IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
FRIDAY, THE 24TH DAY OF JUNE 2022 / 3RD ASHADHA, 1944
WP(C) NO. 20612 OF 2022
PETITIONERS:
1 MRS. INDIRADEVI
AGED 51 YEARS
W/O VIVEK G., MANIMANAGALAM, CHERIYANADY P.O.,
CHENGANNUR TALUK, ALAPUZHA DISTRICT PIN: 689511
2 MR. VIVEK G
AGED 53, S/O GOAPALAKRISHNAN NAIR, MANIMANAGALAM,
CHERIYANADY PO CHENGANNUR TALUK, ALAPUZHA DISTRICT PIN:
689511
BY ADVS.
P.V.SARITHA VENUGOPAL
BASIL MATHEW
RESPONDENTS:
1 AUTHORIZED OFFICER
PANJAB NATIONAL BANK, CIRCLE SASTRA CENTRE VAISHNAVI
TOWERS, BYE PASS ROAD, KUMARICHANTA, AMBALATHARA P O.,
THIRUVANATHAPURAM-695026
2 PANJAB NATIONAL BANK HEAD OFFICE,
PLOT NO. 4, SECTOR 10, DWARAKA NEW DELHI PIN: 110075
REPRESENTED BY ITS MANAGING DIRECTOR
SHRI.SANTHEEP ANKARATH, SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
24.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 20612 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 (hereinafter referred to as the Securitisation Act) for recovery of the amounts due upon two loans availed by the petitioners.
2. During the course of hearing, petitioners have confined the relief to an opportunity for repaying the overdue amounts in instalments and to obtain regularisation of the loan account.
3. It was submitted on behalf of the respondent bank that the petitioners committed default in repayment and the total overdue amount is Rs.2,30,579/-. 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 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 this 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 WP(C) NO. 20612 OF 2022 3 that the petitioners can be granted an opportunity to clear off the overdue amounts in twelve (12) equal instalments first of which shall be paid on or before 15.07.2022 and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised.
6. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.2,30,579/- along with bank charges from the petitioners and regularise the loan account of the petitioners on the following conditions:
(i) The total overdue amount of Rs.2,30,579/- together with any accrued interest and charges shall be repaid in twelve equated monthly instalments.
(ii) The first instalment shall be paid on or before 15.07.2022 and the subsequent instalments shall be paid on the last working day of every succeeding month.
(iii) Petitioners shall continue to pay the regular EMI's along with the instalments directed above.
(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 bng/24.06.2022 WP(C) NO. 20612 OF 2022 4 APPENDIX OF WP(C) 20564/2022 PETITIONERS EXHIBITS Exhibit P1 THE TRUE COPY OF THE POSSESSION CERTIFICATE NO.22367601 DATED 26.12.2016 OF PUTHUPALLY VILLAGE OFFICE Exhibit P2 TRUE COPY OF THE SALE NOTICE DATED 25.05.2022 ISSUED BY THE 1ST RESPONDENT Exhibit P3 TRUE COPY OF THE APPLICATION DATED 17.06.2022 SUBMITTED BY 2ND PETITIONER TO RESPONDENT BANK, CHENGANNUR BRANCH