IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
FRIDAY, THE 27TH DAY OF MAY 2022 / 6TH JYAISHTA, 1944
WP(C) NO. 17211 OF 2022
PETITIONERS :
1 SOORAJ NARAYANAN,
AGED 39 YEARS,
S/O N.NARAYANAN, RESIDING AT ASWATHY, KURATHIKADU MURI,
THEKKEKKARA VILLAGE, MAVELIKKARA TALUK,
ALAPPUZHA-690 107.
2 K K SYAMALA,
AGED 76 YEARS,
W/O N.NARAYANAN, RESIDING AT ASWATHY,
KURATHIKADU MURI, THEKKEKKARA VILLAGE,
MAVELIKKARA TALUK, ALAPPUZHA - 690 107.
BY ADVS.
JENNIS STEPHEN
TELMA RAJU
RESPONDENTS :
1 HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED,
HDFC HOUSE, PB NO 2288, VAZHUTHACAUD,
P.O.THIRUVANANTHAPURAM - 695 010,
REPRESENTED BY ITS AUTHORISED OFFICER.
2 THE AUTHORIZED OFFICER,
HOUSING DEVELOPMENT FINANCIAL CORPORATION LIMITED,
HDFC HOUSE, PB NO 2288, VAZHUTHACAUD P.O.,
THIRUVANANTHAPURAM - 695 010
BY ADV K.K.CHANDRAN PILLAI (SR.)
BY SMT.S.AMBILY
THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
27.05.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 17211 OF 2022
2
BECHU KURIAN THOMAS, J.
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W.P.(C).No.17211 of 2022
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Dated this the 27th day of May, 2022
JUDGMENT
Petitioners as borrowers from the respondent bank, have committed default in repayment. Consequently, proceedings have been initiated by the bank for recovery of the amounts due.
2. During the course of hearing, petitioners have 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 petitioners committed default in repayment and the overdue amount due under four loan accounts is Rs.10,69,301/-. 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 Adv.Jennis Stephen for the petitioners as well as Sri.S.Ambily, the learned Standing Counsel for the WP(C) NO. 17211 OF 2022 3 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 petitioners 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.10,69,301/- along with bank charges from the petitioners and regularise the loan account of the petitioners on the following conditions:
i. The overdue amount of Rs.10,69,301/- shall be repaid in '10' equated monthly instalments. ii. The first instalment shall be paid on or before 27.06.2022 and the remaining instalments shall be paid on or before the 27th day of the succeeding months. 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.
WP(C) NO. 17211 OF 2022 4 v. In order to enable the petitioners to repay the entire amounts, all coercive proceedings including those initiated under Section 14 of the SARFAESI Act shall be kept in abeyance.
The writ petition is disposed of as above.
Sd/-
BECHU KURIAN THOMAS, JUDGE RKM WP(C) NO. 17211 OF 2022 5 APPENDIX OF WP(C) 17211/2022 PETITIONERS' EXHIBITS Exhibit P1 PHOTOCOPY OF THE NOTICE ISSUED UNDER SECTION 13(2) ISSUED BY THE 1ST RESPONDENT TO PETITIONER DATED 14.12.20 Exhibit P2 PHOTOCOPY OF THE ORDER OF COURT OF CHIEF JUDICIAL MAGISTRATE COURT ALAPPUZHA IN MC 149 OF 2020 Exhibit P3 PHOTOCOPY OF THE NOTICE DATED 20.5.2022 ISSUED BY THE ADVOCATE COMMISSIONER