOTICE RECEIVED BY THE PETITIONER FROM THE RESPONDENT BANK DATED 05.05.2022.
Exhibit P2 TRUE COPY OF THE REPRESENTATION SUBMITTED BY THE PETITIONER DATED 02.06.2022.