IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
FRIDAY, THE 20TH DAY OF MAY 2022 / 30TH VAISAKHA, 1944
WP(C) NO. 16503 OF 2022
PETITIONER:
ANAS T.S
AGED 39 YEARS, S/O. SAINUDHIN,
THORASSERIL HOUSE,
EDATHALA P.O., ERNAKULAM-683 106
BY ADV MANSOOR.B.H.
RESPONDENT:
AUTHORISED OFFICER
PNB HOUSING FINANCE LIMITED,
1ST FLOOR, RP ARCADE, PONNURUNNI,
VYTTILA P.O., KOCHI-682 019
SRI.PRADEESH CHACKO, SC
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR
ADMISSION ON 20.05.2022, THE COURT ON THE SAME DAY
DELIVERED THE FOLLOWING:
W.P.(C) No.16503/22 -:2:-
BECHU KURIAN THOMAS, J.
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W.P.(C) No.16503 of 2022
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Dated this the 20th day of May, 2022
JUDGMENT
Petitioner as borrowers from the respondent bank, has committed default in repayment. Consequently, proceedings have been initiated by the bank for recovery of the amounts due.
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 and the overdue amount is Rs.8,40,836/-. 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 Sri.B.H.Mansoor, the learned counsel for the petitioner as well as Sri.Pradeesh Chacko, the learned Standing Counsel for the respondent.
W.P.(C) No.16503/22 -:3:-
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' 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.8,40,836/- 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.8,40,836/- shall be repaid in ten monthly instalments.
(ii) The first instalment of Rs.1,00,000/- shall be paid on or before 31.05.2022 and the remaining instalments shall be paid on or before the 30 th day of the succeeding months.
(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 W.P.(C) No.16503/22 -:4:- entire amounts, all coercive proceedings shall be kept in abeyance.
The writ petition is disposed of as above.
Sd/-
BECHU KURIAN THOMAS JUDGE vps W.P.(C) No.16503/22 -:5:- APPENDIX OF WP(C) 16503/2022 PETITIONER'S/S' EXHIBITS EXHIBIT P1 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER IN MC 397/2021 OF ADDITIONAL CHIEF JUDICIAL MAGISTRATE COURT (M.P./MLA.S) ERNAKULAM