Manoj Kumar vs M/S Indusind Bank Ltd

Kerala High Court

Manoj Kumar vs M/S Indusind Bank Ltd on 19 April, 2024

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                PRESENT
         THE HONOURABLE MRS. JUSTICE SHOBA ANNAMMA EAPEN
     FRIDAY, THE 19TH DAY OF APRIL 2024 / 30TH CHAITHRA, 1946
                        WP(C) NO. 15374 OF 2024
PETITIONER/S:

          MANOJ KUMAR,
          AGED 49 YEARS
          S/O. LATE GOPINATHAN, VAKKELIL HOUSE, NORTH KIDANGOOR,
          THURAVOOR VILLAGE, ALUVA TALUK, KIDANGOOR PO,
          ERNAKULAM, PIN - 683572
          BY ADV M.V.JOY


RESPONDENT/S:

    1     M/S INDUSIND BANK LTD.,
          CFD,JAIN TOWER II, VARAPUZHA ROAD,
          NEAR RAILWAY OVERBRIDGE EDAPPALLY, KOCHI,
          REPRESETNED BY ITS MANAGER, PIN - 682024
    2     AUTHORISED OFFICER,
          INDUSIND BANK LIMITED, GOWN NARAYAN-40/8200,
          OPPOSITE JAYALAKSHMI SILKS, M.G.ROAD,
          KOCHI, PIN - 682035
    3     INDUSIND BANK LIMITED,
          CONSUMER FINANCE DIVISION NO.34, G.N. CHETTY ROAD,
          T.NAGAR, CHENNAI,
          REPRESENTED BY ITS AUTHORISED SIGNATORY, PIN - 600017
          BY ADV VARGHESE C.KURIAKOSE


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
19.04.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 15374 OF 2024                           2



                                       JUDGMENT

Petitioner has approached this Court, challenging proceedings initiated by the respondent Bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 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 availed a vehicle loan from the respondent bank and committed default in repayment and the overdue amount, as on today, would come to Rs.2,67,980/- (Rupees Two lakhs sixty seven thousand nine hundred and eighty 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 provided the petitioner shall pay a sum of Rs.1,00,000/- on or before 30.04.2024.

4. I have heard the learned counsel for the petitioner as well as 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 six 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.2,67,980/- (Rupees Two lakhs sixty seven thousand nine hundred and eighty only) along with any accrued interest and bank charges from the petitioner and regularise the loan account of the petitioner in the following manner:-

(i) The petitioner shall pay a lumpsum amount of Rs.1,00,000/-

on or before 05.05.2024;

(ii) The balance overdue amount of Rs.1,67,980/- (Rupees One lakh sixty seven thousand nine hundred and eighty only) along with any accrued interest and charges shall be repaid in six equated monthly instalments;

(iii)The first instalment shall be paid on or before 05.06.2024 and the subsequent instalments shall be paid on or before 5th day each succeeding month;

(iv)Petitioner shall continue to pay the regular EMI's/instalments along with the instalments directed above;

(v) The petitioner shall not alienate or encumber the vehicle in any manner and in the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law;

(vi) 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/-

SHOBA ANNAMMA EAPEN JUDGE ajt WP(C) NO. 15374 OF 2024 5 APPENDIX OF WP(C) 15374/2024 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE NOTICE ISSUE BY THE 1ST RESPONDENT BANK DATED 17.08.2022 Exhibit P2 A TRUE COPY OF THE RELEVANT PAGE OF E-MAIL COMMUNICATION DATED 08.12.2023, ISSUED BY THE PETITIONER REQUESTING SETTLEMENT OF LOAN ACCOUNT UNDER OTS Exhibit P3 A TRUE COPY OF THE EMAIL REPLY/RESPONSE TO THE PETITIONERS APPLICATION FOR ONE TIME SETTLEMENT DATED 16.12.2023 Exhibit P4 A TRUE COPY OF THE NOTICE ISSUED BY THE 3RD RESPONDENT BANK DATED 05.03.2024