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. 17576 OF 2022
PETITIONER:
JAGADIKUMAR R.C.
AGED 38 YEARS
S/O. CHELLAPPAN, ASIDHARAVILASAM, PALAMEL,
PADANILAM.P.O, NOORANAD, ALAPPUZHA DISTRICT - 690529.
BY ADV V.SUNIL KUMAR (PANACHAMOODU)
RESPONDENT:
STATE BANK OF INDIA SBI
NOORANAD BRANCH, ALAPPUZHA, REPRESENTED BY ITS
AUTHORIZED OFFICER, ASSET RECOVERY MANAGEMENT BRANCH,
M.G.ROAD, ERNAKULAM, PIN-682016.
BY ADVS.
K.K.CHANDRAN PILLAI (SR.)
S.AMBILY
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) No.17576/2022 -2-
JUDGMENT
Petitioner has approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as the Securitisation Act) for recovery of the amount due upon a Home loan availed by the petitioner.
2. During the course of hearing, petitioner has confined the relief to an opportunity for repaying the outstanding amount in instalments.
3. It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the total outstanding amount is Rs.22,46, 713/- as on 30-05-2022. 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 outstanding amount in limited instalments.
4. I have heard the learned counsel for the petitioner as well as the learned Standing Counsel for the respondents.
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 outstanding amount in fifteen (15) instalments.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.22,46, 713/- along with bank charges from the petitioner on the following conditions:
(i) The outstanding amount of Rs.22,46, 713/-together with any accrued interest/costs shall be repaid in fifteen (15) equated monthly instalments.W.P (C) No.17576/2022 -3-
(ii) The first instalment shall be paid on or before 15-07-2022 and subsequent instalments shall be paid on or before 15 th 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.
In the meanwhile the petitioner may approach the bank for settlement under the one time settlement scheme, if any such scheme is in force and if the petitioner is permitted to settle the liability under any such scheme the petitioner will be governed by the terms of that settlement notwithstanding any direction in this judgment. If the petitioner complies with the terms of this judgment, the passing of final orders in O.A. No.230/2021 shall be deferred. In the case of default, the final orders in O.A. No.230/2021 can be issued and the proceedings under the SARFAESI Act may also continue against the petitioner.
The writ petition is disposed of as above.
Sd/-
GOPINATH P.
JUDGE AMG W.P (C) No.17576/2022 -4- APPENDIX OF WP(C) 17576/2022 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE STATEMENT OF ACCOUNT OF THE HOUSING LOAN ACCOUNT NUMBER 67142937624.
Exhibit P2 A TRUE COPY OF THE STATEMENT OF ACCOUNT OF THE HOUSING LOAN ACCOUNT NUMBER 67362550580.
Exhibit P3 A TRUE COPY OF THE DISCHARGE SUMMARY ISSUED FROM THE JOSCO MULTY - SPECIALTY HOSPITAL DATED NIL.
Exhibit P4 A TRUE COPY OF THE NOTICE DATED 09/03/2022 ISSUED BY THE ADVOCATE COMMISSIONER.