IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
THURSDAY, THE 26TH DAY OF MAY 2022 / 5TH JYAISHTA, 1944
WP(C) NO. 16992 OF 2022
PETITIONER/S:
JISHA JOSHY,
AGED 68 YEARS
W/O. SUJITH K.J.,
KUZHIVELIPADATH HOUSE, MADAMBI ROAD,
KONGORPILLY P.O., KOONAMMAVU SO,
ERNAKULAM 683 518.
BY ADV E.V.MOLY
RESPONDENT/S:
INDIAN OVERSEAS BANK,
ERNAKULAM BRANCH, THEKKEKKARA MANSION,
IST FLOOR M.G. ROAD, ERNAKULAM,
COCHIN 682 0365.
REP. BY ITS AUTHORIZED OFFICER.
OTHER PRESENT:
SC,SUNIL SHANKAR
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
26.05.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 16992 OF 2022
2
BECHU KURIAN THOMAS, J.
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W.P.(C) No. 16992 of 2022
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Dated this the 26th 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 the 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.2,00,000/-. 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, the learned Counsel WP(C) NO. 16992 OF 2022 3 for the petitioner as well as Sri. Sunil Shankar, the learned Counsel for the respondent bank.
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 6 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. 2,00,000/- 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. 2,00,000/- shall be repaid in 6 equated monthly instalments.
ii. The first instalment shall be paid on or before 26.06.2022 and the remaining instalments shall be paid on or before 26 th day of every succeeding month.
iii. Petitioner shall continue to pay the WP(C) NO. 16992 OF 2022 4 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 steps shall be kept in abeyance.
The writ petition is disposed of as above.
Sd/-
BECHU KURIAN THOMAS JUDGE LU WP(C) NO. 16992 OF 2022 5 APPENDIX OF WP(C) 16992/2022 PETITIONER EXHIBITS EXHIBIT P1 THE TRUE COPY OF THE POSSESSION NOTICE DATED 06.05.2022 ISSUED BY THE RESPONDENT BANK.
// True Copy // PA To Judge