Subin vs Kerala Bank

Kerala High Court

Subin vs Kerala Bank on 14 May, 2024

             IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                 PRESENT
              THE HONOURABLE MR.JUSTICE VIJU ABRAHAM
     TUESDAY, THE 14TH DAY OF MAY 2024 / 24TH VAISAKHA, 1946
                      WP(C) NO. 17743 OF 2024
PETITIONERS:

      1      SUBIN
             AGED 39 YEARS
             S/O SASIDHARAN,SUBISH BHAVAN, CHAKKUVARAKKAL P.O,
             PUNALUR, KOLLAM DISTRICT, PIN - 691508
      2      SARASAMMA
             AGED 62 YEARS
             W/O SASIDHARAN, SUBISH BHAVAN, CHAKKUVARAKKAL P.O,
             PUNALUR, KOLLAM DISTRICT, PIN - 691508
             BY ADVS.
             P.T.MANOJ
             JESTINA MARIAM JOSEPH
             LITISHYA FRANCIS


RESPONDENTS:

      1      KERALA BANK
             REPRESENTED BY ITS MANAGER KUNNICODE BRANCH AT
             MEDAYIL BUILDINGS,KUNNICODE,KOLLAM DISTRICT,
             PIN - 691508
      2      AUTHORIZED OFFICER
             UNDER SARFAESI ACT,KERALA BANK, ITS KUNNICODE
             BRANCH AT MEDAYIL BUILDINGS,KUNNICODE,KOLLAM
             DISTRICT REPRESENTED BY ITS MANAGER, PIN - 691508

             SC - ADV. P.C.SASIDHARAN
      THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON   14.05.2024,   THE   COURT    ON   THE   SAME   DAY   DELIVERED   THE
FOLLOWING:
 W.P.(C). No.17743 of 2024           :2:



                           VIJU ABRAHAM, J.
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                       W.P.(C) No.17743 of 2024
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                   Dated this the 14th day of May, 2024

                                   JUDGMENT

The above writ petition is filed seeking a direction to permit the petitioners to pay the dues to the bank in equal 20 monthly instalments.

2. The petitioners have availed a term loan for an amount of Rs.18,00,000/- from the respondent bank for the purpose of constructing a house and thereafter defaulted in repayment and proceedings have been initiated by the bank under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) Act.

3. Heard the learned counsel for the petitioners and the learned counsel for the respondent bank.

4. The learned counsel for the respondent bank would submit that the total overdue amount as on 14.05.2024 is Rs.10,06,357/- and that the loan can be regularised if the petitioners pay the total overdue amount in instalments and also continue to pay the regular EMIs.

5. Considering the facts and circumstances of the case and W.P.(C). No.17743 of 2024 :3: submissions made across the bar, I dispose of the writ petition directing to regularise the loan amount on the following conditions:

i) The petitioners shall pay the total overdue amount of Rs.10,06,357/-(Rupees ten lakhs six thousand three hundred and fifty seven only) along with the accrued interest and other charges in 15 equated monthly installments, commencing from 01.06.2024 and shall continue to pay the regular instalments as per the original loan schedule.

ii) In the event of any single default in payment as directed above, the respondent bank shall be free to continue the recovery proceedings from the stage at which they presently stand.

iii) It is made clear that if the petitioners comply with the aforesaid directions, further proceedings for recovery shall be kept in abeyance. With the above said directions, this writ petition is disposed of.

Sd/-

VIJU ABRAHAM JUDGE sm/ W.P.(C). No.17743 of 2024 :4: APPENDIX OF WP(C) 17743/2024 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE NOTICE DATED 23.02.2024 ISSUED BY THE RESPONDENT BANK