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. 16397 OF 2022
PETITIONER:
FRANCIS P.J.,
AGED 53 YEARS, S/O. P.D.JOSEPH,
POOPADI HOUSE,
PLEASANT AVENUE ROAD,
VIJAYATH LANE, VIYYUR,
THRISSUR - 680 010.
BY ADV E.V.MOLY
RESPONDENT:
PUNJAB NATIONAL BANK
RECOVERY DEPARTMENT,
CIRCLE OFFICE, 40/1461,
MARKET ROAD, 2ND FLOOR,
ERNAKULAM - 682 011.
REP.BY ITS AUTHORIZED OFFICER.
SRI.SANDEEP ANKARATH, 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.16397/22
-:2:-
BECHU KURIAN THOMAS, J.
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W.P.(C) No.16397 of 2022
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Dated this the 20th day of May, 2022
JUDGMENT
Petitioner as borrower 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.5,35,906/-. 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 Smt.Moly E.V., learned counsel for the petitioner as well as Sri.Santheep Ankarath, the learned W.P.(C) No.16397/22 -:3:- Standing Counsel for the respondent.
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 '12' 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.5,35,906/- 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.5,35,906 /- shall be repaid in twelve equated monthly instalments.
(ii) The first instalment shall be paid on or before 24.06.2022 and the remaining instalments shall be paid on or before the 24th 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.
W.P.(C) No.16397/22 -:4:-
(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/-
BECHU KURIAN THOMAS JUDGE vps W.P.(C) No.16397/22 -:5:- APPENDIX OF WP(C) 16397/2022 PETITIONER'S/S' EXHIBITS EXHIBIT P1 THE TRUE COPY OF DEMAND NOTICE DATED 23.06.2021 ISSUED BY THE RESPONDENT BANK.
EXHIBIT P2 THE TRUE COPY OF THE POSSESSION NOTICE DATED 22.4.2022 ISSUED BY THE RESPONDENT BANK.