W.P.(C) No.11540 of 2022
-:1:-
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
THURSDAY, THE 23RD DAY OF JUNE 2022 / 2ND ASHADHA, 1944
WP(C) NO. 11540 OF 2022
PETITIONERS:
1 VIPIN GOPAL,
AGED 27 YEARS, S/O.GOPALAN V.K.,
THATTARETHU VADAKKATHIL, ANJILLIPPRA,
THATTARAMBALAM P.O., MAVELIKKARA, ALAPPUZHA.
2 SUSEELA GOPAL,
W/O.GOPALAN V.K.,
THATTARETHU VADAKKATHIL, ANJILLIPPRA,
THATTARAMBALAM P.O., MAVELIKKARA, ALAPPUZHA.
BY ADVS.
ANUMOD B.NAIR
G.CHITRA
RESPONDENTS:
1 INDUSIND BANK LTD,
M.G.ROAD, ERNAKULAM, REPRESENTED BY THE
AUTHORIZED OFFICER, M.G.ROAD, ERNAKULAM-682 035.
2 INDUSIND BANK,
2401, GENERAL THIMMYA ROAD, CONTONMENT, PUNE,
MAHARASHTRA - 411 002.
BY ADVS.
G.HARIHARAN
PRAVEEN.H.
ANJALY T.A.(SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 23.06.2022, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
W.P.(C) No.11540 of 2022
-:2:-
JUDGMENT
Petitioners have 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 petitioners.
2. During the course of hearing, petitioners have 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 petitioners committed default in repayment and the overdue amount is Rs.3,60,198/-(Rupees Three Lakhs Sixty Thousand One Hundred and Ninety Eight 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.
W.P.(C) No.11540 of 2022 -:3:-
4. I have heard Adv.Chitra.G, learned counsel for the petitioners as well as Adv.Anjaly T.A., 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 petitioners can be granted an opportunity to repay the overdue amount in 10 installments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularized. On payment of 5 installments or 50% of the overdue amount together with regular EMI's, the vehicle seized from the possession of the petitioners shall be released to them.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.3,60,198/- (Rupees Three Lakhs Sixty Thousand One Hundred and Ninety Eight Only) along with bank charges from the petitioners and regularize the loan account of the petitioners on the following conditions: W.P.(C) No.11540 of 2022 -:4:-
(i) The overdue amount of Rs.3,60,198/-(Rupees Three Lakhs Sixty Thousand One Hundred and Ninety Eight Only) together with any accrued interest and costs shall be repaid in 10 equated monthly installments.
(ii) The first installment shall be paid on or before 15-07-2022. The subsequent installments shall be paid on or before the last working day of succeeding months.
(iii) Petitioners shall continue to pay the regular EMI's along with the installments directed above.
(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 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 ats W.P.(C) No.11540 of 2022 -:5:- APPENDIX OF WP(C) 11540/2022 PETITIONER EXHIBITS EXHIBIT P1 TRUE COPY OF THE LOAN DETAILS INCLUDING INSTALLMENTS.
EXHIBIT P2 TRUE COPY OF THE ORDER OF THE CHIEF JUDICIAL MAGISTRATE ALAPPUZHA IN M.C.NO.315/2021 DATED 21.12.2021.