IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
TUESDAY, THE 28TH DAY OF JUNE 2022 / 7TH ASHADHA, 1944
WP(C) NO. 20950 OF 2022
PETITIONER:
RAJESH.K.P,
AGED 46 YEARS,
S/O PONNAAPPPAN, KUMAMALIL HOUSE, KAVALAM PO,
PIN -688 506, KUMARAPURAM PANCHAYATH, VILLAGE,
KARTHIKAPALLY TALUK, ALAPPUZHA DISTRICT.
BY ADVS.
NISHIN GEORGE VIJAYABABU
ANNAMMA PHILIP
XAVIER THOMAS V.T.
RESPONDENTS:
1 STATE BANK OF INDIA
KAVALAM BRANCH, BRANCH CODE 70229, MUNDAKAPADAM
BUILDINGS ,THAMARASSERY JUNCTION,KAVALAM PO 688 506
ALAPPUZHA DISTRICT REPRESENTED BY ITS BRANCH MANAGER
2 THE AUTHORIZED OFFICER
STATE BANK OF INDIA (SBI) RASMEC,
ALAPPUZHA RANCH CODE: 61048, BEACH ROAD
ALAPPUZHA DISTRICT, PIN-688 012.
S
SRI. JAYESH MOHAN KUMAR (SC)
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
28.06.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 20950 OF 2022
2
JUDGMENT
The petitioner has approached this Court challenging proceedings under the SARFAESI Act which have been initiated by the bank for recovery of the amounts due from the petitioner.
2. During the course of hearing, petitioner has confined the relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan account.
3. It was submitted on behalf of the respondent bank that the petitioner committed default in repayment of the housing loan and the overdue amount is Rs.3,73,000/-(Rupees three lakhs seventy three thousand 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 instalments and regularise the loan account.
4. I have heard the learned counsel for the petitioner as well as the learned 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 overdue amount in 10 WP(C) NO. 20950 OF 2022 3 instalments 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.3,73,000/-(Rupees three lakhs seventy three thousand only) along with bank charges from the petitioner and regularise the loan account of the petitioner on the following conditions:
i. The overdue amount of Rs.3,73,000/-(Rupees three lakhs seventy three thousand only) along with any accrued interest and charges shall be repaid in 10 equated monthly instalments.
ii. The first instalment shall be paid on or before 30.07.2022 and the subsequent instalments shall be paid on the last working day of every succeeding month.
iii. Petitioner 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 petitioner 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 DK WP(C) NO. 20950 OF 2022 4 APPENDIX OF WP(C) 20950/2022 PETITIONER EXHIBITS Exhibit-P1 COPY OF THE POSSESSION NOTICE DATED 4-1-2022 WAS ISSUED TO THE PETITIONER AND THE CO BORROWER BY THE 2ND RESPONDENT Exhibit-P2 COPY OF THE NOTICE DATED 13-6-2022 ISSUED BY THE ADVOCATE COMMISSIONER IN MC NO 273/2022 BEFORE THE HON'BLE CHIEF JUDICIAL MAGISTRATE'S COURT ALAPPUZHA