Joji M Cherian vs Bank Of Baroda

Kerala High Court

Joji M Cherian vs Bank Of Baroda on 10 May, 2024

Author: Murali Purushothaman

Bench: Murali Purushothaman

                IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                 PRESENT
           THE HONOURABLE MR.JUSTICE MURALI PURUSHOTHAMAN
          FRIDAY, THE 10TH DAY OF MAY 2024 / 20TH VAISAKHA, 1946
                         WP(C) NO. 17208 OF 2024
PETITIONER/S:

             JOJI M CHERIAN
             AGED 43 YEARS
             S/O CHERIAN KOSHY, MANTHANATHU HOUSE, EDAMON P.O,
             CHETHAKAL VILLAGE, RANNI TALUK, PATHANAMTHITTA
             DISTRICT, PIN - 689 691.

             BY ADVS.
                ARUN ASHOK
                NEENA JAMES


RESPONDENTS:

     1       BANK OF BARODA
             RANNI BRANCH, GROUND FLOOR, PUNNAMOOTTIL BUILDING,
             PAZHAVANGADI P.O, RANNI TALUK, PATHANAMTHITTA
             DISTRICT, PIN 689673, REPRESENTED BY ITS BRANCH MANAGER.,
             PIN - 689 673.

     2       THE AUTHORISED OFFICER
             BANK OF BARODA, RANNI BRANCH, GROUND FLOOR,
             PUNNAMOOTTIL BUILDING, PAZHAVANGADI P.O, RANNI TALUK,
             PATHANAMTHITTA DISTRICT, PIN - 689 673.

             BY ADV LEO GEORGE, STANDING COUNSEL



         THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
10.05.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) No. 17208 of 2024

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                          JUDGMENT

The petitioner had availed a housing loan from the respondent Bank. Since the petitioner defaulted payment of installments, the respondentS initiated proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as SARFAESI Act). Ext.P1 is the notice issued under Section 13 (2) of the SARFAESI Act. The petitioner submits that he is willing to clear off the overdue amounts if easy installment facilities are granted.

2. Heard the learned Counsel for the petitioner and Sri.Leo George, the learned Standing Counsel for the Bank.

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3. The learned Standing Counsel for the Bank submits that the Bank is willing to regularize the account provided the petitioner clear off the overdue amount of Rs.7,11,000/- (Rupees Seven lakh eleven thousand only) in six equal monthly installments.

4. The learned Counsel for the petitioner submits that the petitioner is willing to clear off the overdue amount in 12 equal monthly installments.

5. In view of the submission made by the learned Counsel on both sides, I am of the view that the petitioner can be granted an opportunity to repay the overdue amount in installments, and thereafter, if the amount so directed is repaid within the stipulated time, to have the loan account regularized.

Accordingly, there will be a direction to the petitioner to pay the amount of Rs.7,11,000/- in ten WP(C) No. 17208 of 2024 4 equal monthly installments commencing from 01.06.2024 along with regular EMIs. In case the petitioner defaults payment of any of the installments as aforesaid, the respondents will be free to proceed against the petitioner in accordance with law. To enable the petitioner to remit the amount as above, all coercive proceedings against the petitioner shall be kept in abeyance.

The writ petition is disposed of with the above directions.

Sd/-

MURALI PURUSHOTHAMAN, JUDGE S.M.K. WP(C) No. 17208 of 2024 5 APPENDIX OF WP(C) 17208/2024 PETITIONER EXHIBITS Exhibit-P1 A TRUE COPY OF A NOTICE U/S 13(2) OF SARFAESI ACT ISSUED BY THE 2ND RESPONDENT DATED 30-08- 2023.

Exhibit-P2 A TRUE COPY OF NOTICE ISSUED BY THE 2ND RESPONDENT DATED 27-11-2023.

Exhibit-P3 A TRUE COPY OF NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 08-04-2024.